F E D E R A L RE S E R V E S T A T I S T I C A L RE L E A S E

For use at 12:00 p.m., eastern time

March 10, 2016

Z.1

Financial Accounts 

of the United States

Flow of Funds, Balance Sheets,

and Integrated Macroeconomic Accounts

Historical Annual Tables

1945–1954

B O A R D O F G O V E R N O R S O F T H E F E D E R A L R E S E R V E S Y S T E M

i

Title Table Page

Summaries

Net National Wealth B.1 1

Distribution of Gross Domestic Product F.2 2

Distribution of National Income F.3 3

Saving and Investment F.4 4

Net Capital Transfers F.5 5

Derivation of Measures of Personal Saving F.6 6

Assets and Liabilities of the Personal Sector L.6 7

Title

Flows Levels

Table Page Table Page

Sectors

Domestic Nonfinancial F.100 8 L.100 69

Households and Nonprofit Organizations F.101 9 L.101 70

Nonfinancial Business F.102 10 L.102 71

Nonfinancial Corporate Business F.103 11 L.103 72

Nonfinancial Noncorporate Business F.104 12 L.104 73

General Government F.105 13 L.105 74

Federal Government F.106 14 L.106 75

State and Local Governments F.107 15 L.107 76

Domestic Financial F.108 16 L.108 77

Monetary Authority F.109 17 L.109 78

Private Depository Institutions F.110 18 L.110 79

U.S.-Chartered Depository Institutions F.111 19 L.111 80

Foreign Banking Offices in U.S. F.112 20 L.112 81

Banks in U.S.-Affiliated Areas F.113 21 L.113 82

Credit Unions F.114 21 L.114 82

Property-Casualty Insurance Companies F.115 22 L.115 83

Life Insurance Companies F.116 23 L.116 84

Life Insurance Companies: General Accounts F.116.g 24 L.116.g 85

Life Insurance Companies: Separate Accounts F.116.s 24 L.116.s 85

List of Data Tables
ii

Sectors

Private and Public Pension Funds F.117 25 L.117 86

Private Pension Funds F.118 26 L.118 87

Private Pension Funds: Defined Benefit Plans F.118.b 27 L.118.b 88

Private Pension Funds: Defined Contribution 

Plans F.118.c 27 L.118.c 88

Federal Government Employee Retirement Funds F.119 28 L.119 89

Federal Government Employee Retirement 

Funds: Defined Benefit Plans F.119.b 29 L.119.b 90

Federal Government Employee Retirement 

Funds: Defined Contribution Plans F.119.c 30 L.119.c 90

State and Local Government Employee Retirement 

Funds F.120 30 L.120 91

State and Local Government Employee 

Retirement Funds: Defined Benefit Plans F.120.b 31 L.120.b 92

State and Local Government Employee 

Retirement Funds: Defined Contribution 

Plans F.120.c 31 L.120.c 92

Money Market Mutual Funds F.121 32 L.121 93

Mutual Funds F.122 32 L.122 93

Closed-End and Exchange-Traded Funds F.123 32 L.123 93

Government-Sponsored Enterprises F.124 33 L.124 94

Agency- and GSE-Backed Mortgage Pools F.125 33 L.125 94

Issuers of Asset-Backed Securities F.126 34 L.126 95

Finance Companies F.127 35 L.127 96

Real Estate Investment Trusts (REITs) F.128 36 L.128 97

Equity Real Estate Investment Trusts F.128.e 37 L.128.e 98

Mortgage Real Estate Investment Trusts F.128.m 37 L.128.m 98

Security Brokers and Dealers F.129 38 L.129 99

Holding Companies F.130 39 L.130 100

Funding Corporations F.131 40 L.131 101

Rest of the World F.132 41 L.132 102

Instruments

U.S. Official Reserve Assets and SDR Allocations F.200 42 L.200 103

Special Drawing Rights (SDRs) Certificates and 

Treasury Currency F.201 42 L.201 103

U.S. Deposits in Foreign Countries F.202 42 L.202 103

Net Interbank Transactions F.203 43 L.203 104
iii

Instruments

Checkable Deposits and Currency F.204 44 L.204 105

Time and Savings Deposits F.205 45 L.205 106

Money Market Mutual Fund Shares F.206 45 L.206 106

Federal Funds and Security Repurchase Agreements F.207 46 L.207 107

Debt Securities F.208 47 L.208 108

Open Market Paper F.209 48 L.209 109

Treasury Securities F.210 49 L.210 110

Agency- and GSE-Backed Securities F.211 50 L.211 111

Municipal Securities F.212 51 L.212 112

Corporate and Foreign Bonds F.213 52 L.213 113

Loans F.214 53 L.214 114

Depository Institution Loans Not Elsewhere Classified F.215 54 L.215 115

Other Loans and Advances F.216 55 L.216 116

Total Mortgages F.217 56 L.217 117

Home Mortgages F.218 57 L.218 118

Multifamily Residential Mortgages F.219 57 L.219 118

Commercial Mortgages F.220 58 L.220 119

Farm Mortgages F.221 58 L.221 119

Consumer Credit F.222 59 L.222 120

Corporate Equities F.223 60 L.223 121

Mutual Fund Shares F.224 60 L.224 121

Trade Credit F.225 61 L.225 122

Life Insurance Reserves F.226 61 L.226 122

Pension Entitlements F.227 62 L.227 123

Taxes Payable by Businesses F.228 62 L.228 123

Proprietors' Equity in Noncorporate Business F.229 62 L.229 123

Direct Investment F.230 63 L.230 124

Total Miscellaneous Financial Claims F.231 64 L.231 125

Identified Miscellaneous Financial Claims -- Part I F.232 65 L.232 126

Identified Miscellaneous Financial Claims -- Part II F.233 66 L.233 127

Unidentified Miscellaneous Financial Claims F.234 67 L.234 128

Sector Discrepancies F.7 68

Instrument Discrepancies F.8 68
iv

Title

Balance Sheet Reconciliation

Table Page Table Page

Balance Sheet and Changes in Net Worth

Households and Nonprofit Organizations B.101 129 R.101 132

Nonfinancial Corporate Business B.103 130 R.103 133

Nonfarm Noncorporate Business B.104 131 R.104 134

Title

Flows Levels

Table Page Table Page

Supplementary Tables

Balance Sheet of Households and Nonprofit 

Organizations with Equity Detail B.101.e 135

Title Table Page

Integrated Macroeconomic Accounts for the United States

Total Economy -- Current Account S.1.a 136

Selected Aggregates for Total Economy and Sectors S.2.a 137

Households and Nonprofit Institutions Serving Households S.3.a 139

Nonfinancial Noncorporate Business S.4.a 142

Nonfinancial Corporate Business S.5.a 145

Financial Business S.6.a 148

Central Bank S.61.a 151

Private Depository Institutions S.62.a 153

Insurance Companies S.63.a 156

Pension Funds S.64.a 159

Other Financial Business S.65.a 162

Federal Government S.7.a 165

State and Local Governments S.8.a 168

Rest of the World S.9.a 171
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Historical Annuals, 1945-1954, March 10, 2016 1

B.1 Derivation of U.S. Net Wealth

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 U.S. net wealth (1) 687.2 766.0 880.3 933.1 960.5 1062.9 1188.8 1244.8 1279.8 1388.5 1

 2 Households’ direct holdings of nonfinancial assets 189.3 220.7 280.8 313.7 340.1 387.3 430.9 464.0 493.4 520.9 2

 3 Real estate 134.6 158.1 206.4 229.4 246.9 278.1 309.0 334.9 355.9 379.6 3

 4 Equipment (nonprofits) 0.4 0.6 0.8 0.9 1.0 1.3 1.6 1.7 2.0 2.2 4

 5 Intellectual property products (nonprofits) 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 5

 6 Consumer durable goods 54.0 61.8 73.4 83.1 91.8 107.5 120.0 127.0 135.1 138.7 6

 7 Nonfin. noncorporate businesses nonfinancial assets 188.7 227.8 263.0 281.2 284.5 304.1 333.8 337.0 337.2 344.5 7

 8 Real estate 151.7 179.7 206.3 218.5 223.6 236.6 255.8 262.6 264.2 271.3 8

 9 Equipment 11.0 13.1 17.1 21.7 23.7 28.4 31.4 32.7 34.7 35.0 9

 10 Intellectual property products 1.9 2.2 2.5 2.7 2.8 3.0 3.1 3.2 3.4 3.6 10

 11 Inventories 24.1 32.9 37.1 38.4 34.3 36.1 43.5 38.4 34.9 34.6 11

 12 Fin. noncorporate businesses nonfinancial assets (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Market value of domestic corporations (3) 116.8 108.7 106.6 105.5 116.2 141.5 165.1 167.1 163.3 222.4 13

 14 Nonfinancial corporate equity 103.7 97.3 95.1 94.1 103.8 126.7 147.6 146.6 144.1 194.8 14

 15 Financial corporate equity 13.1 11.4 11.5 11.4 12.4 14.8 17.5 20.5 19.2 27.6 15

 16 Federal government nonfinancial assets (4) 121.8 125.9 124.9 117.2 108.4 107.5 121.5 131.0 140.1 150.2 16

 17 Structures 44.1 52.8 60.5 62.2 60.8 63.2 72.6 75.0 76.4 79.3 17

 18 Equipment 73.7 68.3 59.1 49.1 41.2 36.8 40.5 46.8 53.5 59.7 18

 19 Intellectual property products 4.0 4.7 5.2 5.8 6.4 7.4 8.4 9.3 10.1 11.2 19

 20 State and local governments nonfinancial assets (4) 69.5 77.8 93.3 101.5 96.9 109.2 122.9 130.2 128.8 134.5 20

 21 Structures 68.2 76.4 91.5 99.4 94.8 106.7 120.0 127.1 125.6 130.9 21

 22 Equipment 1.0 1.1 1.5 1.8 1.8 2.3 2.5 2.6 2.8 3.2 22

 23 Intellectual property products 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 23

 24 Net U.S. financial claims on the rest of the world 1.2 5.0 11.8 13.9 14.4 13.3 14.5 15.5 17.0 16.0 24

 25 U.S. financial claims on the rest of the world 14.7 17.2 24.0 26.9 28.2 29.9 32.0 34.3 36.8 39.0 25

 26 U.S. holdings of foreign corporate equities 0.9 1.0 1.0 0.9 0.7 1.2 1.4 1.5 1.3 1.9 26

 27 Other U.S. financial claims 13.7 16.2 23.0 26.0 27.5 28.7 30.6 32.9 35.4 37.2 27

 28 Less: Foreign financial claims on U.S. 13.5 12.2 12.2 13.0 13.8 16.6 17.5 18.8 19.7 23.1 28

 29 Foreign holdings of U.S. corporate equities 2.7 2.7 2.5 2.3 2.5 2.9 3.5 3.7 3.7 5.3 29

 30 Other foreign financial claims 10.8 9.5 9.8 10.7 11.3 13.7 14.1 15.1 16.1 17.8 30

 Memo:

 31 A. U.S. net wealth (line 1) 687.2 766.0 880.3 933.1 960.5 1062.9 1188.8 1244.8 1279.8 1388.5 31

 32 Change in U.S. net wealth ND 78.7 114.3 52.8 27.4 102.3 125.9 56.0 35.0 108.8 32

 33 Percent change in U.S. net wealth ND 11.5 14.9 6.0 2.9 10.7 11.8 4.7 2.8 8.5 33

 34 B. Household net worth (5) 767.3 843.4 940.9 992.5 1034.1 1127.6 1238.7 1297.9 1343.4 1447.8 34

 35 Change in household net worth ND 76.1 97.5 51.6 41.6 93.4 111.1 59.2 45.6 104.4 35

 36 Percent change in household net worth ND 9.9 11.6 5.5 4.2 9.0 9.9 4.8 3.5 7.8 36

(1) U.S. net wealth measures the value of tangible assets controlled by the household and nonprofit organizations, noncorporate business, and government sectors of the U.S. economy and the

 market value of domestic nonfinancial and financial corporations, net of U.S. financial obligations to the rest of the world (sum of lines 2+7+12+13+16+20+24).

(2) Assumed to be equal to proprietors’ equity in noncorporate brokers and dealers.

(3) This measure does not equal the net worth of the nonfinancial corporate business and financial business sectors reported in the Integrated Macroeconomic Accounts (tables S.2.a and S.2.q)

 because of differences in the valuation of assets.

(4) Excludes land and nonproduced nonfinancial assets.

(5) Household net worth is calculated as the difference between total assets and liabilities of the household and nonprofit organizations sector. See table B.101.
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2 Historical Annuals, 1945-1954, March 10, 2016

F.2 Distribution of Gross Domestic Product (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Gross Domestic Product (GDP) ND 227.8 249.9 274.8 272.8 300.2 347.3 367.7 389.7 391.1 1

 2 Personal consumption expenditures (2) ND 144.3 162.0 175.0 178.5 192.2 208.5 219.5 233.0 239.9 2

 3 Durable goods ND 17.1 21.8 24.5 26.6 32.4 31.7 31.2 34.6 33.7 3

 4 Nondurable goods ND 69.1 77.6 83.0 81.5 84.4 93.0 97.5 100.2 102.1 4

 5 Services ND 58.1 62.6 67.6 70.4 75.4 83.7 90.7 98.2 104.2 5

 6 Gross private domestic investment ND 33.1 37.1 50.3 39.1 56.5 62.8 57.3 60.4 58.1 6

 7 Fixed investment (3) ND 27.1 37.7 44.7 41.8 50.8 52.8 53.8 58.5 60.0 7

 8 Nonresidential ND 19.2 25.5 28.9 26.9 30.0 34.2 34.9 38.8 38.6 8

 9 Household sector (nonprofit organizations) ND 0.6 0.7 1.1 1.3 1.7 1.9 1.8 1.9 2.3 9

 10 Nonfinancial corporate business ND 13.3 17.2 19.0 17.2 18.8 22.6 24.3 26.8 26.5 10

 11 Nonfinancial noncorporate business ND 4.7 6.9 8.1 7.7 8.7 8.7 7.9 8.8 8.6 11

 12 Financial institutions ND 0.6 0.6 0.7 0.8 0.9 1.0 0.9 1.2 1.2 12

 13 Residential ND 8.0 12.2 15.8 14.8 20.7 18.7 18.9 19.7 21.4 13

 14 Household sector ND 6.8 10.4 13.4 12.5 17.7 16.1 16.3 17.0 18.5 14

 15 Nonfinancial corporate business ND 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 15

 16 Nonfinancial noncorporate business ND 1.1 1.7 2.3 2.3 2.9 2.4 2.5 2.6 2.8 16

 17 REITs ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Change in private inventories ND 6.0 -0.6 5.7 -2.7 5.8 9.9 3.5 1.9 -1.9 18

 19 Nonfinancial corporate business ND 5.9 1.1 2.9 -2.0 5.6 8.5 2.1 1.2 -2.0 19

 20 Nonfinancial noncorporate business ND 0.1 -1.7 2.8 -0.7 0.2 1.4 1.5 0.8 0.1 20

 21 Net U.S. exports of goods and services ND 7.2 10.8 5.5 5.2 0.7 2.5 1.2 -0.7 0.4 21

 22 Exports ND 14.2 18.7 15.5 14.5 12.4 17.1 16.5 15.3 15.8 22

 23 - Imports ND 7.0 7.9 10.1 9.2 11.6 14.6 15.3 16.0 15.4 23

 Government consumption expenditures and

 24 gross investment ND 43.2 40.0 44.0 50.0 50.7 73.5 89.8 97.0 92.8 24

 25 Consumption expenditures (4) ND 38.5 34.3 35.5 38.7 39.3 54.0 65.2 70.4 67.4 25

 26 Federal ND 29.0 23.0 22.7 24.6 23.9 37.4 47.6 51.6 47.2 26

 27 State and local ND 9.5 11.3 12.8 14.2 15.4 16.5 17.6 18.8 20.2 27

 28 Gross investment (4) ND 4.7 5.7 8.5 11.3 11.5 19.6 24.6 26.7 25.4 28

 29 Federal ND 3.1 2.8 4.4 5.9 5.5 12.5 17.2 18.7 16.1 29

 30 State and local ND 1.6 2.9 4.1 5.4 5.9 7.0 7.4 8.0 9.3 30

 Memo:

 31 Net U.S. income receipts from rest of world ND 0.7 1.1 1.5 1.3 1.4 1.9 2.0 1.9 2.1 31

 32 U.S. income receipts ND 1.1 1.6 2.0 1.9 2.2 2.8 2.9 2.8 3.0 32

 33 - U.S. income payments ND 0.4 0.5 0.6 0.7 0.7 0.9 0.9 0.9 0.9 33

 Gross National Product (GNP) =

 34 GDP + net U.S. income receipts ND 228.5 251.1 276.3 274.1 301.6 349.2 369.7 391.6 393.2 34

 Acquisition of nonproduced nonfinancial assets (net)

 35 Household sector ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

 36 Nonfinancial corporate business ND -0.1 -0.1 -0.1 -0.2 -0.3 -0.3 -0.3 -0.3 -0.4 36

 37 Federal government ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 37

 38 State and local governments ND 0.1 0.1 0.1 0.2 0.3 0.3 0.3 0.3 0.4 38

 39 Rest of the world ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

(1) This table is based on NIPA table 1.1.5 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov).

(2) Component of personal outlays, found on table F.101, line 4.

(3) Structures, equipment, and intellectual property products.

(4) Government inventory investment is included in consumption expenditures.
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Historical Annuals, 1945-1954, March 10, 2016 3

F.3 Distribution of National Income (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 National Income ND 201.5 219.0 245.1 240.1 267.0 308.0 326.5 344.4 344.4 1

 2 Compensation of employees ND 122.6 132.5 144.5 144.5 158.5 185.9 201.3 215.5 214.4 2

 3 Wages and salaries ND 112.0 123.1 135.6 134.7 147.3 171.6 185.6 199.0 197.3 3

 4 Supplements to wages and salaries ND 10.6 9.4 8.9 9.8 11.2 14.3 15.7 16.5 17.2 4

 5 Proprietors’ income with IVA and CCAdj ND 35.7 34.6 39.3 34.7 37.5 42.6 43.0 42.0 42.3 5

 6 Rental income of persons with CCAdj ND 6.9 6.9 7.5 7.8 8.8 9.7 10.8 12.0 13.1 6

 7 Corporate profits with IVA and CCAdj ND 18.2 24.2 31.4 29.1 36.1 41.2 39.7 40.3 39.5 7

 8 Corporate profits with IVA ND 20.3 26.7 34.4 31.9 38.8 44.2 42.3 42.2 40.5 8

 9 Profits before tax ND 25.6 32.6 36.5 30.0 43.8 45.4 41.3 43.1 40.8 9

 10 Domestic nonfinancial ND 22.6 29.7 32.5 25.6 39.2 39.9 35.0 36.5 33.7 10

 11 Domestic financial ND 2.2 1.9 2.7 3.3 3.3 3.7 4.4 4.8 5.1 11

 12 Rest of the world ND 0.8 1.0 1.3 1.1 1.3 1.7 1.9 1.8 2.0 12

 Less:

 13 Taxes on corporate income ND 9.1 11.3 12.4 10.2 17.9 22.6 19.4 20.3 17.6 13

 14 Domestic nonfinancial ND 8.6 10.8 11.7 9.3 16.8 21.1 17.7 18.4 15.5 14

 15 Domestic financial ND 0.5 0.5 0.7 0.9 1.2 1.5 1.7 1.9 2.1 15

 Equals:

 16 Profits after tax ND 16.5 21.4 24.1 19.8 25.9 22.8 21.9 22.9 23.2 16

 17 Net dividends ND 5.6 6.3 7.0 7.2 8.8 8.6 8.6 8.9 9.3 17

 18 Domestic nonfinancial ND 4.8 5.4 5.9 6.0 7.4 7.0 7.1 7.2 7.4 18

 19 Domestic financial ND 0.3 0.3 0.3 0.4 0.5 0.4 0.4 0.5 0.5 19

 20 Rest of the world ND 0.5 0.7 0.8 0.8 1.0 1.2 1.1 1.1 1.4 20

 21 Undistributed profits ND 10.9 15.0 17.0 12.6 17.0 14.3 13.3 14.0 13.9 21

 22 Domestic nonfinancial ND 9.2 13.6 14.9 10.3 15.1 11.8 10.2 10.9 10.8 22

 23 Domestic financial ND 1.4 1.2 1.7 2.0 1.7 1.9 2.3 2.4 2.5 23

 24 Rest of the world ND 0.3 0.3 0.4 0.3 0.3 0.6 0.8 0.7 0.5 24

 25 Inventory valuation adjustment (IVA) ND -5.3 -5.9 -2.2 1.9 -5.0 -1.2 1.0 -1.0 -0.3 25

 26 Capital consumption adjustment (CCAdj) ND -2.1 -2.6 -3.0 -2.8 -2.8 -3.0 -2.6 -1.9 -1.0 26

 27 Domestic nonfinancial ND -1.9 -2.4 -2.7 -2.6 -2.5 -2.7 -2.3 -1.6 -0.7 27

 28 Domestic financial ND -0.1 -0.2 -0.2 -0.2 -0.3 -0.3 -0.3 -0.3 -0.3 28

 29 Net interest and miscellaneous payments ND 1.9 2.5 2.6 2.9 3.2 3.7 4.1 4.8 5.7 29

 30 Taxes on production and imports ND 16.8 18.1 19.7 20.9 23.0 24.7 27.1 29.1 28.9 30

 31 Less: Subsidies ND 1.7 0.7 0.8 0.8 1.2 1.4 1.2 1.0 0.9 31

 32 Business current transfer payments (net) ND 0.7 0.7 0.7 0.7 0.8 1.2 1.2 1.2 0.9 32

 33 To persons (net) ND 0.4 0.4 0.4 0.4 0.6 0.9 0.9 0.8 0.6 33

 34 To government (net) ND 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 34

 35 To rest of the world (net) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

 36 Current surplus of government enterprises ND 0.4 0.3 0.3 0.3 0.4 0.4 0.4 0.5 0.6 36

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

 37 National Income, from line 1 above ND 201.5 219.0 245.1 240.1 267.0 308.0 326.5 344.4 344.4 37

 Plus:

 38 Private consumption of fixed capital ND 14.2 17.7 20.8 22.6 24.3 27.7 29.5 31.3 33.0 38

 39 Government consumption of fixed capital ND 11.5 11.5 10.6 9.7 9.1 10.0 11.1 12.1 13.0 39

 40 Statistical discrepancy ND 1.2 2.9 -0.3 1.7 1.2 3.4 2.6 3.8 2.9 40

 Less:

 41 Net U.S. income receipts from rest of world ND 0.7 1.1 1.5 1.3 1.4 1.9 2.0 1.9 2.1 41

 Equals:

 42 Gross Domestic Product ND 227.8 249.9 274.8 272.8 300.2 347.3 367.7 389.7 391.1 42

(1) This table corresponds to NIPA table 1.12 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov).

(2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.7.5 in the Survey of Current Business, Bureau of Economic Analysis.
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4 Historical Annuals, 1945-1954, March 10, 2016

F.4 Saving and Investment by Sector (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Gross saving ND 41.5 49.2 61.5 49.6 64.9 79.8 79.9 82.0 80.7 1

 2 Net saving ND 15.8 20.0 30.1 17.2 31.5 42.0 39.3 38.5 34.8 2

 3 Net private saving ND 23.1 17.6 29.1 25.3 29.3 36.0 39.5 40.4 40.7 3

 4 Domestic business ND 3.6 6.6 11.9 11.6 9.3 10.1 11.7 11.1 12.6 4

 5 Nonfinancial corporate business ND 2.6 5.9 10.6 10.0 8.1 8.6 9.9 9.1 10.5 5

 6 Financial business ND 0.9 0.7 1.3 1.6 1.2 1.4 1.8 2.0 2.0 6

 7 Households and institutions ND 19.6 11.0 17.2 13.6 20.0 25.9 27.8 29.2 28.2 7

 8 Net government saving ND -7.4 2.5 1.0 -8.0 2.2 6.0 -0.3 -1.9 -6.0 8

 9 Federal ND -8.2 2.4 0.9 -8.5 1.8 4.5 -2.1 -4.2 -8.0 9

 10 State and local ND 0.8 0.1 0.1 0.5 0.3 1.5 1.9 2.3 2.0 10

 11 Consumption of fixed capital ND 25.8 29.2 31.4 32.3 33.4 37.8 40.6 43.5 46.0 11

 12 Private ND 14.2 17.7 20.8 22.6 24.3 27.7 29.5 31.3 33.0 12

 13 Domestic business ND 11.9 14.8 17.4 18.9 20.4 23.2 24.6 26.1 27.4 13

 14 Nonfinancial corporate business ND 7.8 9.5 11.1 12.0 12.8 14.6 15.6 16.7 17.7 14

 15 Nonfinancial noncorporate business ND 3.9 4.9 5.8 6.4 7.0 7.9 8.4 8.7 8.9 15

 16 Financial business ND 0.3 0.4 0.4 0.5 0.5 0.6 0.6 0.7 0.7 16

 17 Households and institutions ND 2.3 3.0 3.4 3.7 4.0 4.6 5.0 5.3 5.6 17

 18 Government ND 11.5 11.5 10.6 9.7 9.1 10.0 11.1 12.1 13.0 18

 19 Federal ND 10.0 9.6 8.4 7.6 6.9 7.4 8.3 9.2 10.1 19

 20 State and local ND 1.6 1.9 2.1 2.2 2.2 2.6 2.8 2.9 3.0 20

 Gross domestic investment, capital account

 21 transactions, and net lending, NIPAs ND 42.8 52.1 61.3 51.3 66.1 83.2 82.5 85.7 83.6 21

 22 Gross domestic investment ND 37.8 42.8 58.8 50.4 68.0 82.3 81.9 87.1 83.5 22

 23 Gross private domestic investment ND 33.1 37.1 50.3 39.1 56.5 62.8 57.3 60.4 58.1 23

 24 Domestic business ND 25.7 26.0 35.9 25.3 37.2 44.8 39.2 41.5 37.3 24

 25 Nonfinancial corporate business ND 19.2 18.4 22.0 15.3 24.5 31.2 26.4 28.1 24.6 25

 26 Nonfinancial noncorporate business ND 5.9 6.9 13.1 9.3 11.8 12.5 11.9 12.2 11.5 26

 27 Financial business ND 0.6 0.6 0.7 0.8 0.9 1.0 0.9 1.2 1.2 27

 28 Households and institutions ND 7.4 11.1 14.5 13.8 19.4 18.0 18.1 18.9 20.8 28

 29 Gross government investment ND 4.7 5.7 8.5 11.3 11.5 19.6 24.6 26.7 25.4 29

 30 Federal ND 3.1 2.8 4.4 5.9 5.5 12.5 17.2 18.7 16.1 30

 31 State and local ND 1.6 2.9 4.1 5.4 5.9 7.0 7.4 8.0 9.3 31

 32 Capital account transactions (net) (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

 33 Private ND 0.8 0.9 1.0 0.7 0.6 0.7 0.8 0.8 0.8 33

 34 Domestic business ND -0.1 -0.1 -0.1 -0.2 -0.3 -0.3 -0.3 -0.3 -0.4 34

 35 Nonfinancial corporate business ND -0.1 -0.1 -0.1 -0.2 -0.3 -0.3 -0.3 -0.3 -0.4 35

 36 Nonfinancial noncorporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

 37 Financial business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 37

 38 Households and institutions ND 0.9 1.0 1.1 0.9 0.8 0.9 1.1 1.1 1.2 38

 39 Government ND -0.8 -0.9 -1.0 -0.7 -0.6 -0.7 -0.8 -0.8 -0.8 39

 40 Federal ND -0.6 -0.7 -0.6 -0.4 -0.2 -0.3 -0.3 -0.4 -0.3 40

 41 State and local ND -0.2 -0.2 -0.3 -0.3 -0.4 -0.4 -0.5 -0.5 -0.5 41

 42 Net lending (+) or net borrowing (-), NIPAs (3) ND 4.9 9.3 2.4 0.9 -1.8 0.9 0.6 -1.3 0.2 42

 43 Private ND 4.7 0.1 -1.6 9.8 -2.2 3.8 13.6 14.2 17.7 43

 44 Domestic business ND -8.9 -1.7 -6.7 7.2 -6.0 -7.8 -0.1 -0.2 5.9 44

 45 Nonfinancial corporate business (3) ND -7.6 -0.1 -0.4 8.7 -2.1 -4.2 1.9 1.9 6.9 45

 46 Nonfinancial noncorporate business ND -2.0 -2.0 -7.3 -2.9 -4.8 -4.6 -3.5 -3.6 -2.6 46

 47 Financial business ND 0.7 0.4 1.0 1.4 0.9 1.0 1.5 1.5 1.5 47

 48 Households and institutions ND 13.6 1.9 5.1 2.6 3.8 11.6 13.7 14.5 11.8 48

 49 Government ND 0.2 9.1 4.0 -8.9 0.4 -2.9 -13.0 -15.6 -17.5 49

 50 Federal ND -0.7 9.9 5.6 -6.5 3.4 -0.4 -10.7 -13.2 -13.7 50

 51 State and local ND 0.9 -0.7 -1.5 -2.4 -3.1 -2.5 -2.3 -2.3 -3.8 51

 52 Statistical discrepancy (line 21 less line 1) ND 1.2 2.9 -0.3 1.7 1.2 3.4 2.6 3.8 2.9 52

 Addenda:

 53 Disaster losses ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 53

 54 Private ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54

 55 Domestic business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 55

 56 Households and institutions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 56

 57 Government ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 57

 58 Federal ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 58

 59 State and local ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 59

(1) This table is based on NIPA table 5.1 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). It is consistent with the Integrated Macroeconomic Accounts of the

 United States jointly compiled by the Federal Reserve Board and the Bureau of Economic Analysis.

(2) Consists of net capital transfers shown on table F.5 and the acquisition of nonproduced nonfinancial assets (net) shown on table F.2.

(3) Differs from net lending or net borrowing (capital account) in the Integrated Macroeconomic Accounts of the United States by the statistical discrepancy (line 52).
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Historical Annuals, 1945-1954, March 10, 2016 5

F.5 Net Capital Transfers (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Capital transfers paid, by sector ND 1.0 1.1 1.3 1.3 1.3 1.4 1.5 1.7 1.7 1

 2 By private business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Financial corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Disaster-related insurance benefits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Other ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Nonfinancial corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Noncorporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 By government ND 0.1 0.1 0.3 0.4 0.4 0.4 0.5 0.6 0.6 8

 9 Federal ND 0.1 0.1 0.3 0.4 0.4 0.4 0.5 0.6 0.6 9

 10 Investment grants to state and local govts. ND 0.1 0.1 0.3 0.4 0.4 0.4 0.5 0.6 0.6 10

 11 Disaster-related insurance benefits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Financial stabilization payments ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Other capital transfers paid to business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Other capital transfers paid to persons ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Capital transfers paid to rest of world (net) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 State and local ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Disaster-related insurance benefits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 By persons ND 0.9 1.0 1.1 0.9 0.8 0.9 1.1 1.1 1.2 18

 19 Estate and gift taxes, federal ND 0.7 0.8 0.9 0.7 0.6 0.7 0.8 0.9 0.9 19

 20 Estate and gift taxes, state and local ND 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 20

 21 By the rest of the world ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Disaster-related insurance benefits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Other ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Capital transfers received, by sector ND 1.0 1.1 1.3 1.3 1.3 1.4 1.5 1.7 1.7 24

 25 By private business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Financial corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Disaster-related insurance benefits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 Other ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 Nonfinancial corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Disaster-related insurance benefits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

 31 Other ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 Noncorporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

 33 Disaster-related insurance benefits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33

 34 Other ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34

 35 By government ND 1.0 1.1 1.3 1.3 1.3 1.4 1.5 1.7 1.7 35

 36 Federal ND 0.7 0.8 0.9 0.7 0.6 0.7 0.8 0.9 0.9 36

 37 Estate and gift taxes paid by persons ND 0.7 0.8 0.9 0.7 0.6 0.7 0.8 0.9 0.9 37

 38 State and local ND 0.2 0.3 0.4 0.5 0.6 0.7 0.7 0.8 0.8 38

 39 Disaster-related insurance benefits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

 40 Estate and gift taxes paid by persons ND 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 40

 41 Investment grants paid by federal government ND 0.1 0.1 0.3 0.4 0.4 0.4 0.5 0.6 0.6 41

 42 Other ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42

 43 By persons ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 43

 44 Disaster-related insurance benefits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44

 45 Other ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 45

 46 By the rest of the world ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 46

 47 Capital transfers paid by U.S. government ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47

 48 Other ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 48

 Addenda: Net capital transfers paid by sector

 49 By private business (lines 2-25) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 49

 50 Financial corporations (lines 3-26) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 50

 51 Property-casualty insurance companies (line 4-27) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 51

 52 U.S.-chartered depository institutions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 52

 53 Financial stabilization payments (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 53

 54 Other (lines 5) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54

 55 Government-sponsored enterprises (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 55

 56 Holding companies (GMAC) (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 56

 57 Funding corporations (AIG) (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 57

 58 Nonfinancial corporations (lines 6-29) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 58

 59 Noncorporate business (lines 7-32) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 59

 60 By government (lines 8-35) ND -0.9 -1.0 -1.1 -0.9 -0.8 -0.9 -1.1 -1.1 -1.2 60

 61 Federal (lines 9-36) ND -0.6 -0.7 -0.6 -0.4 -0.2 -0.3 -0.3 -0.4 -0.3 61

 62 State and local (lines 16-38) ND -0.2 -0.3 -0.4 -0.5 -0.6 -0.7 -0.7 -0.8 -0.8 62

 63 By persons (lines 18-43) ND 0.9 1.0 1.1 0.9 0.8 0.9 1.1 1.1 1.2 63

 64 By the rest of the world (lines 21-46) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 64

(1) This table is based on NIPA table 5.11 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov).

(2) Sum of lines 53, 55, 56, and 57 equals the negative of line 12. Series treated as capital losses rather than as capital transfers in the Financial Accounts of the United States.
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6 Historical Annuals, 1945-1954, March 10, 2016

F.6 Derivation of Measures of Personal Saving (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Net acquisition of financial assets ND 25.1 16.8 13.3 13.3 20.5 29.6 39.6 36.1 31.6 1

 2 Foreign deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Checkable deposits and currency ND 5.8 0.0 -2.8 -1.9 2.8 4.9 1.7 1.1 2.5 3

 4 Time and savings deposits ND 6.3 3.5 2.2 2.6 2.4 5.0 7.5 8.2 9.3 4

 5 Money market fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Debt securities ND -2.3 -0.2 1.0 0.1 0.9 -0.2 7.1 4.0 -1.2 6

 7 Open market paper ND 0.1 0.0 0.1 0.1 0.1 0.3 0.2 0.3 -0.2 7

 8 Treasury securities ND -1.4 -0.1 0.8 1.4 -0.8 -1.1 2.0 0.6 -2.0 8

 9 Agency- and GSE-backed securities ND 0.0 0.1 -0.1 -0.1 0.1 -0.0 -0.1 0.2 -0.0 9

 10 Municipal securities ND -0.1 0.6 0.2 -0.9 1.7 0.3 5.2 2.9 2.1 10

 11 Corporate and foreign bonds ND -0.9 -0.8 0.0 -0.4 -0.3 0.3 -0.3 -0.0 -1.1 11

 12 Loans ND 1.7 1.4 1.3 0.8 1.1 1.0 1.9 1.1 1.5 12

 13 Corporate equities (2) ND 1.0 1.1 0.9 0.6 0.8 1.5 0.8 0.6 -0.0 13

 14 Mutual fund shares ND 0.2 0.2 0.1 0.3 0.2 0.3 0.5 0.4 0.4 14

 15 Life insurance reserves ND 3.8 3.2 2.8 2.8 2.9 2.7 2.9 3.0 2.7 15

 16 Pension entitlements ND 6.6 6.6 6.9 7.4 7.8 13.7 15.4 16.4 15.9 16

 17 Miscellaneous and other assets ND 2.0 1.1 0.7 0.6 1.6 0.7 1.9 1.3 0.6 17

 18 Gross investment in nonfinancial assets ND 29.2 38.5 50.6 48.3 61.9 60.5 59.3 64.3 64.8 18

 19 Residential fixed investment ND 7.9 12.1 15.7 14.7 20.6 18.6 18.8 19.6 21.3 19

 20 Nonresidential fixed investment ND 5.3 7.6 9.2 9.0 10.3 10.5 9.7 10.8 10.8 20

 21 Consumer durables ND 15.9 20.4 22.9 25.2 30.7 30.0 29.4 33.1 32.6 21

 22 Nonproduced nonfinancial assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Inventories ND 0.1 -1.7 2.8 -0.7 0.2 1.4 1.5 0.8 0.1 23

 24 Consumption of fixed capital ND 16.9 20.5 24.6 26.7 29.7 35.2 36.7 38.2 40.9 24

 25 Residential fixed investment ND 3.1 3.9 4.4 4.6 5.0 5.6 6.0 6.3 6.6 25

 26 Nonresidential fixed investment ND 3.1 4.0 4.8 5.4 5.9 6.8 7.2 7.6 7.8 26

 27 Consumer durables ND 10.7 12.7 15.4 16.6 18.8 22.7 23.4 24.3 26.5 27

 28 Net investment in nonfinancial assets (3) ND 12.3 18.0 26.0 21.6 32.1 25.3 22.7 26.1 23.9 28

 29 Residential fixed investment ND 4.8 8.3 11.3 10.1 15.6 13.0 12.8 13.3 14.7 29

 30 Nonresidential fixed investment ND 2.2 3.7 4.4 3.6 4.4 3.7 2.5 3.2 3.0 30

 31 Consumer durables ND 5.1 7.8 7.6 8.5 11.9 7.2 6.0 8.8 6.1 31

 32 Nonproduced nonfinancial assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

 33 Inventories ND 0.1 -1.7 2.8 -0.7 0.2 1.4 1.5 0.8 0.1 33

 34 Net increase in liabilities ND 10.2 11.8 11.1 9.9 17.9 12.3 15.5 14.0 16.7 34

 35 Home mortgages ND 4.4 5.2 5.2 4.3 7.6 6.4 6.7 7.5 9.4 35

 36 Other mortgages ND 1.0 0.8 1.2 1.5 2.1 2.3 2.1 1.6 2.3 36

 37 Consumer credit ND 3.0 3.5 3.0 3.0 4.6 1.4 5.2 4.1 1.3 37

 38 Other loans and advances ND -0.7 0.1 0.1 0.6 0.7 0.1 0.2 0.6 1.1 38

 39 Other liabilities ND 2.6 2.2 1.6 0.5 2.9 2.0 1.3 0.2 2.6 39

 40 Net capital transfers paid (4) ND 0.9 1.0 1.1 0.9 0.8 0.9 1.1 1.1 1.2 40

 41 Personal saving, FOF concept (FOF) ND 28.0 24.0 29.3 25.8 35.6 43.6 47.9 49.3 40.0 41

 42 - Net investment in consumer durables ND 5.1 7.8 7.6 8.5 11.9 7.2 6.0 8.8 6.1 42

 43 - Government insurance and pension fund reserves (5) ND 1.3 1.1 0.6 0.6 0.5 0.3 0.4 0.3 -0.2 43

 44 + Contr. for govt. soc. insur., U.S.-affiliated areas ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44

 45 = Personal saving, NIPA concept (FOF) (6) ND 21.6 15.1 21.0 16.7 23.2 36.0 41.5 40.2 34.1 45

 46 Personal saving, NIPA concept (NIPA) ND 19.6 11.0 17.2 13.6 20.0 25.9 27.8 29.2 28.2 46

 47 Difference ND 2.0 4.1 3.8 3.0 3.2 10.1 13.7 10.9 5.9 47

 Memo:

 48 Disposable personal income ND 165.5 174.8 194.5 194.5 215.0 237.4 250.6 266.3 272.4 48

 Personal saving as a percentage of disposable personal income:

 49 FOF concept (FOF data) (line 41) ND 16.94 13.74 15.05 13.28 16.56 18.35 19.11 18.51 14.69 49

 50 NIPA concept (FOF data) (line 44) ND 13.04 8.65 10.82 8.58 10.79 15.18 16.57 15.08 12.51 50

 51 NIPA concept (NIPA data) (line 45) ND 11.83 6.30 8.85 7.02 9.31 10.93 11.11 10.98 10.35 51

 52 Difference (line 46) ND 1.21 2.34 1.96 1.57 1.48 4.25 5.46 4.10 2.16 52

(1) Consolidated statement for households and nonprofit organizations and nonfinancial noncorporate business.

(2) Directly held, and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 14), life insurance reserves (line 15), and pension entitlements (line 16).

(3) Line 18 less line 24.

(4) Table F.5, line 59 plus line 63.

(5) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves.

(6) Line 45 and 46 are conceptually equivalent but measure saving using different data. Line 45 is net acquisition of financial assets net of government insurance and pension fund reserves (line 1 less line 43) and

 including contributions for government social insurance to U.S.-affiliated areas, plus net investment in nonfinancial assets net of consumer durables (line 28 less line 42) less net increase in liabilities (line 34)

 plus net capital transfers paid (line 40). Personal savings, NIPA concept (NIPA) (line 46) is disposable personal income (line 48) less personal outlays (table F.101, line 4).
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Historical Annuals, 1945-1954, March 10, 2016 7

L.6 Assets and Liabilities of the Personal Sector (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets 434.7 451.4 465.5 477.1 499.1 543.5 593.6 632.0 661.9 748.3 1

 2 Foreign deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Checkable deposits and currency 72.4 78.2 78.2 75.4 73.5 76.3 81.2 82.9 84.0 86.5 3

 4 Time and savings deposits 50.2 56.6 60.0 62.2 64.8 67.2 72.2 79.7 87.9 97.2 4

 5 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Debt securities 78.8 76.6 76.4 77.5 77.6 78.5 78.3 85.4 89.3 88.1 6

 7 Open market paper 0.0 0.1 0.1 0.2 0.3 0.4 0.8 1.0 1.3 1.1 7

 8 Treasury securities 66.5 65.1 65.1 65.8 67.3 66.5 65.4 67.4 68.0 66.1 8

 9 Agency- and GSE-backed securities 0.1 0.1 0.1 0.1 0.0 0.1 0.1 -0.0 0.2 0.1 9

 10 Municipal securities 3.9 3.8 4.5 4.6 3.7 5.5 5.7 11.0 13.9 16.0 10

 11 Corporate and foreign bonds 8.4 7.5 6.6 6.7 6.3 6.0 6.3 6.0 6.0 4.9 11

 12 Loans 13.5 15.1 16.5 17.8 18.7 19.8 20.8 22.7 23.8 25.2 12

 13 Other loans and advances 0.7 0.7 0.7 0.7 0.7 1.0 0.9 0.7 0.7 1.0 13

 14 Mortgages 12.2 13.7 15.1 16.3 17.0 17.7 18.6 19.3 20.3 21.4 14

 15 Consumer credit 0.6 0.7 0.8 0.9 1.0 1.1 1.3 2.7 2.8 2.8 15

 16 Corporate equities (2) 109.7 101.6 99.2 98.0 105.6 129.8 152.1 151.0 145.8 198.8 16

 17 Mutual fund shares 1.2 1.3 1.4 1.5 3.1 3.3 3.5 3.9 4.1 6.1 17

 18 Life insurance reserves 39.6 43.4 46.5 49.4 52.1 55.0 57.8 60.7 63.6 66.3 18

 19 Pension entitlements 57.0 64.5 71.9 79.3 87.1 95.2 108.8 124.4 140.6 156.6 19

 20 Life insurance companies 2.7 3.1 3.6 4.2 4.8 5.6 6.6 7.7 8.8 10.0 20

 21 Private pension funds 20.7 22.1 23.6 25.0 26.2 27.2 32.1 36.9 42.3 46.7 21

 22 Governments 33.6 39.3 44.7 50.2 56.0 62.4 70.2 79.8 89.5 99.9 22

 23 Miscellaneous and other assets 12.3 14.3 15.4 16.1 16.7 18.2 18.9 21.4 22.7 23.3 23

 24 Total liabilities 45.5 56.6 68.4 79.5 89.5 107.3 119.6 135.1 149.1 165.8 24

 25 Home mortgages 18.7 23.1 28.3 33.4 37.8 45.3 51.8 58.5 66.0 75.4 25

 26 Other mortgages 8.6 9.6 10.4 11.6 13.1 15.2 17.6 19.7 21.3 23.6 26

 27 Consumer credit 6.8 9.8 13.3 16.3 19.4 23.9 25.4 30.5 34.6 36.0 27

 28 Other loans and advances 3.3 2.6 2.7 2.8 3.4 4.1 4.2 4.4 5.0 6.0 28

 29 Other liabilities 8.0 11.5 13.7 15.4 15.9 18.8 20.7 22.0 22.2 24.9 29

(1) Combined statement for households and nonprofit organizations and nonfinancial noncorporate business.

(2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 17), life insurance reserves (line 18), and pension entitlements (line 19).
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8 Historical Annuals, 1945-1954, March 10, 2016

F.100 Domestic Nonfinancial Sectors (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Gross saving less net capital transfers paid ND 55.8 68.3 82.5 72.4 93.6 107.4 106.6 112.2 110.3 1

 2 Gross investment ND 59.5 80.7 90.9 81.1 100.9 128.0 125.2 128.3 121.8 2

 3 Capital expenditures ND 53.1 62.6 81.1 74.8 97.8 111.3 110.4 119.0 114.8 3

 4 Consumer durables ND 15.9 20.4 22.9 25.2 30.7 30.0 29.4 33.1 32.6 4

 5 Fixed residential investment ND 8.3 12.4 16.0 15.2 21.1 19.4 19.6 20.5 21.8 5

 6 Fixed nonresidential investment ND 22.9 30.3 36.5 37.1 40.2 52.0 57.9 63.4 62.3 6

 7 Inventory change ND 6.0 -0.6 5.7 -2.7 5.8 9.9 3.5 1.9 -1.9 7

 8 Nonproduced nonfinancial assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Net lending (+) or net borrowing (-) ND 6.3 18.0 9.9 6.3 3.1 16.7 14.8 9.3 6.9 9

 10 Net acqisition of financial assets ND 8.7 42.1 36.2 26.6 57.4 56.9 61.1 53.2 43.5 10

 11 U.S. official reserve assets ND -0.1 1.4 0.4 0.1 -0.3 0.0 -0.1 -0.1 -0.2 11

 12 Foreign deposits ND 0.0 -0.0 -0.0 0.0 0.0 0.0 -0.0 0.0 0.0 12

 13 Checkable deposits and currency ND -15.5 2.2 -0.8 -0.3 4.3 7.1 5.1 -0.1 4.3 13

 14 Time and savings deposits ND 6.5 3.6 2.5 2.8 2.5 5.2 7.6 8.6 10.0 14

 15 Money market fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.2 -0.1 -0.0 16

 17 Debt securities ND -8.7 0.2 2.4 2.5 4.9 1.4 7.5 6.7 -2.1 17

 18 Open market paper ND 0.1 0.1 0.2 0.2 0.0 0.3 0.4 0.3 -0.1 18

 19 Treasury securities ND -7.5 0.2 1.7 3.3 2.9 0.2 2.2 3.0 -3.2 19

 20 Agency- and GSE-backed securities ND -0.1 0.1 0.1 -0.1 -0.0 0.2 0.1 0.1 0.1 20

 21 Municipal securities ND -0.3 0.6 0.3 -0.6 2.2 0.5 5.2 3.3 2.2 21

 22 Corporate and foreign bonds ND -0.9 -0.8 0.0 -0.4 -0.3 0.3 -0.3 -0.0 -1.1 22

 23 Loans ND 4.2 6.2 3.5 2.8 3.0 2.9 3.5 2.0 1.6 23

 24 Other loans and advances ND 2.3 4.0 1.3 0.9 0.7 0.6 0.8 0.2 -0.1 24

 25 Mortgages ND 1.2 1.3 1.3 1.3 1.1 1.5 1.4 1.5 1.3 25

 26 Consumer credit ND 0.6 0.9 0.9 0.6 1.3 0.7 1.3 0.4 0.3 26

 27 Corporate equities ND 1.0 1.1 0.9 0.6 0.8 1.5 0.8 0.6 -0.0 27

 28 Mutual fund shares ND 0.2 0.2 0.1 0.3 0.2 0.3 0.5 0.4 0.4 28

 29 Trade receivables ND 3.1 5.4 2.2 -0.9 11.9 4.4 5.8 -0.5 3.7 29

 30 Life insurance reserves ND 3.8 3.2 2.8 2.8 2.9 2.7 2.9 3.0 2.7 30

 31 Pension entitlements ND 6.6 6.6 6.9 7.4 7.8 13.7 15.4 16.4 15.9 31

 32 Taxes payable ND 5.8 9.6 8.2 5.2 15.6 13.7 6.0 10.6 6.0 32

 33 Equity in noncorporate business ND 0.6 0.1 4.8 1.4 2.1 1.7 2.5 2.9 -1.1 33

 34 U.S. direct investment abroad ND 0.2 0.7 0.7 0.6 0.6 0.5 0.8 0.7 0.6 34

 35 Miscellaneous assets ND 1.0 1.8 1.4 1.4 1.0 1.7 2.4 2.1 1.5 35

 36 Net increase in liabilities ND 2.4 24.1 26.3 20.3 54.2 40.2 46.3 43.8 36.5 36

 37 U.S. official reserve assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 37

 38 SDR certificates ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 38

 39 Treasury currency ND 0.1 -0.0 -0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 39

 40 Debt securities ND -22.0 -1.9 0.7 7.5 5.8 5.7 18.0 16.5 12.1 40

 41 Open market paper ND 0.0 0.0 -0.0 -0.0 0.0 0.1 0.1 0.1 0.1 41

 42 Treasury securities ND -22.9 -6.4 -5.7 3.5 0.2 0.4 5.9 5.9 2.7 42

 43 Agency- and GSE-backed securities ND -0.2 -0.0 0.8 0.1 -0.6 -0.1 0.4 1.6 0.1 43

 44 Municipal securities ND 0.1 1.6 1.3 1.0 4.5 2.1 6.9 5.4 5.7 44

 45 Corporate and foreign bonds ND 1.0 2.8 4.3 2.9 1.6 3.3 4.7 3.5 3.5 45

 46 Loans ND 12.8 14.7 11.7 8.2 20.9 17.1 16.5 13.4 14.4 46

 47 Depository institution loans n.e.c. ND 4.4 3.7 0.7 -2.0 4.7 5.3 1.0 -1.0 -0.2 47

 48 Other loans and advances ND -0.7 0.3 0.6 0.7 1.4 1.1 1.3 0.5 1.1 48

 49 Mortgages ND 6.2 7.2 7.4 6.5 10.2 9.4 9.0 9.8 12.2 49

 50 Consumer credit ND 3.0 3.5 3.0 3.0 4.6 1.4 5.2 4.1 1.3 50

 51 Corporate equities ND 1.0 1.1 1.0 1.2 1.3 2.1 2.3 1.8 1.6 51

 52 Trade payables ND 6.1 3.7 2.9 0.2 10.5 1.7 2.0 0.5 4.2 52

 53 Life insurance reserves ND 1.2 0.6 0.2 0.1 0.3 0.2 0.0 0.1 -0.3 53

 54 Taxes payable ND -2.0 2.2 0.8 -2.3 7.3 4.5 -3.2 0.6 -3.2 54

 55 Equity in noncorporate business ND 0.6 0.1 4.8 1.4 2.1 1.7 2.5 2.9 -1.1 55

 56 Foreign direct investment in U.S. ND -0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 56

 57 Miscellaneous liabilities ND 4.6 3.8 4.1 4.0 6.0 7.0 7.9 8.0 8.7 57

 58 Discrepancy ND -3.6 -12.4 -8.4 -8.7 -7.4 -20.6 -18.6 -16.1 -11.5 58

(1) Sum of domestic nonfinancial sectors shown on tables F.101 through F.107.
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Historical Annuals, 1945-1954, March 10, 2016 9

F.101 Households and Nonprofit Organizations (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Personal income ND 182.7 194.6 213.7 211.2 233.9 264.5 282.7 299.6 302.6 1

 2 - Personal current taxes ND 17.2 19.8 19.2 16.7 18.9 27.1 32.0 33.2 30.2 2

 3 = Disposable personal income ND 165.5 174.8 194.5 194.5 215.0 237.4 250.6 266.3 272.4 3

 4 - Personal outlays ND 145.9 163.8 177.2 180.9 195.0 211.5 222.8 237.1 244.3 4

 5 = Personal saving, NIPA (2) ND 19.6 11.0 17.2 13.6 20.0 25.9 27.8 29.2 28.2 5

 6 + Government insurance and pension reserves (3) ND 1.3 1.1 0.6 0.6 0.5 0.3 0.4 0.3 -0.2 6

 7 - Contr. for govt. soc. insur., U.S.-affiliated areas ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 + Net investment in consumer durables ND 5.1 7.8 7.6 8.5 11.9 7.2 6.0 8.8 6.1 8

 9 + Consumption of fixed capital ND 13.0 15.6 18.8 20.3 22.8 27.2 28.3 29.5 32.0 9

 10 - Net capital transfers paid (4) ND 0.9 1.0 1.1 0.9 0.8 0.9 1.1 1.1 1.2 10

 11 = Gross saving less net capital transfers paid ND 38.1 34.5 43.1 42.1 54.4 59.8 61.5 66.8 65.0 11

 12 Gross investment ND 40.1 38.6 46.9 45.2 57.5 69.9 75.2 77.7 70.9 12

 13 Capital expenditures ND 23.3 31.6 37.4 38.9 50.1 47.9 47.5 52.0 53.4 13

 14 Consumer durable goods ND 15.9 20.4 22.9 25.2 30.7 30.0 29.4 33.1 32.6 14

 15 Residential ND 6.8 10.4 13.4 12.5 17.7 16.1 16.3 17.0 18.5 15

 16 Nonprofit nonresidential ND 0.6 0.7 1.1 1.3 1.7 1.9 1.8 1.9 2.3 16

 17 Nonproduced nonfinancial assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Net lending (+) or net borrowing (-) ND 16.9 7.0 9.5 6.2 7.5 21.9 27.7 25.6 17.5 18

 19 Net acquisition of financial assets ND 23.7 16.1 18.1 14.5 21.0 30.6 40.1 38.4 29.9 19

 20 Foreign deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Checkable deposits and currency ND 5.2 -0.1 -2.4 -1.8 2.6 4.4 2.2 1.3 2.1 21

 22 Time and savings deposits ND 6.3 3.5 2.2 2.6 2.4 5.0 7.5 8.2 9.3 22

 23 Money market fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Debt securities ND -2.3 -0.2 1.0 0.1 0.9 -0.2 7.1 4.0 -1.2 24

 25 Open market paper ND 0.1 0.0 0.1 0.1 0.1 0.3 0.2 0.3 -0.2 25

 26 Treasury securities ND -1.4 -0.1 0.8 1.4 -0.8 -1.1 2.0 0.6 -2.0 26

 27 Agency- and GSE-backed securities ND 0.0 0.1 -0.1 -0.1 0.1 -0.0 -0.1 0.2 -0.0 27

 28 Municipal securities ND -0.1 0.6 0.2 -0.9 1.7 0.3 5.2 2.9 2.1 28

 29 Corporate and foreign bonds ND -0.9 -0.8 0.0 -0.4 -0.3 0.3 -0.3 -0.0 -1.1 29

 30 Loans ND 1.6 1.3 1.2 0.8 1.0 0.9 0.5 1.0 1.5 30

 31 Other loans and advances (5) ND 0.0 -0.1 -0.0 0.0 0.3 -0.1 -0.2 -0.0 0.3 31

 32 Mortgages ND 1.5 1.4 1.2 0.7 0.7 0.9 0.7 1.0 1.1 32

 33 Consumer credit (student loans) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33

 34 Corporate equities (6) ND 1.0 1.1 0.9 0.6 0.8 1.5 0.8 0.6 -0.0 34

 35 Mutual fund shares ND 0.2 0.2 0.1 0.3 0.2 0.3 0.5 0.4 0.4 35

 36 Life insurance reserves ND 3.8 3.2 2.8 2.8 2.9 2.7 2.9 3.0 2.7 36

 37 Pension entitlements (7) ND 6.6 6.6 6.9 7.4 7.8 13.7 15.4 16.4 15.9 37

 38 Equity in noncorporate business ND 0.6 0.1 4.8 1.4 2.1 1.7 2.5 2.9 -1.1 38

 39 Miscellaneous assets ND 0.8 0.5 0.4 0.4 0.3 0.6 0.7 0.6 0.4 39

 40 Net increase in liabilities ND 6.9 9.0 8.6 8.3 13.5 8.7 12.4 12.7 12.4 40

 41 Debt securities (municipal securities) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 41

 42 Loans ND 6.6 8.8 8.5 8.2 13.3 8.5 12.2 12.6 12.2 42

 43 Home mortgages (8) ND 4.4 5.2 5.2 4.3 7.6 6.4 6.7 7.5 9.4 43

 44 Consumer credit ND 3.0 3.5 3.0 3.0 4.6 1.4 5.2 4.1 1.3 44

 45 Depository institution loans n.e.c. (9) ND -0.1 -0.0 0.0 0.0 0.1 0.2 -0.1 0.1 0.2 45

 46 Other loans and advances ND -0.7 0.1 0.1 0.6 0.7 0.1 0.2 0.6 1.1 46

 47 Commercial mortgages ND 0.1 0.1 0.2 0.2 0.3 0.3 0.3 0.3 0.3 47

 48 Trade payables ND 0.2 0.1 0.1 0.0 0.1 0.1 0.1 0.1 0.1 48

 49 Deferred and unpaid life insurance premiums ND 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 49

 50 Discrepancy ND -2.0 -4.1 -3.8 -3.0 -3.2 -10.1 -13.7 -10.9 -5.9 50

(1) Sector includes domestic hedge funds, private equity funds, and personal trusts. Supplementary tables (tables F.101.a and L.101.a) show estimates of annual flows and year-end

 outstandings of nonprofit organizations.

(2) See table F.6 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.5, line 63.

(5) Includes cash accounts at brokers and dealers and syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds.

(6) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 35) and life insurance reserves (line 36), and pension entitlements (line 37).

(7) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs, at life insurance companies. Excludes social security.

(8) 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) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF), shown on table F.109, line 21.
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10 Historical Annuals, 1945-1954, March 10, 2016

F.102 Nonfinancial Business (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Income before taxes ND 62.2 68.3 76.1 64.5 81.3 87.4 83.0 83.6 81.1 1

 2 Gross saving less net capital transfers paid ND 14.0 20.0 27.4 28.3 27.7 31.0 33.6 34.3 36.9 2

 3 Gross investment ND 10.3 17.9 23.0 24.6 24.1 31.9 32.8 33.1 33.8 3

 4 Capital expenditures ND 25.1 25.3 35.0 24.4 36.0 43.5 38.0 40.0 35.7 4

 5 Fixed investment ND 19.2 25.9 29.5 27.3 30.5 33.9 34.8 38.4 38.0 5

 6 Residential ND 1.2 1.8 2.4 2.4 3.1 2.5 2.6 2.7 2.9 6

 7 Nonresidential ND 18.0 24.1 27.0 24.9 27.5 31.3 32.2 35.6 35.1 7

 8 Change in inventories ND 6.0 -0.6 5.7 -2.7 5.8 9.9 3.5 1.9 -1.9 8

 9 Nonproduced nonfinancial assets ND -0.1 -0.1 -0.1 -0.2 -0.3 -0.3 -0.3 -0.3 -0.4 9

 10 Net lending (+) or net borrowing (-) ND -14.8 -7.4 -12.0 0.3 -11.9 -11.6 -5.2 -6.9 -1.9 10

 11 Net acquisition of financial assets ND 0.3 9.6 5.4 4.1 18.4 8.7 7.5 3.6 6.1 11

 12 Foreign deposits ND 0.0 -0.0 -0.0 0.0 0.0 0.0 -0.0 0.0 0.0 12

 13 Checkable deposits and currency ND 1.2 2.1 -0.1 0.9 1.5 2.1 0.3 -0.3 2.2 13

 14 Time and savings deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 14

 15 Money market fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Debt securities ND -5.6 -0.4 0.7 2.0 3.2 0.9 -0.9 1.8 -1.7 17

 18 Commercial paper ND 0.0 0.1 0.1 0.1 -0.1 -0.1 0.1 0.0 0.1 18

 19 Treasury securities ND -5.7 -0.5 0.6 1.8 3.2 0.8 -1.0 1.6 -1.7 19

 20 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Municipal securities ND 0.1 0.0 0.1 0.0 0.2 0.2 -0.0 0.2 -0.0 21

 22 Loans ND 0.6 0.9 0.9 0.6 1.3 0.7 1.3 0.4 0.3 22

 23 Mortgages ND 0.0 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 23

 24 Consumer credit ND 0.6 0.9 0.9 0.6 1.3 0.7 1.3 0.4 0.3 24

 25 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Trade receivables ND 3.8 5.3 2.1 -0.9 11.0 3.3 4.8 -0.5 3.3 26

 27 U.S. direct investment abroad ND 0.2 0.7 0.7 0.6 0.6 0.5 0.8 0.7 0.6 27

 28 Miscellaneous assets ND 0.1 0.9 1.1 0.8 0.7 1.2 1.3 1.5 1.1 28

 29 Net increase in liabilities ND 15.1 17.0 17.4 3.8 30.3 20.4 12.7 10.5 8.0 29

 30 Debt securities ND 1.0 2.8 4.3 2.9 1.7 3.4 4.8 3.6 3.7 30

 31 Commercial paper ND 0.0 0.0 -0.0 -0.0 0.0 0.1 0.1 0.1 0.1 31

 32 Municipal securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

 33 Corporate bonds ND 1.0 2.8 4.3 2.9 1.6 3.3 4.7 3.5 3.5 33

 34 Loans ND 6.2 5.8 3.1 0.1 7.5 8.4 4.0 1.2 2.5 34

 35 Depository institution loans n.e.c. ND 4.5 3.7 0.7 -2.0 4.6 5.0 1.2 -1.1 -0.4 35

 36 Other loans and advances ND 0.0 0.2 0.4 0.2 0.6 0.7 0.7 0.2 0.4 36

 37 Mortgages ND 1.7 1.9 2.0 1.9 2.3 2.6 2.1 2.0 2.5 37

 38 Corporate equities ND 1.0 1.1 1.0 1.2 1.3 2.1 2.3 1.8 1.6 38

 39 Trade payables ND 7.8 4.4 2.7 0.0 9.2 -0.0 1.3 0.1 3.8 39

 40 Taxes payable ND -2.0 2.2 0.8 -2.3 7.3 4.5 -3.2 0.6 -3.2 40

 41 Foreign direct investment in U.S. ND -0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 41

 42 Miscellaneous liabilities ND 0.4 0.6 0.6 0.5 1.2 0.3 0.9 0.3 0.7 42

 43 Proprietors’ net investment ND 0.6 0.1 4.8 1.4 2.1 1.7 2.5 2.9 -1.1 43

 44 Discrepancy ND 3.6 2.1 4.4 3.6 3.5 -0.9 0.8 1.3 3.1 44

(1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business.
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Historical Annuals, 1945-1954, March 10, 2016 11

F.103 Nonfinancial Corporate Business

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Profits before tax (book) ND 22.6 29.7 32.5 25.6 39.2 39.9 35.0 36.5 33.7 1

 2 - Taxes on corporate income ND 8.6 10.8 11.7 9.3 16.8 21.1 17.7 18.4 15.5 2

 3 - Net dividends ND 4.8 5.4 5.9 6.0 7.4 7.0 7.1 7.2 7.4 3

 4 + Capital consumption allowance (1) ND 5.8 7.1 8.4 9.4 10.3 11.9 13.3 15.2 17.0 4

 5 = U.S. internal funds, book ND 15.1 20.7 23.3 19.7 25.4 23.7 23.5 26.1 27.8 5

 6 + Foreign earnings retained abroad ND 0.3 0.3 0.4 0.3 0.3 0.6 0.8 0.6 0.5 6

 7 + Inventory valuation adjustment (IVA) ND -5.3 -5.9 -2.2 1.9 -5.0 -1.2 1.0 -1.0 -0.3 7

 8 - Net capital transfers paid (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 = Total internal funds + IVA ND 10.1 15.1 21.6 21.8 20.7 23.1 25.3 25.7 28.0 9

 10 Gross investment ND 6.4 13.0 17.2 18.2 17.2 24.0 24.5 24.4 25.0 10

 11 Capital expenditures ND 19.2 18.3 21.9 15.1 24.2 31.0 26.2 27.7 24.2 11

 12 Fixed investment (3) ND 13.4 17.3 19.1 17.3 18.9 22.7 24.4 26.9 26.6 12

 13 Inventory change + IVA ND 5.9 1.1 2.9 -2.0 5.6 8.5 2.1 1.2 -2.0 13

 14 Nonproduced nonfinancial assets ND -0.1 -0.1 -0.1 -0.2 -0.3 -0.3 -0.3 -0.3 -0.4 14

 15 Net lending (+) or net borrowing (-) ND -12.7 -5.4 -4.6 3.1 -7.1 -7.0 -1.7 -3.3 0.7 15

 16 Net acquisition of financial assets ND -1.6 8.8 5.4 3.9 16.8 8.0 5.4 3.0 5.5 16

 17 Foreign deposits ND 0.0 -0.0 -0.0 0.0 0.0 0.0 -0.0 0.0 0.0 17

 18 Checkable deposits and currency ND 0.6 2.0 0.4 1.0 1.3 1.6 0.8 -0.1 1.8 18

 19 Time and savings deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 19

 20 Money market fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Debt securities ND -5.6 -0.4 0.7 2.0 3.2 0.9 -0.9 1.8 -1.7 22

 23 Commercial paper ND 0.0 0.1 0.1 0.1 -0.1 -0.1 0.1 0.0 0.1 23

 24 Treasury securities ND -5.7 -0.5 0.6 1.8 3.2 0.8 -1.0 1.6 -1.7 24

 25 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Municipal securities ND 0.1 0.0 0.1 0.0 0.2 0.2 -0.0 0.2 -0.0 26

 27 Loans ND 0.5 0.8 0.8 0.6 1.1 0.6 -0.2 0.3 0.3 27

 28 Mortgages ND 0.0 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 28

 29 Consumer credit ND 0.5 0.8 0.8 0.6 1.1 0.6 -0.2 0.3 0.3 29

 30 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

 31 Trade receivables ND 2.8 5.0 2.0 -1.0 9.9 3.4 3.9 -0.8 3.4 31

 32 U.S. direct investment abroad (4) ND 0.2 0.7 0.7 0.6 0.6 0.5 0.8 0.7 0.6 32

 33 Miscellaneous assets ND -0.0 0.7 0.8 0.7 0.6 1.0 1.0 1.2 0.8 33

 34 Insurance receivables ND 0.3 0.3 0.2 0.2 0.0 0.1 0.1 0.1 0.1 34

 35 Equity in GSEs ND -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

 36 Investment in finance co. subs. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

 37 Other ND -0.3 0.4 0.6 0.5 0.5 0.8 0.9 1.1 0.7 37

 38 Net increase in liabilities ND 11.1 14.1 10.1 0.8 23.8 15.0 7.1 6.3 4.8 38

 39 Debt securities ND 1.0 2.8 4.3 2.9 1.7 3.4 4.8 3.6 3.7 39

 40 Commercial paper ND 0.0 0.0 -0.0 -0.0 0.0 0.1 0.1 0.1 0.1 40

 41 Municipal securities (5) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 41

 42 Corporate bonds (4) ND 1.0 2.8 4.3 2.9 1.6 3.3 4.7 3.5 3.5 42

 43 Loans ND 4.3 4.1 1.8 -1.3 4.4 5.1 1.5 0.3 -0.1 43

 44 Depository institution loans n.e.c. ND 3.7 3.1 0.7 -1.9 3.7 4.2 0.8 -0.6 -0.7 44

 45 Other loans and advances (6) ND -0.1 -0.2 0.1 -0.1 0.2 0.3 0.4 0.2 0.1 45

 46 Mortgages ND 0.8 1.2 1.0 0.6 0.5 0.6 0.2 0.7 0.5 46

 47 Corporate equities ND 1.0 1.1 1.0 1.2 1.3 2.1 2.3 1.8 1.6 47

 48 Trade payables ND 6.4 3.4 1.6 -0.3 8.0 -0.4 0.8 -0.3 2.0 48

 49 Taxes payable ND -2.0 2.2 0.8 -2.3 7.3 4.5 -3.2 0.6 -3.2 49

 50 Foreign direct investment in U.S. ND -0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 50

 51 Miscellaneous liabilities ND 0.4 0.6 0.6 0.5 1.2 0.3 0.9 0.3 0.7 51

 52 Pension fund contributions payable ND 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.0 0.0 52

 53 Claims of pension fund on sponsor ND 1.2 1.0 0.9 0.8 0.8 3.7 2.4 3.3 2.2 53

 54 Other ND -0.7 -0.5 -0.3 -0.3 0.4 -3.4 -1.7 -3.0 -1.5 54

 55 Discrepancy ND 3.6 2.1 4.4 3.6 3.5 -0.9 0.8 1.3 3.1 55

 Memo:

 56 Financing gap (7) ND 9.3 3.6 0.7 -6.5 3.8 8.5 1.7 2.7 -3.3 56

(1) Consumption of fixed capital plus the capital consumption adjustment.

(2) Table F.5, line 58.

(3) Nonresidential fixed investment plus residential fixed investment, shown in table F.2, lines 10 and 15 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) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table F.216.

(7) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7).
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12 Historical Annuals, 1945-1954, March 10, 2016

F.104 Nonfinancial Noncorporate Business

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Gross saving = consumption of fixed capital ND 3.9 4.9 5.8 6.4 7.0 7.9 8.3 8.6 8.9 1

 2 Gross saving less net capital transfers paid (1) ND 3.9 4.9 5.8 6.4 7.0 7.9 8.3 8.6 8.9 2

 3 Gross investment ND 3.9 4.9 5.8 6.4 7.0 7.9 8.3 8.6 8.9 3

 4 Capital expenditures ND 5.9 6.9 13.1 9.3 11.8 12.5 11.9 12.2 11.5 4

 5 Fixed investment (2) ND 5.8 8.6 10.4 10.0 11.6 11.1 10.4 11.5 11.4 5

 6 Change in inventories ND 0.1 -1.7 2.8 -0.7 0.2 1.4 1.5 0.8 0.1 6

 7 Net lending (+) or net borrowing (-) ND -2.0 -2.0 -7.3 -2.9 -4.8 -4.6 -3.5 -3.6 -2.6 7

 8 Net acquisition of financial assets ND 1.9 0.8 -0.1 0.2 1.6 0.7 2.1 0.6 0.6 8

 9 Checkable deposits and currency ND 0.6 0.2 -0.5 -0.1 0.2 0.5 -0.5 -0.2 0.4 9

 10 Time and savings deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Money market mutual funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Debt securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Treasury securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Municipal securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Loans ND 0.1 0.1 0.1 0.1 0.2 0.1 1.4 0.1 0.0 15

 16 Mortgages ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Consumer credit ND 0.1 0.1 0.1 0.1 0.2 0.1 1.4 0.1 0.0 17

 18 Trade receivables ND 1.0 0.3 0.1 0.1 1.1 -0.1 0.9 0.4 -0.1 18

 19 Miscellaneous assets ND 0.2 0.2 0.2 0.2 0.1 0.2 0.3 0.3 0.3 19

 20 Insurance receivables ND 0.2 0.3 0.2 0.2 0.1 0.2 0.3 0.3 0.3 20

 21 Equity investment in GSEs (3) ND -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Other ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Net increase in liabilities ND 3.9 2.8 7.3 3.1 6.5 5.3 5.6 4.2 3.2 23

 24 Loans ND 1.9 1.7 1.3 1.4 3.1 3.3 2.5 0.9 2.6 24

 25 Depository institution loans n.e.c. ND 0.8 0.6 0.0 -0.1 0.9 0.8 0.4 -0.5 0.2 25

 26 Other loans and advances ND 0.1 0.4 0.3 0.3 0.4 0.5 0.3 0.1 0.3 26

 27 Mortgages ND 0.9 0.7 1.0 1.2 1.8 2.0 1.8 1.3 2.0 27

 28 Trade payables ND 1.5 1.0 1.1 0.3 1.3 0.3 0.6 0.4 1.7 28

 29 Taxes payable ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Foreign direct investment in U.S. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

 31 Miscellaneous liabilities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 Proprietors’ net investment ND 0.6 0.1 4.8 1.4 2.1 1.7 2.5 2.9 -1.1 32

(1) Net capital transfers paid from table F.5, line 59.

(2) Nonresidential fixed investment plus residential fixed investment, shown in table F.2, lines 11 and 16 respectively.

(3) Equity in the Farm Credit System.
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Historical Annuals, 1945-1954, March 10, 2016 13

F.105 General Government (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Current receipts, NIPA basis ND 51.9 57.0 58.7 56.0 68.6 84.7 89.4 93.9 89.3 1

 2 Personal current taxes ND 17.2 19.8 19.2 16.7 18.9 27.1 32.0 33.2 30.2 2

 3 Taxes on production and imports ND 16.8 18.1 19.7 20.9 23.0 24.7 27.1 29.1 28.9 3

 4 Taxes on corporate income ND 9.1 11.3 12.4 10.2 17.9 22.6 19.4 20.3 17.6 4

 5 Taxes from the rest of the world ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Contributions for govt. social insurance ND 6.6 5.6 4.6 4.9 5.5 6.7 6.9 7.1 8.1 6

 7 Income receipts on assets ND 0.4 0.4 0.5 0.5 0.6 0.7 0.7 0.8 0.9 7

 8 Current transfer receipts ND 1.4 1.5 2.0 2.5 2.4 2.6 2.8 2.9 3.0 8

 9 Current surplus of government enterprises ND 0.4 0.3 0.3 0.3 0.4 0.4 0.4 0.5 0.6 9

 10 Current expenditures, NIPA basis ND 59.3 54.5 57.7 64.1 66.5 78.7 89.6 95.8 95.2 10

 11 Consumption expenditures ND 38.5 34.3 35.5 38.7 39.3 54.0 65.2 70.4 67.4 11

 12 Government social benefits ND 10.1 10.4 9.9 10.9 13.4 10.5 11.0 11.7 13.7 12

 13 Other current transfer payments ND 3.1 2.9 5.2 6.9 5.4 5.1 4.3 4.3 4.1 13

 14 Interest payments ND 5.8 6.1 6.3 6.7 7.1 7.6 8.0 8.5 9.1 14

 15 Subsidies ND 1.7 0.7 0.8 0.8 1.2 1.4 1.2 1.0 0.9 15

 16 Net saving, NIPA basis ND -7.4 2.5 1.0 -8.0 2.2 6.0 -0.3 -1.9 -6.0 16

 17 + Consumption of fixed capital ND 11.5 11.5 10.6 9.7 9.1 10.0 11.1 12.1 13.0 17

 18 - Insurance and pension fund reserves (2) ND 1.3 1.1 0.6 0.6 0.5 0.3 0.4 0.3 -0.2 18

 19 - Net capital transfers (3) ND -0.9 -1.0 -1.1 -0.9 -0.8 -0.9 -1.1 -1.1 -1.2 19

 20 = Gross saving less net capital transfers ND 3.7 13.8 12.0 2.0 11.5 16.7 11.5 11.1 8.4 20

 21 Gross investment ND 9.0 24.2 20.9 11.3 19.3 26.2 17.2 17.6 17.0 21

 22 Fixed investment ND 4.7 5.7 8.5 11.3 11.5 19.6 24.6 26.7 25.4 22

 23 Nonproduced nonfinancial assets ND 0.1 0.1 0.1 0.2 0.3 0.3 0.3 0.3 0.4 23

 24 Net lending (+) or net borrowing (-) ND 4.2 18.4 12.3 -0.2 7.5 6.4 -7.6 -9.4 -8.7 24

 25 Net acquisition of financial assets ND -15.3 16.5 12.6 8.0 18.0 17.6 13.5 11.2 7.4 25

 26 U.S. official reserve assets ND -0.1 1.4 0.4 0.1 -0.3 0.0 -0.1 -0.1 -0.2 26

 27 Checkable deposits and currency ND -21.9 0.2 1.7 0.6 0.2 0.5 2.7 -1.1 0.0 27

 28 Time and savings deposits ND 0.2 0.2 0.3 0.2 0.1 0.2 0.2 0.3 0.5 28

 29 Money market fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.2 -0.1 -0.0 30

 31 Debt securities ND -0.8 0.7 0.6 0.4 0.7 0.7 1.4 0.9 0.8 31

 32 Open market paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

 33 Treasury securities ND -0.4 0.7 0.4 0.1 0.5 0.5 1.2 0.8 0.4 33

 34 Agency- and GSE-backed securities ND -0.1 0.0 0.2 0.0 -0.1 0.2 0.2 -0.1 0.1 34

 35 Municipal securities ND -0.3 -0.0 0.0 0.3 0.3 0.0 0.1 0.2 0.2 35

 36 Corporate and foreign bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

 37 Loans ND 2.0 4.0 1.4 1.4 0.8 1.3 1.7 0.7 -0.2 37

 38 Mortgages ND -0.3 -0.1 0.1 0.5 0.4 0.6 0.7 0.5 0.2 38

 39 Consumer credit ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

 40 Other loans and advances ND 2.3 4.1 1.3 0.8 0.4 0.7 1.0 0.2 -0.4 40

 41 Corporate equities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 41

 42 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42

 43 Trade receivables ND -0.7 0.1 0.1 -0.0 0.9 1.1 1.0 -0.0 0.4 43

 44 Taxes receivable ND 5.8 9.6 8.2 5.2 15.6 13.7 6.0 10.6 6.0 44

 45 Miscellaneous assets ND 0.1 0.4 -0.1 0.1 -0.0 -0.1 0.3 0.0 0.1 45

 46 Net increase in liabilities ND -19.5 -1.9 0.3 8.2 10.4 11.2 21.1 20.6 16.1 46

 47 SDR allocations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47

 48 SDR certificates ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 48

 49 Treasury currency ND 0.1 -0.0 -0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 49

 50 Debt securities ND -23.0 -4.8 -3.6 4.6 4.1 2.4 13.2 12.9 8.5 50

 51 Treasury securities ND -22.9 -6.4 -5.7 3.5 0.2 0.4 5.9 5.9 2.7 51

 52 Municipal securities ND 0.1 1.6 1.3 1.0 4.5 2.1 6.9 5.4 5.7 52

 53 Loans ND -0.0 0.0 0.1 -0.1 0.1 0.3 0.3 -0.4 -0.3 53

 54 Multifamily residential mortgages ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54

 55 Other loans and advances ND -0.0 0.0 0.1 -0.1 0.1 0.3 0.3 -0.4 -0.3 55

 56 Trade payables ND -1.9 -0.8 0.1 0.2 1.2 1.7 0.6 0.3 0.3 56

 57 Insurance reserves ND 1.2 0.6 0.2 0.1 0.3 0.2 0.0 0.1 -0.3 57

 58 Miscellaneous liabilities ND 4.1 3.1 3.4 3.5 4.7 6.7 6.9 7.6 7.9 58

 59 Discrepancy ND -5.3 -10.4 -9.0 -9.3 -7.7 -9.6 -5.8 -6.5 -8.7 59

 Memo:

 60 Net acquisition of financial assets (consolidated) (4) ND -14.9 15.8 12.2 8.1 17.4 16.8 12.0 10.7 7.3 60

 61 Net increase in liabilities (consolidated) (4) ND -19.1 -2.6 -0.2 8.2 9.9 10.4 19.6 20.1 16.0 61

(1) Sum of the federal government and state and local governments sectors.

(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.5, line 60 less line 12.

(4) Excludes Treasury securities held by state and local governments (line 33) and federal government loans to state and local governments (line 55).
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14 Historical Annuals, 1945-1954, March 10, 2016

F.106 Federal Government

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Current receipts, NIPA basis ND 39.5 42.8 42.4 37.9 48.8 62.9 65.8 68.6 62.5 1

 2 Personal current taxes ND 16.4 18.8 18.1 15.4 17.4 25.4 30.2 31.3 28.1 2

 3 Taxes on production and imports ND 7.7 7.7 7.8 7.9 8.7 9.2 10.1 10.7 9.5 3

 4 Taxes on corporate income ND 8.6 10.7 11.8 9.6 17.2 21.7 18.6 19.5 16.9 4

 5 Taxes from the rest of the world ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Contributions for govt. social insurance ND 6.5 5.4 4.4 4.7 5.3 6.4 6.7 6.8 7.8 6

 7 Income receipts on assets ND 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 7

 8 Current transfer receipts ND 0.3 0.3 0.3 0.3 0.2 0.2 0.2 0.2 0.2 8

 9 Current surplus of government enterprises ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Current expenditures, NIPA basis ND 47.6 40.4 41.5 46.4 47.0 58.5 67.9 72.8 70.5 10

 11 Consumption expenditures ND 29.0 23.0 22.7 24.6 23.9 37.4 47.6 51.6 47.2 11

 12 Government social benefits ND 8.7 8.4 7.2 8.2 10.2 7.9 8.1 8.7 10.7 12

 13 Other current transfer payments ND 3.1 2.9 5.2 6.9 5.4 5.1 4.3 4.3 4.1 13

 14 Interest payments ND 5.1 5.4 5.6 5.9 6.2 6.5 6.8 7.2 7.6 14

 15 Subsidies ND 1.7 0.7 0.8 0.8 1.2 1.4 1.2 1.0 0.9 15

 16 Net saving, NIPA basis ND -8.2 2.4 0.9 -8.5 1.8 4.5 -2.1 -4.2 -8.0 16

 17 + Consumption of fixed capital ND 10.0 9.6 8.4 7.6 6.9 7.4 8.3 9.2 10.1 17

 18 - Insurance and pension reserves (1) ND 1.3 1.1 0.6 0.6 0.5 0.3 0.4 0.3 -0.2 18

 19 - Net capital transfers paid (2) ND -0.6 -0.7 -0.6 -0.4 -0.2 -0.3 -0.3 -0.4 -0.3 19

 20 = Gross saving less net capital transfers paid ND 1.1 11.5 9.3 -1.2 8.4 11.8 6.1 5.1 2.5 20

 21 Gross investment ND 7.6 21.6 17.7 7.0 17.1 20.9 15.8 14.1 12.5 21

 22 Fixed investment ND 3.1 2.8 4.4 5.9 5.5 12.5 17.2 18.7 16.1 22

 23 Nonproduced nonfinancial assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Net lending (+) or net borrowing (-) ND 4.6 18.8 13.3 1.1 11.5 8.4 -1.5 -4.5 -3.6 24

 25 Net acquisition of financial assets ND -15.8 14.7 11.1 7.2 16.2 16.0 10.9 9.6 5.6 25

 26 U.S. official reserve assets ND -0.1 1.4 0.4 0.1 -0.3 0.0 -0.1 -0.1 -0.2 26

 27 Checkable deposits and currency ND -22.7 -0.6 1.2 0.3 -0.2 0.1 2.4 -1.5 -0.3 27

 28 Time and savings deposits ND 0.0 -0.0 0.0 0.1 0.0 0.1 0.1 -0.0 0.0 28

 29 Debt securities ND 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 -0.0 0.0 29

 30 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 -0.0 0.0 30

 31 Corporate and foreign bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 Loans ND 2.0 4.0 1.4 1.3 0.7 1.2 1.6 0.6 -0.3 32

 33 Other loans and advances ND 2.3 4.1 1.3 0.8 0.4 0.7 1.0 0.2 -0.4 33

 34 Mortgages ND -0.3 -0.1 0.0 0.5 0.3 0.5 0.6 0.4 0.1 34

 35 Consumer credit (3) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

 36 Corporate equities (4) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

 37 Trade receivables ND -0.8 -0.1 0.0 0.0 0.4 0.9 1.0 -0.0 0.2 37

 38 Taxes receivable ND 5.8 9.6 8.2 5.2 15.6 13.7 6.0 10.7 6.0 38

 39 Miscellaneous assets ND 0.1 0.4 -0.1 0.1 -0.0 -0.1 -0.0 -0.0 0.2 39

 40 Net increase in liabilities ND -20.3 -4.1 -2.2 6.1 4.7 7.6 12.4 14.1 9.2 40

 41 SDR allocations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 41

 42 SDR certificates ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42

 43 Treasury currency ND 0.1 -0.0 -0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 43

 44 Debt securities ND -23.1 -6.4 -4.9 3.6 -0.4 0.3 6.3 7.6 2.8 44

 45 Treasury securities (5) ND -22.9 -6.4 -5.7 3.5 0.2 0.4 5.9 5.9 2.7 45

 46 Marketable ND -24.5 -9.3 -8.2 1.0 -0.8 0.2 4.9 5.2 1.7 46

 47 Nonmarketable ND 1.6 2.9 2.4 2.5 1.0 0.2 1.1 0.7 1.0 47

 48 Budget agency securities ND -0.2 -0.0 0.8 0.1 -0.6 -0.1 0.4 1.6 0.1 48

 49 Loans (multifamily residential mortgages) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 49

 50 Trade payables ND -2.0 -0.7 0.0 0.0 1.1 1.6 0.1 -0.2 -0.2 50

 51 Insurance reserves ND 1.2 0.6 0.2 0.1 0.3 0.2 0.0 0.1 -0.3 51

 52 Miscellaneous liabilities ND 3.5 2.4 2.5 2.5 3.7 5.5 5.9 6.6 6.9 52

 53 Claims of pension fund on sponsor ND 3.5 2.6 2.8 2.9 3.9 5.6 6.2 6.9 7.1 53

 54 Other ND -0.0 -0.3 -0.3 -0.5 -0.3 -0.0 -0.3 -0.2 -0.2 54

 55 Discrepancy ND -6.5 -10.1 -8.4 -8.2 -8.6 -9.1 -9.7 -9.0 -9.9 55

 Memo:

 56 Change in cash balance (6) ND -22.1 -2.1 1.2 0.5 -0.4 0.2 1.8 -1.4 0.3 56

(1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves.

(2) Table F.5, line 61 less line 12.

(3) Includes loans originated by the Department of Education under the Federal Direct Loan Program, as well as Federal Family Education Loan Program loans that

 the government purchased from depository institutions and finance companies.

(4) Corporate equities purchased from financial businesses under the Troubled Asset Relief Program (TARP) and from GSEs at issuance price.

(5) Includes marketable and nonmarketable Treasury securities held by the public and Treasury securities held by federal government employee retirement funds.

(6) Time and savings deposits (line 28) plus checkable deposits and currency at the monetary authority and U.S.-chartered depository institutions sectors (table F.204, lines 3 and 8).
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Historical Annuals, 1945-1954, March 10, 2016 15

F.107 State and Local Governments (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Current receipts, NIPA basis ND 12.5 14.2 16.3 18.2 19.8 21.8 23.5 25.3 26.7 1

 2 Personal current taxes ND 0.9 1.0 1.1 1.4 1.5 1.7 1.8 1.9 2.1 2

 3 Taxes on production and imports ND 9.1 10.4 11.9 13.0 14.2 15.6 17.0 18.4 19.4 3

 4 Taxes on corporate income ND 0.5 0.6 0.7 0.6 0.8 0.9 0.8 0.8 0.8 4

 5 Contributions for govt. social insurance ND 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 5

 6 Income receipts on assets ND 0.4 0.4 0.5 0.5 0.5 0.6 0.7 0.7 0.8 6

 7 Current transfer receipts ND 1.1 1.2 1.7 2.2 2.2 2.4 2.5 2.7 2.8 7

 8 Current surplus of government enterprises ND 0.4 0.3 0.3 0.3 0.4 0.4 0.4 0.5 0.6 8

 9 Current expenditures, NIPA basis ND 11.7 14.1 16.3 17.7 19.5 20.2 21.7 23.0 24.7 9

 10 Consumption expenditures ND 9.5 11.3 12.8 14.2 15.4 16.5 17.6 18.8 20.2 10

 11 Govt. social benefit payments to persons ND 1.5 2.0 2.7 2.7 3.2 2.6 2.9 3.0 3.1 11

 12 Other current transfer payments ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Interest payments ND 0.7 0.7 0.8 0.9 1.0 1.1 1.2 1.3 1.4 13

 14 Subsidies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Net saving, NIPA basis ND 0.8 0.1 0.1 0.5 0.3 1.5 1.9 2.3 2.0 15

 16 + Consumption of fixed capital ND 1.6 1.9 2.1 2.2 2.2 2.6 2.8 2.9 3.0 16

 17 - Net capital transfers paid (2) ND -0.2 -0.3 -0.4 -0.5 -0.6 -0.7 -0.7 -0.8 -0.8 17

 18 = Gross saving less net capital transfers paid ND 2.6 2.3 2.6 3.2 3.1 4.8 5.4 6.0 5.8 18

 19 Gross investment ND 1.3 2.5 3.2 4.3 2.2 5.3 1.5 3.5 4.6 19

 20 Fixed investment ND 1.6 2.9 4.1 5.4 5.9 7.0 7.4 8.0 9.3 20

 21 Nonproduced nonfinancial assets ND 0.1 0.1 0.1 0.2 0.3 0.3 0.3 0.3 0.4 21

 22 Net lending (+) or net borrowing (-) ND -0.4 -0.5 -1.0 -1.3 -4.0 -2.0 -6.2 -4.9 -5.1 22

 23 Net acquisition of financial assets ND 0.4 1.8 1.5 0.8 1.8 1.6 2.6 1.6 1.8 23

 24 Checkable deposits and currency ND 0.9 0.7 0.5 0.2 0.5 0.4 0.3 0.4 0.4 24

 25 Time and savings deposits ND 0.2 0.2 0.3 0.2 0.1 0.2 0.1 0.3 0.5 25

 26 Money market fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.2 -0.1 -0.0 27

 28 Debt securities ND -0.8 0.7 0.6 0.4 0.7 0.7 1.4 0.9 0.8 28

 29 Open market paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Treasury securities ND -0.4 0.7 0.4 0.1 0.5 0.5 1.2 0.8 0.4 30

 31 Agency- and GSE-backed securities ND -0.1 0.0 0.2 0.0 -0.1 0.2 0.2 -0.1 0.1 31

 32 Municipal securities ND -0.3 -0.0 0.0 0.3 0.3 0.0 0.1 0.2 0.2 32

 33 Corporate and foreign bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33

 34 Loans (mortgages) ND 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 34

 35 Corporate equities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

 36 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

 37 Trade receivables ND 0.1 0.2 0.1 -0.0 0.5 0.2 0.1 0.0 0.2 37

 38 Taxes receivable ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 0.0 38

 39 Miscellaneous assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.0 -0.1 39

 40 Net increase in liabilities ND 0.8 2.3 2.5 2.1 5.7 3.6 8.8 6.5 6.9 40

 41 Debt securities (municipal securities) ND 0.1 1.6 1.3 1.0 4.5 2.1 6.9 5.4 5.7 41

 42 Short-term (3) ND 0.0 0.2 0.2 0.2 0.4 0.3 0.2 0.2 0.1 42

 43 Long-term ND 0.1 1.4 1.2 0.8 4.1 1.8 6.7 5.2 5.5 43

 44 Loans (U.S. government loans) ND -0.0 0.0 0.1 -0.1 0.1 0.3 0.3 -0.4 -0.3 44

 45 Trade payables ND 0.1 -0.1 0.1 0.2 0.1 0.1 0.5 0.5 0.6 45

 46 Claims of pension fund on sponsor (4) ND 0.6 0.8 0.9 1.0 1.0 1.1 1.1 1.0 1.0 46

 47 Discrepancy ND 1.3 -0.2 -0.6 -1.1 0.9 -0.5 3.9 2.5 1.3 47

(1) Data for state and local government employee retirement funds are shown on table F.120.

(2) Table F.5, line 62.

(3) Debt with original maturity of 13 months or less.

(4) Included in miscellaneous liabilities.
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16 Historical Annuals, 1945-1954, March 10, 2016

F.108 Domestic Financial Sectors (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Gross saving less net capital transfers paid ND 1.6 1.4 2.0 2.3 2.0 2.3 2.7 2.9 3.0 1

 2 Gross investment ND 1.5 1.8 2.2 2.3 3.3 2.0 2.4 2.8 4.4 2

 3 Capital expenditures ND 0.6 0.6 0.7 0.8 0.9 1.0 0.9 1.2 1.2 3

 4 Fixed residential investment ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Fixed nonresidential investment ND 0.6 0.6 0.7 0.8 0.9 1.0 0.9 1.2 1.2 5

 6 Net lending (+) or net borrowing (-) ND 0.9 1.2 1.5 1.5 2.4 1.0 1.4 1.6 3.1 6

 7 Net acqisition of financial assets ND 2.7 19.4 19.0 14.9 28.8 34.7 40.0 35.3 38.7 7

 8 U.S. official reserve assets ND 0.5 1.9 1.5 0.2 -1.5 -0.0 0.5 -1.2 -0.3 8

 9 SDR certificates ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Treasury currency ND 0.2 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 10

 11 Foreign deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Net interbank assets ND 0.2 1.9 2.3 -3.9 2.2 2.7 -0.2 -0.2 -1.5 12

 13 Checkable deposits and currency ND 0.4 0.3 0.0 0.1 0.5 0.3 0.1 0.2 0.0 13

 14 Time and savings deposits ND -0.0 -0.0 0.0 0.0 0.0 0.0 0.4 0.1 0.1 14

 15 Money market fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Federal funds and security repos ND 0.0 0.1 0.0 -0.0 0.0 0.1 0.6 -0.1 -0.5 16

 17 Debt securities ND -12.1 -2.4 -0.8 5.2 0.5 5.6 10.6 10.7 13.4 17

 18 Open market paper ND 0.1 0.1 -0.1 -0.0 0.1 0.1 0.0 0.0 0.2 18

 19 Treasury securities ND -14.9 -7.1 -7.5 0.1 -4.1 0.2 3.6 2.3 5.5 19

 20 Agency- and GSE-backed securities ND 0.2 0.0 1.0 0.0 -0.2 -0.1 0.4 1.6 -0.1 20

 21 Municipal securities ND 0.4 1.0 1.0 1.5 2.3 1.6 1.7 2.1 3.4 21

 22 Corporate and foreign bonds ND 2.1 3.7 4.8 3.5 2.4 3.7 5.0 4.8 4.3 22

 23 Loans ND 10.3 12.1 10.6 6.5 19.7 14.4 14.9 11.8 13.9 23

 24 Depository institution loans n.e.c. ND 3.5 3.4 2.0 -1.3 5.7 5.1 2.8 -0.9 0.8 24

 25 Other loans and advances ND -0.6 0.2 0.4 0.3 1.5 0.7 0.6 0.6 1.3 25

 26 Mortgages ND 5.0 5.9 6.1 5.2 9.1 7.8 7.6 8.4 10.8 26

 27 Consumer credit ND 2.4 2.6 2.1 2.4 3.3 0.7 3.9 3.7 1.0 27

 28 Corporate equities ND 0.3 0.6 0.3 1.0 0.7 0.6 1.6 1.9 1.2 28

 29 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Trade receivables ND 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.1 30

 31 Life insurance reserves ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 U.S. direct investment abroad ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 32

 33 Miscellaneous assets ND 2.7 4.8 4.8 5.7 6.5 10.9 11.1 11.7 12.2 33

 34 Net increase in liabilities ND 1.8 18.2 17.5 13.4 26.4 33.7 38.6 33.7 35.6 34

 35 Net interbank liabilities ND -0.5 2.1 2.4 -3.5 2.5 2.5 -0.2 -0.4 -1.9 35

 36 Checkable deposits and currency ND -14.6 1.1 -0.6 -0.0 5.3 7.2 6.5 0.0 4.6 36

 37 Time and savings deposits ND 6.5 3.6 2.5 3.0 2.7 5.0 8.2 9.2 10.5 37

 38 Money market fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 38

 39 Federal funds and security repos ND 0.0 0.0 -0.0 -0.0 0.0 -0.0 0.0 -0.0 -0.0 39

 40 Debt securities ND 0.6 0.4 0.9 0.4 0.8 1.1 0.4 1.7 -0.2 40

 41 Open market paper ND 0.2 0.2 0.2 0.2 0.2 0.4 0.4 0.3 0.2 41

 42 Agency- and GSE-backed securities ND 0.3 0.1 0.3 -0.1 0.4 0.2 0.1 0.0 -0.0 42

 43 Corporate and foreign bonds ND 0.1 0.1 0.4 0.3 0.2 0.4 0.0 1.4 -0.3 43

 44 Loans ND -1.0 -0.4 1.1 0.9 1.9 -0.3 1.4 0.3 0.8 44

 45 Depository institution loans n.e.c. ND -1.2 -0.4 1.1 1.0 1.3 -0.3 1.7 0.2 0.6 45

 46 Other loans and advances ND 0.1 0.1 0.1 -0.0 0.7 0.0 -0.2 0.1 0.2 46

 47 Mortgages ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47

 48 Corporate equities ND 0.1 0.4 0.2 0.3 0.4 0.4 0.3 0.6 -0.3 48

 49 Mutual fund shares ND 0.2 0.2 0.1 0.3 0.2 0.3 0.5 0.4 0.4 49

 50 Trade payables ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 50

 51 Life insurance reserves ND 2.6 2.5 2.6 2.7 2.6 2.6 2.8 2.9 3.0 51

 52 Pension entitlements ND 6.6 6.6 6.9 7.4 7.8 13.7 15.4 16.4 15.9 52

 53 Taxes payable ND 0.0 -0.1 0.1 0.2 0.2 0.2 0.3 0.5 -0.3 53

 54 Equity in noncorporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54

 55 Foreign direct investment in U.S. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 55

 56 Miscellaneous liabilities ND 1.2 1.8 1.1 1.7 1.9 1.1 2.6 2.0 2.9 56

 57 Discrepancy ND 0.1 -0.4 -0.3 0.0 -1.3 0.3 0.4 0.1 -1.3 57

(1) Sum of financial sectors shown on tables F.109 through F.131.
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Historical Annuals, 1945-1954, March 10, 2016 17

F.109 Monetary Authority (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Gross saving ND 0.1 0.0 0.1 0.0 -0.0 0.0 0.1 0.0 0.0 1

 2 Fixed nonresidential investment ND 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 ND -0.3 1.1 2.5 -4.5 1.3 2.9 1.4 -0.0 -1.2 3

 4 U.S. official reserve assets ND 0.5 1.9 1.5 0.2 -1.5 -0.0 0.5 -1.2 -0.3 4

 5 SDR certificates ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Treasury currency ND 0.2 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 6

 7 Federal Reserve float (2) ND 0.0 -0.0 0.0 -0.0 0.8 -0.2 -0.2 -0.0 -0.1 7

 8 Interbank loans (2) ND -0.2 0.0 -0.0 -0.0 0.1 -0.0 0.1 -0.1 -0.0 8

 9 Discount window (3) ND -0.2 0.0 -0.0 -0.0 0.1 -0.0 0.1 -0.1 -0.0 9

 10 AMLF (4) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.1 0.1 0.5 -0.1 -0.6 11

 12 Debt securities ND -0.9 -0.8 0.8 -4.4 1.8 2.9 0.4 1.3 -0.4 12

 13 Open market paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Treasury securities ND -0.9 -0.8 0.8 -4.4 1.8 2.9 0.4 1.3 -0.4 14

 15 Treasury bills ND 1.0 -4.0 -6.7 -0.5 -7.5 9.6 -7.5 2.7 7.6 15

 16 Other Treasury securities ND -2.0 3.2 7.4 -4.0 9.4 -6.7 7.9 -1.4 -8.1 16

 17 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Mortgage-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Other agency- and GSE-baked securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Loans (depository institution loans n.e.c.) ND 0.1 -0.1 0.1 -0.1 -0.1 0.0 0.0 -0.0 0.1 20

 21 Households (TALF) (5) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Brokers and dealers (6) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Funding corporations (7) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Rest of the world ND 0.1 -0.1 0.1 -0.1 -0.1 0.0 0.0 -0.0 0.1 24

 25 Corporate equities (8) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Miscellaneous assets ND -0.0 0.1 0.0 -0.0 0.0 0.0 0.0 -0.0 -0.0 26

 27 Nonofficial foreign currencies (9) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 Other ND -0.0 0.1 0.0 -0.0 0.0 0.0 0.0 -0.0 -0.0 28

 29 Net increase in liabilities ND -0.4 1.1 2.4 -4.5 1.3 2.9 1.4 -0.1 -1.3 29

 30 Depository institution reserves ND 0.2 1.8 2.6 -3.9 1.1 2.4 -0.1 0.2 -1.3 30

 31 Vault cash of depository institutions ND 0.2 0.2 -0.2 0.0 0.2 0.5 0.1 -0.2 -0.0 31

 32 Checkable deposits and currency ND -0.7 -1.1 0.1 -0.8 -0.4 0.4 1.3 -0.1 0.1 32

 33 Due to federal government ND -0.6 -0.5 0.2 -0.3 -0.2 -0.4 0.1 -0.6 0.3 33

 34 Treasury cash holdings ND -0.0 -0.9 -0.0 -0.0 -0.0 -0.0 0.0 -0.5 0.0 34

 35 Treasury general deposit account ND -0.6 0.5 0.3 -0.3 -0.2 -0.4 0.1 -0.0 0.2 35

 36 Treasury temporary supplementary financing account ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

 37 Due to government-sponsored enterprises ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 37

 38 Due to rest of the world ND -0.4 -0.4 0.2 0.1 -0.2 -0.1 0.0 -0.1 0.1 38

 39 Currency outside banks ND 0.3 -0.3 -0.4 -0.7 -0.0 0.9 1.2 0.6 -0.2 39

 40 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

 41 Reverse repurchase agreement operations (10) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 41

 42 Other ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42

 43 Miscellaneous liabilities ND -0.1 0.2 -0.0 0.2 0.4 -0.4 0.1 0.0 -0.0 43

 44 Federal Reserve Bank stock ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44

 45 Other ND -0.1 0.2 -0.0 0.2 0.3 -0.4 0.1 0.0 -0.0 45

 46 Discrepancy ND 0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 46

(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.

(2) Shown on table F.203.

(3) Federal Reserve loans extended to U.S.-chartered depository institutions through term auction credit, primary credit, secondary credit, and seasonal credit.

(4) Federal Reserve loans extended to U.S.-chartered depository institutions through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF).

(5) Loans extended to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF).

(6) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and AMLF.

(7) Includes loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, AIG, Maiden Lane III LLC, and the Commercial Paper Funding Facility LLC.

(8) Preferred interests in AIA Aurora LLC and ALICO Holdings LLC, two limited liability companies created to hold all the outstanding common stock of American International Assurance

 Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG.

(9) Reciprocal currency arrangements (swap lines) with foreign central banks.

(10) Reverse repurchase agreements (RRPs) conducted as part of the Federal Reserve’s Overnight RRP Operational Exercise (beginning 2013:Q3) and term RRP operations (beginning 2014:Q4).
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18 Historical Annuals, 1945-1954, March 10, 2016

F.110 Private Depository Institutions (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Gross saving less net capital transfers paid (2) ND 0.9 1.0 1.0 1.1 1.1 1.3 1.4 1.4 1.5 1

 2 Fixed nonresidential investment ND 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.4 0.4 2

 3 Net lending (+) or net borrowing (-) ND 1.0 0.7 0.6 0.7 0.9 0.6 0.6 0.7 1.2 3

 4 Net acquisition of financial assets ND -6.5 6.8 2.7 5.0 11.7 12.7 14.6 10.3 16.7 4

 5 Vault cash ND 0.2 0.2 -0.2 0.0 0.2 0.5 0.1 -0.2 -0.0 5

 6 Reserves at Federal Reserve ND 0.2 1.8 2.6 -3.9 1.1 2.4 -0.1 0.2 -1.3 6

 7 Federal funds and security repos ND 0.0 0.1 0.0 -0.0 -0.0 -0.1 0.0 -0.0 0.0 7

 8 Debt securities ND -14.4 -4.4 -6.0 5.7 -3.8 -0.2 3.4 2.6 7.4 8

 9 Open market paper ND 0.1 0.1 -0.1 -0.0 0.1 0.1 0.1 -0.0 0.2 9

 10 Treasury securities ND -15.3 -5.7 -7.4 4.4 -5.5 -1.4 1.7 -0.0 5.3 10

 11 Agency- and GSE-backed securities ND 0.2 0.0 1.0 0.0 -0.2 -0.1 0.3 1.5 -0.1 11

 12 Municipal securities ND 0.4 0.9 0.4 0.9 1.6 1.1 1.2 0.8 1.9 12

 13 Corporate and foreign bonds ND 0.2 0.3 0.1 0.4 0.1 -0.0 0.2 0.3 0.0 13

 14 Loans ND 9.7 9.6 7.0 3.1 13.8 10.2 10.5 7.4 9.3 14

 15 Depository institution loans n.e.c. ND 3.4 3.5 1.9 -1.2 5.8 5.1 2.7 -0.9 0.7 15

 16 Other loans and advances ND 0.1 0.0 -0.0 0.0 0.1 0.1 0.0 0.1 0.3 16

 17 Mortgages ND 4.4 4.3 3.9 3.0 5.6 4.6 5.3 6.1 7.7 17

 18 Consumer credit ND 1.8 1.7 1.3 1.3 2.3 0.4 2.5 2.1 0.6 18

 19 Corporate equities ND 0.0 -0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 19

 20 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Life insurance reserves ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 U.S. direct investment abroad ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Miscellaneous assets ND -2.2 -0.3 -0.7 0.2 0.3 -0.2 0.6 0.3 1.1 23

 24 Net increase in liabilities ND -7.6 6.2 2.2 4.4 10.8 12.0 14.0 9.6 15.5 24

 25 Net interbank liabilities ND -0.9 0.2 0.0 0.4 1.2 -0.4 -0.1 -0.4 -0.6 25

 26 Checkable deposits ND -13.8 2.2 -0.6 0.8 5.6 6.8 5.2 0.1 4.6 26

 27 Small time and savings deposits ND 6.3 3.4 2.2 2.6 2.5 5.0 7.9 8.3 9.4 27

 28 Large time deposits ND 0.2 0.2 0.3 0.4 0.3 -0.0 0.3 0.9 1.2 28

 29 Federal funds and security repos ND 0.0 0.0 -0.0 -0.0 0.0 -0.0 0.0 -0.0 -0.0 29

 30 Debt securities ND 0.1 0.0 -0.0 0.0 0.1 0.1 0.0 0.1 0.3 30

 31 Open market paper ND 0.1 0.0 -0.0 0.0 0.1 0.1 0.0 0.1 0.3 31

 32 Corporate bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

 33 Loans (other loans and advances) ND 0.1 0.1 0.1 -0.1 0.4 0.1 -0.0 0.1 -0.1 33

 34 Corporate equity issues ND 0.1 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.2 34

 35 Taxes payable (net) ND 0.0 -0.1 0.0 0.0 0.1 0.2 0.2 0.2 -0.0 35

 36 Foreign direct investment in U.S. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

 37 Miscellaneous liabilities ND 0.4 0.1 0.1 0.2 0.5 0.2 0.4 0.2 0.6 37

 38 Investment by holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 38

 39 Investment by funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

 40 Other ND 0.4 0.1 0.1 0.2 0.5 0.2 0.4 0.2 0.6 40

 41 Discrepancy ND -0.2 0.1 0.2 0.2 -0.1 0.4 0.5 0.2 -0.0 41

 Memo:

 42 Consumer leases not included above (3) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42

(1) U.S.-chartered depository institutions (F.111), foreign banking offices (F.112), banks in U.S.-affiliated areas (F.113), and credit unions (F.114).

(2) Net capital transfers paid from table F.5, line 54.

(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 nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.
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Historical Annuals, 1945-1954, March 10, 2016 19

F.111 U.S.-Chartered Depository Institutions

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Gross saving less net capital transfers paid (1) ND 0.9 1.0 0.9 1.1 1.0 1.3 1.3 1.3 1.4 1

 2 Fixed nonresidential investment ND 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.4 0.4 2

 3 Net acquisition of financial assets ND -6.7 6.7 2.6 4.7 11.2 12.3 14.1 10.0 16.1 3

 4 Vault cash ND 0.2 0.2 -0.2 0.0 0.2 0.5 0.1 -0.2 -0.0 4

 5 Reserves at Federal Reserve ND 0.2 1.8 2.6 -3.9 1.1 2.4 -0.1 0.2 -1.3 5

 6 Federal funds and security repos ND 0.0 0.1 0.0 -0.0 -0.0 -0.1 0.0 -0.0 0.0 6

 7 Debt securities ND -14.4 -4.3 -6.0 5.6 -3.9 -0.3 3.3 2.5 7.4 7

 8 Open market paper ND 0.1 0.1 -0.1 -0.0 0.1 0.1 0.0 0.0 0.2 8

 9 Treasury securities ND -15.2 -5.6 -7.4 4.3 -5.5 -1.4 1.6 -0.0 5.2 9

 10 Agency- and GSE-backed securities ND 0.2 0.0 1.0 0.0 -0.2 -0.1 0.3 1.5 -0.1 10

 11 Residential mortgage pass-through securities ND 0.0 0.0 0.1 -0.0 -0.0 0.0 0.0 0.0 -0.0 11

 12 Commercial mortgage pass-through securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Residential CMOs and other structured MBS ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Commercial CMOs and other structured MBS ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Other ND 0.2 0.0 0.9 0.1 -0.2 -0.1 0.3 1.5 -0.0 15

 16 Municipal securities ND 0.4 0.9 0.4 0.9 1.6 1.1 1.2 0.7 1.9 16

 17 Corporate and foreign bonds ND 0.2 0.3 0.1 0.4 0.1 -0.0 0.2 0.3 0.1 17

 18 Private residential mortgage pass-through securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Private commercial mortgage pass-through securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Private residential CMOs and other structured MBS ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Private commercial CMOs and other structured MBS ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Other ND 0.2 0.3 0.1 0.4 0.1 -0.0 0.2 0.3 0.1 22

 23 Loans ND 9.5 9.5 6.8 2.8 13.5 9.9 10.1 7.0 8.8 23

 24 Depository institution loans n.e.c. ND 3.4 3.5 1.8 -1.3 5.7 5.0 2.6 -1.0 0.5 24

 25 Other loans and advances ND 0.1 0.0 -0.0 0.0 0.1 0.1 0.0 0.1 0.2 25

 26 Mortgages ND 4.3 4.2 3.8 2.9 5.5 4.6 5.3 6.1 7.7 26

 27 Consumer credit ND 1.8 1.7 1.3 1.2 2.2 0.3 2.2 1.8 0.4 27

 28 Corporate equities ND 0.0 -0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 28

 29 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Life insurance reserves ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

 31 U.S. direct investment abroad ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 Miscellaneous assets ND -2.3 -0.4 -0.7 0.2 0.3 -0.2 0.6 0.4 1.1 32

 33 Net increase in liabilities ND -7.6 6.0 2.0 4.0 10.3 11.6 13.5 9.3 15.0 33

 34 Net interbank liabilities ND -0.9 0.1 -0.1 0.2 1.1 -0.4 -0.2 -0.3 -0.6 34

 35 Federal Reserve float ND 0.0 -0.0 0.0 -0.0 0.8 -0.2 -0.2 -0.0 -0.1 35

 36 Borrowing from Federal Reserve banks ND -0.2 0.0 -0.0 -0.0 0.1 -0.0 0.1 -0.1 -0.0 36

 37 To domestic banking ND -0.5 0.1 -0.1 0.1 0.1 -0.5 -0.0 -0.0 -0.3 37

 38 To foreign banks ND -0.2 -0.0 0.0 0.1 0.1 0.3 -0.1 -0.1 -0.1 38

 39 Checkable deposits ND -13.8 2.2 -0.5 0.8 5.5 6.7 5.1 0.1 4.4 39

 40 Federal government ND -21.5 -1.6 1.0 0.7 -0.3 0.6 1.6 -0.8 0.0 40

 41 Private domestic ND 7.7 4.1 -1.8 0.4 5.6 6.4 3.3 1.2 4.3 41

 42 Rest of the world ND 0.0 -0.2 0.3 -0.4 0.2 -0.2 0.2 -0.3 0.1 42

 43 Small time and savings deposits ND 6.3 3.3 2.1 2.5 2.3 4.8 7.6 7.9 9.0 43

 44 Large time deposits ND 0.2 0.2 0.3 0.3 0.3 -0.0 0.3 0.9 1.1 44

 45 Federal funds and security repos ND 0.0 0.0 -0.0 -0.0 0.0 -0.0 0.0 -0.0 -0.0 45

 46 Debt securities ND 0.1 0.0 -0.0 0.0 0.1 0.1 0.0 0.1 0.2 46

 47 Open market paper ND 0.1 0.0 -0.0 0.0 0.1 0.1 0.0 0.1 0.2 47

 48 Corporate bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 48

 49 Loans (other loans and advances) ND 0.1 0.1 0.1 -0.1 0.4 0.1 -0.0 0.1 -0.1 49

 50 Corporate equity issues ND 0.1 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.2 50

 51 Taxes payable (net) ND 0.0 -0.1 0.0 0.0 0.1 0.2 0.2 0.2 -0.0 51

 52 Miscellaneous liabilities ND 0.4 0.1 0.1 0.2 0.5 0.1 0.4 0.1 0.6 52

 53 Investment by holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 53

 54 Other ND 0.4 0.1 0.1 0.2 0.5 0.1 0.4 0.1 0.6 54

 55 Discrepancy ND -0.2 0.1 0.2 0.2 -0.1 0.3 0.4 0.1 -0.1 55

 Memo:

 56 Consumer leases not included above (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 56

(1) Net capital transfers paid from table F.5, line 54.

(2) 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 nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.
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20 Historical Annuals, 1945-1954, March 10, 2016

F.112 Foreign Banking Offices in U.S. (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Gross saving ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Fixed nonresidential investment ND 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 ND 0.1 0.1 0.1 0.3 0.2 0.3 0.3 0.0 0.3 3

 4 Vault cash ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Reserves at Federal Reserve ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Federal funds and security repos ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Debt securities ND -0.0 -0.0 0.0 0.1 0.1 0.1 0.1 0.0 0.0 7

 8 Open market paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 8

 9 Treasury securities ND -0.0 -0.0 0.0 0.1 0.1 0.1 0.0 -0.0 0.1 9

 10 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Municipal securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 11

 12 Corporate and foreign bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 12

 13 Loans ND 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.2 13

 14 Depository institution loans n.e.c. ND 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.1 14

 15 Other loans and advances ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 15

 16 Mortgages ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Corporate equities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Miscellaneous assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 0.0 18

 19 Net increase in liabilities ND 0.0 0.1 0.1 0.3 0.3 0.4 0.3 0.1 0.3 19

 20 Net interbank liabilities ND 0.0 0.1 0.1 0.2 0.1 0.2 0.1 -0.0 0.2 20

 21 To foreign banks ND 0.1 0.1 0.2 0.2 0.1 0.3 0.2 0.0 0.2 21

 22 To domestic banks ND -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 22

 23 Checkable deposits ND -0.1 -0.0 -0.0 0.1 0.1 0.1 0.1 0.0 0.1 23

 24 Small time and savings deposits ND 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Large time deposits ND 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Federal funds and security repos ND -0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 26

 27 Debt securities (open market paper) (2) ND 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.1 27

 28 Foreign direct investment in U.S. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 Miscellaneous liabilities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 -0.1 29

 30 Investment by funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

 31 Other ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 -0.1 31

 32 Discrepancy ND -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 32

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank (through 2008:Q4).

(2) Bankers’ acceptances.
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Historical Annuals, 1945-1954, March 10, 2016 21

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

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Gross saving ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Fixed nonresidential investment ND 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 ND 0.0 -0.0 -0.1 -0.0 0.1 -0.0 0.0 -0.0 0.0 3

 4 Debt securities ND -0.1 -0.1 -0.1 -0.0 -0.0 -0.0 0.0 0.0 0.0 4

 5 Treasury securities ND -0.1 -0.1 -0.1 -0.0 -0.0 -0.0 0.0 -0.0 0.0 5

 6 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Municipal securities ND -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Corporate and foreign bonds ND 0.0 -0.0 0.0 0.0 -0.0 -0.0 0.0 0.0 -0.0 8

 9 Loans ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Depository institution loans n.e.c. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Home mortgages ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Commercial mortgages ND 0.0 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 12

 13 Miscellaneous assets ND 0.0 0.1 -0.0 0.0 0.0 0.0 0.0 -0.0 0.0 13

 14 Net increase in liabilities ND -0.0 -0.0 -0.1 -0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Net interbank liabilities ND 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 -0.0 0.0 15

 16 Checkable deposits ND -0.0 -0.0 -0.1 -0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Small time and savings deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Large time deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Miscellaneous liabilities ND -0.0 -0.0 -0.0 -0.0 -0.0 0.0 -0.0 0.0 -0.0 19

 20 Discrepancy ND -0.0 -0.0 -0.0 -0.0 -0.0 0.0 -0.0 0.0 -0.0 20

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

F.114 Credit Unions

Billions of dollars

 1 Gross saving ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 1

 2 Fixed nonresidential investment ND 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 ND 0.1 0.1 0.1 0.1 0.2 0.1 0.2 0.3 0.2 3

 4 Reserves at Federal Reserve ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Federal funds and security repos ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Debt securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Open market paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Treasury securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Municipal securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Corporate and foreign bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Loans ND 0.1 0.1 0.1 0.1 0.2 0.1 0.2 0.3 0.2 12

 13 Depository institution loans n.e.c. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Home mortgages ND 0.0 0.1 0.1 0.0 0.1 0.0 -0.0 -0.0 0.0 14

 15 Consumer credit ND 0.0 0.0 0.0 0.1 0.1 0.1 0.3 0.3 0.2 15

 16 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Miscellaneous assets ND -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 17

 18 Net increase in liabilities ND 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.3 0.2 18

 19 Net interbank liabilities ND -0.0 0.0 0.0 0.0 -0.0 -0.2 -0.1 -0.1 -0.2 19

 20 Shares/deposits ND 0.1 0.1 0.1 0.1 0.1 0.2 0.3 0.3 0.3 20

 21 Checkable ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Small time and savings ND 0.1 0.1 0.1 0.1 0.1 0.2 0.3 0.3 0.3 22

 23 Large time ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Federal funds and security repos ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Loans (other loans and advances) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Miscellaneous liabilities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 26

 27 Discrepancy ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 27
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22 Historical Annuals, 1945-1954, March 10, 2016

F.115 Property-Casualty Insurance Companies

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Gross saving less net capital transfers paid (1) ND 0.1 0.0 0.2 0.5 0.2 0.1 0.3 0.4 0.4 1

 2 Fixed nonresidential investment ND 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 2

 3 Net acquisition of financial assets ND 0.9 1.1 1.1 0.9 1.0 0.9 1.3 1.4 1.1 3

 4 Checkable deposits and currency ND 0.2 0.2 0.0 0.1 0.1 0.0 0.1 0.1 -0.1 4

 5 Money market fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Debt securities ND 0.6 0.7 0.9 0.7 0.8 0.6 0.9 1.1 1.0 7

 8 Open market paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Treasury securities ND 0.6 0.6 0.5 0.4 0.4 0.2 0.4 0.3 0.1 9

 10 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Municipal securities ND -0.0 0.1 0.2 0.3 0.3 0.3 0.4 0.7 0.8 11

 12 Corporate and foreign bonds ND 0.0 0.1 0.1 -0.0 0.0 0.1 0.1 0.1 0.1 12

 13 Loans (commercial mortgages) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Corporate equities ND -0.0 0.0 0.1 0.1 0.1 0.1 0.2 0.2 0.2 14

 15 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Trade receivables ND 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.1 16

 17 U.S. direct investment abroad ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Miscellaneous assets (equity in FHLB) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Net increase in liabilities ND 0.8 0.9 0.9 0.8 0.5 0.9 1.1 1.1 0.6 19

 20 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Corporate equity issues ND 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.1 0.1 21

 22 Loans (other loans and advances) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Taxes payable (net) ND -0.0 0.0 0.1 0.1 -0.1 -0.0 0.1 0.1 -0.1 23

 24 Foreign direct investment in U.S. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Miscellaneous liabilities ND 0.7 0.8 0.7 0.7 0.5 0.9 1.0 0.8 0.6 25

 26 Investment by parent companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Policy payables ND 0.7 0.8 0.7 0.7 0.5 0.9 1.0 0.8 0.6 27

 28 Discrepancy ND -0.0 -0.1 -0.1 0.2 -0.4 0.1 0.0 -0.1 -0.3 28

(1) Net capital transfers paid from table F.5, line 51.
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Historical Annuals, 1945-1954, March 10, 2016 23

F.116 Life Insurance Companies (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Gross saving ND 0.4 0.2 0.4 0.4 0.4 0.4 0.6 0.6 0.7 1

 2 Fixed nonresidential investment ND 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.1 2

 3 Net acquisition of financial assets ND 3.2 3.8 4.2 4.4 4.7 4.5 4.8 5.0 5.3 3

 4 Checkable deposits and currency ND -0.0 0.2 -0.1 -0.0 0.1 0.1 0.1 0.1 0.0 4

 5 Money market fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Debt securities ND 2.7 1.4 1.3 1.2 0.1 0.3 2.3 2.4 1.9 7

 8 Open market paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Treasury securities ND 1.0 -1.6 -3.2 -1.5 -1.8 -2.5 -0.8 -0.4 -0.8 9

 10 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Municipal securities ND -0.1 -0.0 0.3 0.2 0.1 -0.0 0.0 0.1 0.5 11

 12 Corporate and foreign bonds ND 1.8 3.0 4.2 2.6 1.8 2.7 3.1 2.7 2.1 12

 13 Loans ND 0.5 1.6 2.3 2.3 3.4 3.4 2.1 2.3 2.9 13

 14 Other loans and advances ND -0.1 0.0 0.1 0.2 0.2 0.2 0.1 0.2 0.2 14

 15 Mortgages ND 0.5 1.5 2.2 2.1 3.2 3.2 1.9 2.1 2.7 15

 16 Corporate equities ND 0.3 0.2 0.0 0.2 0.3 0.1 0.2 0.1 0.3 16

 17 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 U.S. direct investment abroad ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Miscellaneous assets ND -0.3 0.4 0.7 0.7 0.8 0.7 0.2 0.1 0.2 19

 20 Equity in FHLB ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Deferred and unpaid life ins. premiums ND 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 21

 22 Other ND -0.4 0.4 0.7 0.6 0.7 0.7 0.1 0.0 0.1 22

 23 Net increase in liabilities ND 3.3 3.4 3.5 3.7 3.7 4.0 4.6 4.6 4.8 23

 24 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Corporate equity issues ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Loans (other loans and advances) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Life insurance reserves ND 2.6 2.5 2.6 2.7 2.6 2.6 2.8 2.9 3.0 27

 28 Pension entitlements (2) ND 0.4 0.5 0.6 0.6 0.8 1.0 1.1 1.1 1.2 28

 29 Taxes payable (net) ND -0.0 -0.0 0.0 0.0 0.0 0.1 0.0 0.1 -0.0 29

 30 Foreign direct investment in U.S. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

 31 Miscellaneous liabilities ND 0.3 0.4 0.3 0.4 0.3 0.4 0.6 0.5 0.7 31

 32 Investment by parent companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

 33 Funding agreements backing securities (3) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33

 34 Other reserves (4) ND 0.2 0.1 0.2 0.2 0.2 0.3 0.3 0.4 0.4 34

 35 Unallocated insurance contracts ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

 36 Other ND 0.1 0.3 0.1 0.2 0.0 0.1 0.3 0.1 0.3 36

 37 Discrepancy ND 0.5 -0.2 -0.4 -0.3 -0.7 -0.2 0.4 0.2 0.2 37

(1) Additional detail on the financial assets and liabilities held in life insurer’s general and separate accounts is available on tables F.116.g and F.116.s.

(2) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are shown on line 35.

(3) Equal to funding agreement-backed securities (FABS) issued by domestic issuers of asset-backed securities.

(4) Includes reserves for accident and health policies, policy dividend accumulation, and contract claims.
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24 Historical Annuals, 1945-1954, March 10, 2016

F.116.g Life Insurance Companies: General Accounts

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Net acquisition of financial assets ND 3.2 3.8 4.2 4.4 4.7 4.5 4.8 5.0 5.3 1

 2 Checkable deposits and currency ND -0.0 0.2 -0.1 -0.0 0.1 0.1 0.1 0.1 0.0 2

 3 Money market fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Debt securities ND 2.7 1.4 1.3 1.2 0.1 0.3 2.3 2.4 1.9 5

 6 Open market paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Treasury securities ND 1.0 -1.6 -3.2 -1.5 -1.8 -2.5 -0.8 -0.4 -0.8 7

 8 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Municipal securities ND -0.1 -0.0 0.3 0.2 0.1 -0.0 0.0 0.1 0.5 9

 10 Corporate and foreign bonds ND 1.8 3.0 4.2 2.6 1.8 2.7 3.1 2.7 2.1 10

 11 Loans ND 0.5 1.6 2.3 2.3 3.4 3.4 2.1 2.3 2.9 11

 12 Other loans and advances ND -0.1 0.0 0.1 0.2 0.2 0.2 0.1 0.2 0.2 12

 13 Mortgages ND 0.5 1.5 2.2 2.1 3.2 3.2 1.9 2.1 2.7 13

 14 Corporate equities ND 0.3 0.2 0.0 0.2 0.3 0.1 0.2 0.1 0.3 14

 15 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 U.S. direct investment abroad ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Miscellaneous assets ND -0.3 0.4 0.7 0.7 0.8 0.7 0.2 0.1 0.2 17

 18 Net increase in liabilities ND 3.3 3.4 3.5 3.7 3.7 4.0 4.6 4.6 4.8 18

 19 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Corporate equity issues ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Loans (other loans and advances) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Life insurance reserves ND 2.6 2.5 2.6 2.7 2.6 2.6 2.8 2.9 3.0 22

 23 Pension entitlements (1) ND 0.4 0.5 0.6 0.6 0.8 1.0 1.1 1.1 1.2 23

 24 Taxes payable (net) ND -0.0 -0.0 0.0 0.0 0.0 0.1 0.0 0.1 -0.0 24

 25 Foreign direct investment in U.S. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Miscellaneous liabilities ND 0.3 0.4 0.3 0.4 0.3 0.4 0.6 0.5 0.7 26

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are included in miscellaneous liabilities (line 26).

F.116.s Life Insurance Companies: Separate Accounts

Billions of dollars

 1 Net acquisition of financial assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Checkable deposits and currency ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Debt securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Open market paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Treasury securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Municipal securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Corporate and foreign bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Loans ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Other loans and advances ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Mortgages ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Corporate equities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Miscellaneous assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Net increase in liabilities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Life insurance reserves ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Pension entitlements (1) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Miscellaneous liabilities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are included in miscellaneous liabilities (line 18).
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Historical Annuals, 1945-1954, March 10, 2016 25

F.117 Private and Public Pension Funds (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Gross saving ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Fixed nonresidential investment ND 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 (2) ND 6.2 6.1 6.3 6.8 7.0 12.7 14.3 15.2 14.7 3

 4 Checkable deposits and currency ND 0.0 0.0 0.0 0.1 0.1 0.1 0.0 0.1 -0.0 4

 5 Time and savings deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.1 0.1 5

 6 Money market fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 7

 8 Debt securities ND 0.9 1.4 1.5 1.8 1.7 2.2 3.0 3.0 3.1 8

 9 Open market paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Treasury securities (3) ND 0.6 1.1 1.1 1.3 1.1 1.2 1.4 1.2 1.0 10

 11 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Municipal securities ND 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.3 12

 13 Corporate and foreign bonds ND 0.2 0.2 0.3 0.3 0.4 0.8 1.4 1.6 1.8 13

 14 Loans (mortgages) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 14

 15 Corporate equities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.7 0.8 1.0 15

 16 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Miscellaneous assets ND 5.2 4.6 4.8 4.9 5.2 10.4 10.1 11.2 10.4 17

 18 Unallocated insurance contracts (4) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Contributions receivable ND 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.0 0.0 19

 20 Claims of pension fund on sponsor (5) ND 5.3 4.4 4.6 4.7 5.8 10.4 9.7 11.1 10.3 20

 21 Other ND -0.1 0.2 0.2 0.1 -0.6 0.0 0.2 0.0 0.0 21

 22 Pension entitlements (liabilities) (6) ND 6.2 6.1 6.3 6.8 7.0 12.7 14.3 15.2 14.7 22

 Memo:

 23 Household retirement assets (7) ND ND ND ND ND ND ND ND ND ND 23

 24 Defined benefit plans ND 6.2 5.9 6.2 6.6 7.3 12.6 13.5 14.6 14.0 24

 25 Defined contribution plans ND -0.0 0.2 0.2 0.1 -0.3 0.2 0.8 0.6 0.8 25

 26 Individual retirement plans (IRAs) (8) ND ND ND ND ND ND ND ND ND ND 26

 27 Annuities at life insurance companies (9) ND ND ND ND ND ND ND ND ND ND 27

(1) Private pension funds, state and local government employee retirement funds, and federal government employee retirement funds defined benefit plans and defined contribution plans.

(2) Includes claims on sponsor (i.e., unfunded pension entitlements).

(3) Includes both marketable and nonmarketable government securities.

(4) Assets of pension plans held at life insurance companies; series begins 1985:Q4.

(5) Unfunded defined benefit pension entitlements.

(6) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector.

(7) Households’ retirement assets in tax-deferred accounts, including employer sponsored pension plans, IRAs, Roth IRAs, and annuities.

(8) IRA assets are not included above. See memo item on table F.227 for a sectoral distribution of IRA accounts.

(9) Annuities held in IRAs at life insurance companies are excluded. They are included in line 26.
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26 Historical Annuals, 1945-1954, March 10, 2016

F.118 Private Pension Funds (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Gross saving ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Fixed nonresidential investment ND 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 (2) ND 1.4 1.5 1.4 1.3 0.6 4.6 5.0 5.6 4.7 3

 4 Checkable deposits and currency ND 0.0 0.0 0.0 0.0 0.1 0.1 -0.0 0.1 -0.0 4

 5 Time and savings deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.1 0.1 5

 6 Money market fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 7

 8 Debt securities ND 0.2 0.3 0.2 0.3 0.3 0.8 1.1 1.3 1.3 8

 9 Open market paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Treasury securities ND 0.0 0.1 0.0 0.1 0.0 0.1 0.0 0.2 0.0 10

 11 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 11

 12 Municipal securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Corporate and foreign bonds ND 0.2 0.2 0.2 0.2 0.2 0.7 1.1 1.1 1.3 13

 14 Loans (mortgages) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Corporate equities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.6 0.8 1.0 15

 16 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Miscellaneous assets ND 1.1 1.2 1.1 0.9 0.2 3.7 2.8 3.3 2.3 17

 18 Unallocated insurance contracts (3) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Contributions receivable ND 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.0 0.0 19

 20 Claims of pension fund on sponsor (4) ND 1.2 1.0 0.9 0.8 0.8 3.7 2.4 3.3 2.2 20

 21 Other ND -0.1 0.2 0.2 0.1 -0.6 0.0 0.2 0.0 0.0 21

 22 Pension entitlements (liabilities) (5) ND 1.4 1.5 1.4 1.3 0.6 4.6 5.0 5.6 4.7 22

 Memo:

 Net acquisition of financial assets (6)

 23 Defined benefit plans ND 1.4 1.3 1.2 1.1 0.9 4.4 4.2 4.9 3.9 23

 24 Defined contribution plans ND -0.0 0.2 0.2 0.1 -0.3 0.2 0.8 0.6 0.8 24

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans).

(2) Includes claims on sponsor (i.e., unfunded pension entitlements).

(3) Assets of private pension plans held at life insurance companies; series begins 1985:Q4.

(4) Unfunded defined benefit pension entitlements.

(5) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector.

(6) Additional detail on defined benefit plans and defined contribution plans is available on tables F.118.b and F.118.c.
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Historical Annuals, 1945-1954, March 10, 2016 27

F.118.b Private Pension Funds: Defined Benefit Plans

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Net acquisition of financial assets (1) ND 1.4 1.3 1.2 1.1 0.9 4.4 4.2 4.9 3.9 1

 2 Checkable deposits and currency ND 0.0 0.0 0.0 0.0 0.1 0.1 -0.0 0.1 -0.0 2

 3 Time and savings deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.0 0.0 3

 4 Money market fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 5

 6 Debt securities ND 0.2 0.2 0.2 0.2 0.2 0.6 0.9 1.0 1.0 6

 7 Open market paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Treasury securities ND 0.0 0.0 0.0 0.1 0.0 0.1 0.0 0.1 0.0 8

 9 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 9

 10 Corporate and foreign bonds ND 0.2 0.2 0.2 0.2 0.2 0.5 0.9 0.9 1.0 10

 11 Loans (mortgages) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Corporate equities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.4 0.6 12

 13 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Miscellaneous assets ND 1.1 1.1 0.9 0.8 0.6 3.7 2.6 3.3 2.2 14

 15 Unallocated insurance contracts (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Contributions receivable ND 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.0 0.0 16

 17 Claims of pension fund on sponsor (3) ND 1.2 1.0 0.9 0.8 0.8 3.7 2.4 3.3 2.2 17

 18 Other ND -0.0 0.1 0.1 0.1 -0.3 0.0 0.1 0.0 0.0 18

 19 Net increase in pension entitlements (liabilities) (4) ND 1.4 1.3 1.2 1.1 0.9 4.4 4.2 4.9 3.9 19

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).

(2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4.

(3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.

(4) Actuarial value of accrued defined benefit pension entitlements.

F.118.c Private Pension Funds: Defined Contribution Plans (1)

Billions of dollars

 1 Net acquisition of financial assets ND -0.0 0.2 0.2 0.1 -0.3 0.2 0.8 0.6 0.8 1

 2 Checkable deposits and currency ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Time and savings deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.0 0.0 3

 4 Money market fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Debt securities ND 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.3 0.3 6

 7 Open market paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Treasury securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 9

 10 Municipal securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Corporate and foreign bonds ND 0.0 0.0 0.0 0.0 0.0 0.1 0.2 0.2 0.3 11

 12 Loans (mortgages) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Corporate equities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.3 0.5 13

 14 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Miscellaneous assets ND -0.1 0.1 0.1 0.1 -0.4 0.0 0.1 0.0 0.0 15

 16 Unallocated insurance contracts (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Contributions receivable ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Other ND -0.1 0.1 0.1 0.1 -0.4 0.0 0.1 0.0 0.0 18

 19 Net increase in pension entitlements (liabilities) ND -0.0 0.2 0.2 0.1 -0.3 0.2 0.8 0.6 0.8 19

(1) Includes 401(k) and 403(b) type plans.

(2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4.
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28 Historical Annuals, 1945-1954, March 10, 2016

F.119 Federal Government Employee Retirement Funds

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Net acquisition of financial assets (1) ND 3.9 3.4 3.6 4.0 4.7 6.3 7.2 7.4 7.5 1

 2 Debt securities ND 0.4 0.8 0.8 1.0 0.8 0.7 1.0 0.5 0.4 2

 3 Treasury securities (2) ND 0.4 0.8 0.8 1.0 0.8 0.7 1.0 0.5 0.4 3

 4 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Corporate and foreign bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Corporate equities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Claims of pension fund on sponsor (misc. assets) (3) ND 3.5 2.6 2.8 2.9 3.9 5.6 6.2 6.9 7.1 7

 8 Pension entitlements (liabilities) (4) ND 3.9 3.4 3.6 4.0 4.7 6.3 7.2 7.4 7.5 8

 Memo:

 Net acquisition of financial assets (5)

 9 Defined benefit plans ND 3.9 3.4 3.6 4.0 4.7 6.3 7.2 7.4 7.5 9

 10 Defined contibution plans ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).

(2) Includes marketable and nonmarketable Treasury securities.

(3) Unfunded defined benefit pension entitlements and suspended investments in the Thrift Savings Plan G Fund by the Treasury.

(4) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans, including suspended investments in the Thrift Savings Plan G Fund.

 These liabilities are assets of the household sector.

(5) Additional detail on defined benefit plans and defined contribution plans is available on tables F.119.b and F.119.c.
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Historical Annuals, 1945-1954, March 10, 2016 29

F.119.b Federal Government Employee Retirement Funds: Defined Benefit Plans (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Net acquisition of financial assets (2) ND 3.9 3.4 3.6 4.0 4.7 6.3 7.2 7.4 7.5 1

 2 Debt securities ND 0.4 0.8 0.8 1.0 0.8 0.7 1.0 0.5 0.4 2

 3 Treasury securities (3) ND 0.4 0.8 0.8 1.0 0.8 0.7 1.0 0.5 0.4 3

 4 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Corporate and foreign bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Corporate equities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Claims of pension fund on sponsor (misc. assets) (4) ND 3.5 2.6 2.8 2.9 3.9 5.6 6.2 6.9 7.1 7

 8 Pension entitlements (liabilities) (5) ND 3.9 3.4 3.6 4.0 4.7 6.3 7.2 7.4 7.5 8

(1) Includes Civil Service Retirement and Disability Fund, Railroad Retirement Board, judicial retirement fund, Military Retirement Fund, Foreign Service Retirement and

 Disability Fund, and the National Railroad Investment Trust.

(2) Includes claims on sponsor (i.e., unfunded pension entitlements).

(3) Includes both marketable and nonmarketable government securities.

(4) Unfunded defined benefit pension entitlements.

(5) Actuarial value of accrued pension entitlements in defined benefit plans. These liabilities are assets of the household sector.

F.119.c Federal Government Employee Retirement Funds: Defined Contribution Plans (1)

Billions of dollars

 1 Net acquisition of financial assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Debt securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Treasury securities (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Corporate and foreign bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Corporate equities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Claims of pension fund on sponsor (misc. assets) (3) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Pension entitlements (liabilities) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

(1) Thrift Savings Plan.

(2) Includes nonmarketable and marketable Treasury securities held by the Thrift Savings Plan G and F funds.

(3) Suspended investments in the Thrift Savings Plan G Fund by the Treasury.
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30 Historical Annuals, 1945-1954, March 10, 2016

F.120 State and Local Government Employee Retirement Funds

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Gross saving ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Fixed nonresidential investment ND 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 (1) ND 0.9 1.1 1.4 1.6 1.7 1.9 2.1 2.3 2.5 3

 4 Checkable deposits and currency ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Time and savings deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Money market fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Debt securities ND 0.3 0.3 0.4 0.5 0.6 0.7 1.0 1.2 1.4 8

 9 Open market paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Treasury securities ND 0.2 0.2 0.2 0.2 0.2 0.4 0.5 0.5 0.5 10

 11 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Municipal securities ND 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.3 12

 13 Corporate and foreign bonds ND 0.0 0.0 0.1 0.1 0.2 0.1 0.3 0.5 0.6 13

 14 Loans (mortgages) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 14

 15 Corporate equities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Miscellaneous assets ND 0.6 0.8 0.9 1.0 1.0 1.1 1.1 1.0 1.0 17

 18 Unallocated insurance contracts (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Claims of pension fund on sponsor (3) ND 0.6 0.8 0.9 1.0 1.0 1.1 1.1 1.0 1.0 19

 20 Other ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Pension entitlements (liabilities) (4) ND 0.9 1.1 1.4 1.6 1.7 1.9 2.1 2.3 2.5 21

 Memo:

 Net acquisition of financial assets (5)

 22 Defined benefit plans ND 0.9 1.1 1.4 1.6 1.7 1.9 2.1 2.3 2.5 22

 23 Defined contibution plans ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).

(2) Assets of defined contribution funds held at life insurance companies.

(3) Unfunded defined benefit pension entitlements.

(4) Actuarial value of accrued pension entitlements. These liabilities are assets of the household sector.

(5) Additional detail on defined benefit plans and defined contribution plans is available on tables F.120.b and F.120.c.
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Historical Annuals, 1945-1954, March 10, 2016 31

F.120.b State and Local Government Employee Retirement Funds: Defined Benefit Plans

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Net acquisition of financial assets (1) ND 0.9 1.1 1.4 1.6 1.7 1.9 2.1 2.3 2.5 1

 2 Checkable deposits and currency ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Time and savings deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Money market fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Debt securities ND 0.3 0.3 0.4 0.5 0.6 0.7 1.0 1.2 1.4 6

 7 Open market paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Treasury securities ND 0.2 0.2 0.2 0.2 0.2 0.4 0.5 0.5 0.5 8

 9 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Municipal securities ND 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.3 10

 11 Corporate and foreign bonds ND 0.0 0.0 0.1 0.1 0.2 0.1 0.3 0.5 0.6 11

 12 Loans (mortgages) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 12

 13 Corporate equities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Miscellaneous assets ND 0.6 0.8 0.9 1.0 1.0 1.1 1.1 1.0 1.0 15

 16 Claims of pension fund on sponsor (2) ND 0.6 0.8 0.9 1.0 1.0 1.1 1.1 1.0 1.0 16

 17 Other ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Pension entitlements (liabilities) (3) ND 0.9 1.1 1.4 1.6 1.7 1.9 2.1 2.3 2.5 18

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).

(2) Unfunded defined benefit pension entitlements.

(3) Actuarial value of accrued defined benefit pension entitlements. These liabilities are assets of the household sector.

F.120.c State and Local Government Employee Retirement Funds: Defined Contribution Plans (1)

Billions of dollars

 1 Net acquisition of financial assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Checkable deposits and currency ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Time and savings deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Money market fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Debt securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Open market paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Treasury securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Municipal securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Corporate and foreign bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Corporate equities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Miscellaneous assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Unallocated insurance contracts (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Other ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Pension entitlements (liabilities) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

(1) Includes 403(b) and 457 type plans.

(2) Assets held at life insurance companies.
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32 Historical Annuals, 1945-1954, March 10, 2016

F.121 Money Market Mutual Funds (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Net acquisition of financial assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Foreign deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Checkable deposits and currency ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Time and savings deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Debt securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Open market paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Treasury securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Municipal securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Corporate and foreign bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Miscellaneous assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Net share issues (liabilities) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.116).

F.122 Mutual Funds (1)

Billions of dollars

 1 Gross saving ND -0.1 -0.0 0.1 -0.1 -0.0 -0.0 -0.0 -0.0 -0.1 1

 2 Net acquisition of financial assets ND 0.2 0.2 0.1 0.3 0.2 0.3 0.5 0.4 0.4 2

 3 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 3

 4 Debt securities ND 0.0 0.0 0.0 0.1 0.1 0.1 0.0 0.0 0.1 4

 5 Open market paper ND 0.0 0.0 -0.0 0.0 0.0 0.0 -0.1 0.0 0.0 5

 6 Treasury securities ND -0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 6

 7 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Municipal securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Corporate and foreign bonds ND 0.0 -0.0 0.0 0.0 0.0 0.0 0.1 -0.0 0.1 9

 10 Loans (other loans and advances) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Corporate equities ND 0.1 0.2 0.1 0.2 0.1 0.2 0.4 0.4 0.3 11

 12 Miscellaneous assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Net share issues (liabilities) ND 0.2 0.2 0.1 0.3 0.2 0.3 0.5 0.4 0.4 13

 14 Discrepancy ND -0.1 -0.0 0.1 -0.1 -0.0 -0.0 -0.0 -0.0 -0.1 14

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.116).

F.123 Closed-End and Exchange-Traded Funds

Billions of dollars

 Closed-end funds

 1 Net acquisition of financial assets ND 0.0 0.3 0.1 0.3 0.3 0.2 0.1 0.4 -0.6 1

 2 Debt securities ND 0.0 0.1 0.0 0.1 0.1 0.0 0.1 0.1 0.1 2

 3 Treasury securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Municipal securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Corporate and foreign bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Corporate equities ND 0.0 0.2 0.1 0.2 0.2 0.2 0.0 0.4 -0.6 6

 7 Net share issues (liabilities) ND 0.0 0.3 0.1 0.3 0.3 0.2 0.1 0.4 -0.6 7

 Exchange-traded funds

 8 Net acquisition of financial assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Debt securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Treasury securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Municipal securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Corporate and foreign bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Corporate equities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Net share issues (liabilities) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14
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Historical Annuals, 1945-1954, March 10, 2016 33

F.124 Government-Sponsored Enterprises (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Gross saving ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Fixed nonresidential investment ND 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 ND 0.1 0.2 0.3 -0.0 0.5 0.4 0.1 0.3 0.4 3

 4 Checkable deposits and currency ND 0.0 -0.0 -0.0 -0.0 0.0 -0.0 0.0 0.0 -0.0 4

 5 Time and savings deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Federal funds and security repos ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Debt securities ND 0.0 -0.0 0.1 -0.0 -0.1 0.1 0.1 0.1 0.3 7

 8 Open market paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Treasury securities ND 0.0 -0.0 0.1 -0.0 -0.1 0.1 0.1 0.1 0.3 9

 10 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Municipal securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Corporate and foreign bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Loans ND 0.1 0.2 0.2 -0.0 0.5 0.4 0.1 -0.0 0.1 13

 14 Other loans and advances ND 0.2 0.3 0.2 -0.1 0.5 0.3 -0.0 -0.1 -0.0 14

 15 Sallie Mae ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Farm Credit System ND 0.1 0.2 0.2 0.0 0.1 0.2 0.0 -0.2 0.0 16

 17 FHLB loans ND 0.1 0.1 0.1 -0.1 0.4 0.1 -0.0 0.1 -0.1 17

 18 Mortgages ND -0.1 -0.1 -0.0 0.0 0.0 0.1 0.1 0.1 0.1 18

 19 Home ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Consolidated trusts (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Other ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Multifamily residential ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Consolidated trusts (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Other ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Farm ND -0.1 -0.1 -0.0 0.0 0.0 0.1 0.1 0.1 0.1 25

 26 Consumer credit (3) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Miscellaneous assets ND -0.0 -0.0 -0.0 0.0 0.0 -0.0 -0.0 0.1 0.1 27

 28 Net increase in liabilities ND 0.0 0.1 0.3 -0.0 0.5 0.4 0.1 0.2 0.4 28

 29 Federal funds and security repos ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Debt securities (GSE issues) (4) ND 0.3 0.1 0.3 -0.1 0.4 0.2 0.0 -0.0 -0.0 30

 31 Consolidated trusts (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 Other ND 0.3 0.1 0.3 -0.1 0.4 0.2 0.0 -0.0 -0.0 32

 33 Loans (U.S. government loans) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33

 34 Corporate equities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34

 35 Miscellaneous liabilities ND -0.3 0.0 0.0 0.1 0.1 0.2 0.0 0.2 0.4 35

 36 Discrepancy ND -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 0.0 0.0 36

(1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Farmer Mac, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing

 Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (F.125) are consolidated on

 Fannie Mae’s and Freddie Mac’s balance sheets (F.124).

(2) Consolidated trusts refers to the unpaid balance of securitized mortgages Fannie Mae and Freddie Mac moved on to their balance sheets at the beginning of 2010 in response to new accounting rules.

(3) Sallie Mae student loans.

(4) Such issues are classified as agency- and GSE-backed securities.

F.125 Agency- and GSE-Backed Mortgage Pools (1)

Billions of dollars

 1 Net acquisition of financial assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Home mortgages ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Multifamily residential mortgages ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Commercial mortgages ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Farm mortgages ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Net increase in pool securities (liabilities)(2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

(1) GNMA, Fannie Mae, Freddie Mac, Farmer Mac, and Farmers Home Administration pools. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (F.125) are consolidated on

 Fannie Mae’s and Freddie Mac’s balance sheets (table F.124). 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.
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34 Historical Annuals, 1945-1954, March 10, 2016

F.126 Issuers of Asset-Backed Securities (ABS)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Gross saving ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Fixed nonresidential investment ND 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 ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Debt securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Treasury securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Agency- and GSE-backed securities (1) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Loans ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Other loans and advances ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Mortgages (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Home ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Multifamily residential ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Commercial ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Consumer credit ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Trade credit ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Miscellaneous assets (funding agreements) (3) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Net increase in liabilities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Commercial paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Corporate bonds (net) (4) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Discrepancy ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 Memo:

 Securitized assets not included above

 20 Consumer leases (5) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 REIT assets (6) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

(1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.

(3) Funding agreements with life insurance companies.

(4) Net issuance less net acquisition of corporate bonds held as assets.

(5) 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 nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.

(6) Included in table F.128.
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Historical Annuals, 1945-1954, March 10, 2016 35

F.127 Finance Companies (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Gross saving ND 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.2 0.1 1

 2 Fixed nonresidential investment ND 0.0 0.0 0.0 0.0 0.0 0.1 0.2 0.1 0.1 2

 3 Net acquisition of financial assets ND 0.7 0.7 1.1 1.1 1.7 0.4 2.4 1.8 0.9 3

 4 Checkable deposits and currency ND -0.0 -0.0 0.1 0.1 0.1 0.1 0.0 0.0 -0.0 4

 5 Time and savings deposits ND -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 5

 6 Debt securities (corporate and foreign bonds) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Loans ND 0.6 0.7 0.9 0.9 1.4 0.4 2.1 1.7 0.7 7

 8 Other loans and advances ND -0.1 -0.2 0.1 -0.2 0.2 0.2 0.4 0.1 0.0 8

 9 Mortgages ND 0.1 0.1 -0.0 0.1 0.2 -0.1 0.2 0.0 0.2 9

 10 Consumer credit ND 0.6 0.9 0.8 1.1 1.0 0.3 1.5 1.6 0.4 10

 11 U.S. direct investment abroad ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Miscellaneous assets ND 0.1 0.1 -0.0 0.1 0.1 -0.1 0.2 0.0 0.2 12

 13 Net increase in liabilities ND 0.9 0.8 1.2 1.2 1.8 0.6 2.0 1.7 -0.0 13

 14 Debt securities ND 0.2 0.3 0.6 0.5 0.3 0.7 0.4 1.6 -0.5 14

 15 Open market paper ND 0.1 0.1 0.2 0.2 0.0 0.4 0.4 0.2 -0.2 15

 16 Corporate bonds ND 0.1 0.1 0.4 0.3 0.2 0.4 0.0 1.4 -0.3 16

 17 Loans ND 0.5 0.3 0.6 0.5 1.2 -0.1 1.1 -0.2 -0.1 17

 18 Depository institution loans n.e.c. ND 0.5 0.3 0.6 0.5 1.2 -0.1 1.1 -0.2 -0.1 18

 19 Other loans and advances ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Taxes payable ND 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.1 -0.1 20

 21 Foreign direct investment in U.S. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Miscellaneous liabilities ND 0.2 0.2 -0.0 0.2 0.3 -0.1 0.5 0.2 0.7 22

 23 Investment by parent ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Other ND 0.2 0.2 -0.0 0.2 0.3 -0.1 0.5 0.2 0.7 24

 25 Discrepancy ND 0.1 0.1 0.1 0.1 0.1 0.2 -0.4 0.0 -0.9 25

 Memo:

 26 Consumer leases not included above (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

(1) Includes retail captive finance companies and mortgage companies.

(2) See footnote (5), table F.126.
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36 Historical Annuals, 1945-1954, March 10, 2016

F.128 Real Estate Investment Trusts (REITs) (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Gross saving ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Fixed nonresidential investment ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Multifamily residential investment ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Net acquisition of financial assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Checkable deposits and currency ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Debt securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Corporate and foreign bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Loans (mortgages) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Home ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Multifamily residential ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Commercial ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Miscellaneous assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Net increase in liabilities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Debt securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Open market paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Corporate bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Loans ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Depository institution loans n.e.c. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Other loans and advances ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Mortgages ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Corporate equity issues ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Miscellaneous liabilities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Discrepancy ND -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 25

 Memo:

 26 Securitized assets included above ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 Home mortgages ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 Multifamily residential mortgages ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Commercial mortgages ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

(1) Additional detail on financial assets and liabilities for equity and mortgage REITs is available on tables F.128.e and F.128.m.
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Historical Annuals, 1945-1954, March 10, 2016 37

F.128.e Equity Real Estate Investment Trusts

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Net acquisition of financial assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Checkable deposits and currency ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Debt securities (corporate and foreign bonds) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Loans (mortgages) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Home ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Multifamily residential ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Commercial ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Miscellaneous assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Net increase in liabilities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Debt securities (corporate bonds) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Loans ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Depository institution loans n.e.c. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Mortgages ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Multifamily residential ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Commercial ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Miscellaneous liabilities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

F.128.m Mortgage Real Estate Investment Trusts

Billions of dollars

 1 Net acquisition of financial assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Checkable deposits and currency ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Debt securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Corporate and foreign bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Loans (mortgages) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Home ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Multifamily residential ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Commercial ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Miscellaneous assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Net increase in liabilities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Debt securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Open market paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Corporate bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Loans ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Depository institution loans n.e.c. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Other loans and advances ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Miscellaneous liabilities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 Memo:

 20 Securitized assets included above ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Home mortgages ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Multifamily residential mortgages ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Commercial mortgages ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24
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38 Historical Annuals, 1945-1954, March 10, 2016

F.129 Security Brokers and Dealers

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Gross saving ND 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 1

 2 Fixed nonresidential investment ND 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.1 0.1 2

 3 Net acquisition of financial assets ND -1.6 -0.8 0.5 0.5 0.4 -0.3 0.4 0.4 1.0 3

 4 Checkable deposits and currency ND 0.2 -0.1 -0.1 -0.1 0.1 -0.0 -0.1 -0.1 0.1 4

 5 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Debt securities ND -1.1 -0.7 0.6 0.1 -0.1 -0.2 0.3 0.1 0.0 6

 7 Open market paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Treasury securities ND -1.0 -0.7 0.6 -0.1 -0.1 -0.3 0.4 -0.1 0.0 8

 9 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Municipal securities ND 0.0 -0.1 0.0 -0.0 0.1 0.0 -0.2 0.2 -0.1 10

 11 Corporate and foreign bonds ND -0.1 0.0 0.0 0.2 -0.1 0.0 0.1 -0.0 0.1 11

 12 Loans (other loans and advances) ND -0.7 0.0 -0.0 0.4 0.5 -0.1 0.1 0.4 0.8 12

 13 Corporate equities ND -0.1 0.0 0.0 0.2 -0.1 0.0 -0.0 0.0 -0.1 13

 14 U.S. direct investment abroad ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Miscellaneous assets ND -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.1 -0.1 0.2 15

 16 Net increase in liabilities ND -1.6 -0.8 0.5 0.5 0.4 -0.3 0.4 0.4 1.0 16

 17 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Debt securities (corporate bonds) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Loans ND -1.6 -0.8 0.5 0.5 0.4 -0.3 0.4 0.4 1.0 19

 20 Depository institution loans n.e.c. (1) ND -1.6 -0.7 0.5 0.5 0.1 -0.2 0.6 0.4 0.7 20

 21 Other loans and advances ND 0.0 -0.1 -0.0 0.0 0.3 -0.1 -0.2 -0.0 0.3 21

 22 Corporate equity issues ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Trade payables ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 23

 24 Taxes payable ND 0.0 -0.0 -0.0 0.0 0.0 -0.0 0.0 0.0 0.0 24

 25 Foreign direct investment in U.S. ND 0.0 0.0 -0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 25

 26 Miscellaneous liabilities ND -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.1 -0.0 -0.0 26

 27 Investment by parent companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 Other ND -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.1 -0.0 -0.0 28

 29 Proprietors’ net investment ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Discrepancy ND 0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 0.0 0.0 30

(1) Includes loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF).
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Historical Annuals, 1945-1954, March 10, 2016 39

F.130 Holding Companies (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Gross saving ND 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 1

 2 Fixed nonresidential investment ND 0.3 0.3 0.3 0.3 0.3 0.4 0.3 0.4 0.5 2

 3 Net acquisition of financial assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Time and savings deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Debt securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Treasury securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Corporate and foreign bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Loans (other loans and advances) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Life insurance reserves ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Miscellaneous assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Net trans. with depository institution subs. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Net trans. with property-casualty ins. co. subs. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Net trans. with life insurance company subs. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Net trans. with finance company subs. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Net trans. with broker and dealer subs. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Net trans. with foreign subs. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Other ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Net increase in liabilities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Debt securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Commercial paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Corporate bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Loans (depository institution loans n.e.c.) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Corporate equity issues ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Miscellaneous liabilities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 Equity, etc. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 Other ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Discrepancy ND -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.2 -0.2 30

(1) Parent-only bank holding companies, savings and loan holding companies and security holding companies that file Federal Reserve Board form FR Y-9LP, FR Y-9SP, or FR 2320.
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40 Historical Annuals, 1945-1954, March 10, 2016

F.131 Funding Corporations (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Net acquisition of financial assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 -0.0 1

 2 Money market fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Debt securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 -0.0 4

 5 Open market paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 -0.0 5

 6 Corporate and foreign bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Loans (other loans and advances) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Corporate equities (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Miscellaneous assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Investment in foreign banking offices ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Investment in brokers and dealers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Net increase in liabilities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 -0.0 12

 13 Debt securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Open market paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Corporate bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Loans ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Depository institution loans n.e.c. (3) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Other loans and advances (4) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Corporate equities (5) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Foreign direct investment in U.S. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Miscellaneous liabilities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 -0.0 21

 22 Securities loaned (net) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Equity interest under PPIP ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Other (net) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 -0.0 24

(1) Funding subsidiaries, custodial accounts for reinvested collateral of securities lending operations, Federal Reserve lending facilities, and funds associated with

 the Public-Private Investment Program (PPIP).

(2) Common stock of American International Assurance Company Ltd. (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG.

(3) Loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, Commercial Paper Funding Facility LLC, and American International Group (AIG).

(4) Loans extended by the federal government to the Term Asset-Backed Securities Loan Facility (TALF) LLC and to funds associated with PPIP.

(5) Preferred shares issued by AIG to the federal goverment under the Troubled Asset Relief Program (TARP) program and the monetary authority sector’s preferred interest in

 AIA Aurora LLC and ALICO Holdings LLC.
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Historical Annuals, 1945-1954, March 10, 2016 41

F.132 Rest of the World

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Foreign income from U.S. ND 10.3 11.0 15.2 15.5 16.4 19.0 18.7 19.5 18.7 1

 2 U.S. imports ND 7.0 7.9 10.1 9.2 11.6 14.6 15.3 16.0 15.4 2

 3 U.S. income payments to rest of world ND 0.4 0.5 0.6 0.7 0.7 0.9 0.9 0.9 0.9 3

 4 Curr. taxes and trans. payments to rest of world ND 2.9 2.6 4.5 5.6 4.0 3.5 2.6 2.5 2.3 4

 5 Foreign outlays to U.S. ND 15.2 20.3 17.6 16.4 14.5 19.9 19.3 18.2 18.9 5

 6 U.S. exports ND 14.2 18.7 15.5 14.5 12.4 17.1 16.5 15.3 15.8 6

 7 U.S. income receipts from rest of world ND 1.1 1.6 2.0 1.9 2.2 2.8 2.9 2.8 3.0 7

 8 Curr. taxes and trans. payments from rest of world ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 - Net capital transfers paid (1) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Gross saving less net capital transfers paid (2) ND -4.9 -9.3 -2.4 -0.9 1.8 -0.9 -0.6 1.3 -0.2 10

 11 Gross investment ND -4.8 -8.6 -3.2 -0.8 3.2 -0.8 -0.6 1.2 0.9 11

 12 Nonproduced nonfinancial assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Net lending (+) or net borrowing (-) ND -4.8 -8.6 -3.2 -0.8 3.2 -0.8 -0.6 1.2 0.9 13

 14 Net acquisition of financial assets ND -2.0 -2.2 -0.9 0.3 3.8 0.2 0.8 2.0 2.3 14

 15 Monetary gold (3) ND -0.6 -2.2 -1.5 -0.2 1.7 -0.1 -0.4 1.2 0.3 15

 16 SDR allocations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Net interbank assets ND -0.2 0.1 0.2 0.3 0.2 0.6 0.1 -0.1 0.0 17

 18 U.S. checkable deposits and currency ND -0.4 -0.6 0.5 -0.2 0.0 -0.3 0.3 -0.5 0.2 18

 19 U.S. time deposits ND 0.0 -0.0 0.0 0.1 0.2 -0.3 0.1 0.6 0.5 19

 20 Money market fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Debt securities ND -0.7 0.7 0.1 0.2 1.4 0.1 0.2 0.7 0.6 22

 23 Open market paper ND 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.1 0.2 23

 24 Treasury securities ND -0.5 0.6 0.1 0.1 1.4 -0.0 0.2 0.6 0.4 24

 25 Treasury bills ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Other Treasury securities ND -0.5 0.6 0.1 0.1 1.4 -0.0 0.2 0.6 0.4 26

 27 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 Municipal securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 U.S. corporate bonds (4) ND -0.3 0.1 -0.0 0.1 -0.0 0.0 0.0 0.0 0.0 29

 30 Loans to U.S. corporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

 31 U.S. corporate equities ND -0.1 -0.2 -0.1 -0.0 0.0 0.1 0.3 -0.1 0.5 31

 32 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

 33 Trade receivables ND 0.0 -0.0 -0.1 -0.0 0.0 0.0 0.0 -0.1 -0.0 33

 34 Foreign direct investment in U.S. (5) ND -0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.2 0.1 34

 35 Net increase in liabilities ND 2.8 6.4 2.3 1.2 0.6 1.0 1.4 0.7 1.3 35

 36 U.S. official reserve assets ND -0.2 1.2 0.4 0.2 -0.0 -0.0 0.0 -0.1 -0.2 36

 37 U.S. private deposits ND 0.0 -0.0 -0.0 0.0 0.0 0.0 -0.0 0.0 0.0 37

 38 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 38

 39 Debt securities ND -0.1 -0.0 0.1 -0.0 0.3 0.3 0.0 -0.1 -0.1 39

 40 Commercial paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

 41 Bonds ND -0.1 -0.0 0.1 -0.0 0.3 0.3 0.0 -0.1 -0.1 41

 42 Loans ND 2.7 4.0 1.3 0.2 -0.1 0.4 0.4 0.1 0.3 42

 43 Depository institution loans n.e.c. ND 0.3 0.2 0.2 -0.3 -0.3 0.2 0.0 -0.1 0.5 43

 44 Other loans and advances ND 2.4 3.8 1.1 0.5 0.2 0.2 0.4 0.3 -0.1 44

 45 Foreign corporate equities (6) ND 0.1 0.0 -0.1 -0.0 -0.2 -0.2 0.0 0.1 0.3 45

 46 Trade payables ND -0.0 0.1 0.0 -0.0 -0.0 0.0 0.0 -0.0 0.1 46

 47 U.S. direct investment abroad (4,5) ND 0.2 0.7 0.7 0.7 0.6 0.5 0.9 0.7 0.7 47

 48 Miscellaneous liabilities ND 0.1 0.4 -0.1 0.2 0.0 0.0 -0.0 -0.0 0.1 48

 49 U.S. equity in IBRD, etc. 0.0 0.3 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 49

 50 Nonofficial foreign currencies ND -0.2 0.1 -0.1 0.2 0.0 0.0 -0.0 -0.0 0.1 50

 51 Investment by holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 51

 52 Discrepancy (FOF basis) ND -0.1 -0.7 0.8 -0.0 -1.4 -0.1 0.0 0.1 -1.1 52

 Memo:

 53 Net U.S. exports, NIPA basis ND 7.2 10.8 5.5 5.2 0.7 2.5 1.2 -0.7 0.4 53

 54 + Net U.S. income receipts (7) ND 0.7 1.1 1.5 1.3 1.4 1.9 2.0 1.9 2.1 54

 55 - Curr. taxes and trans. payments to rest of world ND 2.9 2.6 4.5 5.6 4.0 3.5 2.6 2.5 2.3 55

 56 + Curr. taxes and trans. payments from rest of world ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 56

 57 = Balance on current account, NIPAs ND 4.9 9.3 2.4 0.9 -1.8 0.9 0.6 -1.3 0.2 57

(1) Table F.5, line 64.

(2) Line 1 minus line 5 minus line 8; equals net lending (+) or net borrowing (-), NIPAs, with the sign reversed. Also equal to line 54 with the sign reversed minus 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) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP.
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42 Historical Annuals, 1945-1954, March 10, 2016

F.200 U.S. Official Reserve Assets and SDR Allocations (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Net change in liabilities ND -0.2 1.2 0.4 0.2 -0.0 -0.0 0.0 -0.1 -0.2 1

 2 Federal government: SDR allocations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Rest of the world ND -0.2 1.2 0.4 0.2 -0.0 -0.0 0.0 -0.1 -0.2 3

 4 SDR holdings ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Reserve position in IMF ND -0.2 1.2 0.4 0.2 -0.0 -0.0 0.0 -0.1 -0.2 5

 6 Other reserves ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Net change in assets ND -0.2 1.2 0.4 0.2 -0.0 -0.0 0.0 -0.1 -0.2 7

 8 Federal government ND -0.1 1.4 0.4 0.1 -0.3 0.0 -0.1 -0.1 -0.2 8

 9 Monetary gold (2) ND 0.2 -0.1 0.0 -0.0 -0.0 0.1 -0.1 -0.0 0.0 9

 10 SDR holdings ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Reserve position in IMF ND -0.2 1.5 0.4 0.2 -0.3 -0.0 0.0 -0.1 -0.2 11

 12 Other reserves ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Rest of the world ND -0.6 -2.2 -1.5 -0.2 1.7 -0.1 -0.4 1.2 0.3 13

 14 Monetary gold (2) ND -0.6 -2.2 -1.5 -0.2 1.7 -0.1 -0.4 1.2 0.3 14

 15 SDR allocations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Monetary authority ND 0.5 1.9 1.5 0.2 -1.5 -0.0 0.5 -1.2 -0.3 16

 17 Monetary gold (2) ND 0.5 2.2 1.5 0.2 -1.7 -0.0 0.5 -1.2 -0.3 17

 18 Reserve position in IMF ND 0.0 -0.3 -0.0 0.0 0.2 0.0 -0.0 -0.0 0.0 18

 19 Other reserves ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

(1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest.

(2) By international accounting standards, transactions in monetary gold are recorded in the financial account of the domestic sectors as increases (decreases) in assets,

 and the counterparts are recorded as decreases (increases) in assets of the rest of the world.

F.201 Special Drawing Rights (SDRs) Certificates and Treasury Currency

Billions of dollars

 SDR certificates:

 1 Liab: Federal government ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Asset: Monetary authority ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 Treasury currency:

 3 Liab: Federal government ND 0.1 -0.0 -0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 3

 4 Asset: Monetary authority ND 0.2 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 4

 5 Discrepancy (seigniorage) ND -0.1 -0.0 -0.0 -0.0 -0.0 -0.0 -0.1 -0.0 -0.1 5

F.202 U.S. Deposits in Foreign Countries

Billions of dollars

 1 Total rest of the world liability ND 0.0 -0.0 -0.0 0.0 0.0 0.0 -0.0 0.0 0.0 1

 Held by:

 2 Household sector ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Nonfinancial corporate business ND 0.0 -0.0 -0.0 0.0 0.0 0.0 -0.0 0.0 0.0 3

 4 Money market mutual funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Discrepancy--unallocated assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5
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Historical Annuals, 1945-1954, March 10, 2016 43

F.203 Net Interbank Transactions

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Net change in liabilities ND -0.5 2.1 2.4 -3.5 2.5 2.5 -0.2 -0.4 -1.9 1

 2 Monetary authority ND 0.4 1.9 2.3 -3.9 1.3 2.9 -0.1 -0.0 -1.3 2

 3 U.S.-chartered depository institutions ND -0.9 0.1 -0.1 0.2 1.1 -0.4 -0.2 -0.3 -0.6 3

 4 Foreign banking offices in U.S. ND 0.0 0.1 0.1 0.2 0.1 0.2 0.1 -0.0 0.2 4

 5 Banks in U.S.-affiliated areas ND 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 -0.0 0.0 5

 6 Credit unions ND -0.0 0.0 0.0 0.0 -0.0 -0.2 -0.1 -0.1 -0.2 6

 7 Net change in assets ND 0.0 2.0 2.5 -3.6 2.4 3.3 -0.1 -0.3 -1.4 7

 8 Monetary authority ND -0.2 -0.0 0.0 -0.0 0.9 -0.2 -0.1 -0.1 -0.1 8

 9 U.S.-chartered depository institutions ND 0.4 1.9 2.3 -3.9 1.3 2.9 -0.1 -0.0 -1.3 9

 10 Foreign banking offices in U.S. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Credit unions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Rest of the world ND -0.2 0.1 0.2 0.3 0.2 0.6 0.1 -0.1 0.0 12

 13 Discrepancy ND -0.5 0.1 -0.1 0.1 0.1 -0.8 -0.1 -0.1 -0.5 13

 Memo:

 Vault cash:

 14 Liab.: Monetary authority ND 0.2 0.2 -0.2 0.0 0.2 0.5 0.1 -0.2 -0.0 14

 15 Asset: U.S.-chartered depository institutions ND 0.2 0.2 -0.2 0.0 0.2 0.5 0.1 -0.2 -0.0 15

 16 Foreign banking offices in U.S. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 Depository institution reserves:

 17 Liab.: Monetary authority ND 0.2 1.8 2.6 -3.9 1.1 2.4 -0.1 0.2 -1.3 17

 18 Asset: U.S.-chartered depository institutions ND 0.2 1.8 2.6 -3.9 1.1 2.4 -0.1 0.2 -1.3 18

 19 Foreign banking offices in U.S. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Credit unions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 Other transactions with the monetary authority

 21 Liab: U.S.-chartered depository institutions ND -0.2 -0.0 0.0 -0.0 0.9 -0.2 -0.1 -0.1 -0.1 21

 22 Asset: Monetary authority ND -0.2 -0.0 0.0 -0.0 0.9 -0.2 -0.1 -0.1 -0.1 22

 23 Federal Reserve float ND 0.0 -0.0 0.0 -0.0 0.8 -0.2 -0.2 -0.0 -0.1 23

 24 Loans ND -0.2 0.0 -0.0 -0.0 0.1 -0.0 0.1 -0.1 -0.0 24

 Transactions with banks in foreign countries (net):

 25 Liab.: U.S.-chartered depository institutions (net) ND -0.2 0.1 0.0 0.1 0.2 0.2 -0.1 -0.1 -0.1 25

 26 Due to foreign affiliates ND -0.2 0.1 0.0 0.1 0.2 0.2 -0.1 -0.1 -0.1 26

 27 - Due from foreign affiliates ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 Foreign banking offices in U.S. (net) ND 0.1 0.1 0.2 0.2 0.2 0.3 0.2 0.0 0.2 28

 29 Due to foreign affiliates ND 0.1 0.1 0.2 0.2 0.2 0.3 0.2 0.0 0.2 29

 30 - Due from foreign affiliates ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

 31 Less: Deposits at foreign banks ND 0.0 0.1 -0.0 0.0 0.1 -0.2 0.0 -0.0 0.1 31

 32 U.S.-chartered depository institutions ND 0.0 0.1 -0.0 -0.0 0.1 -0.2 0.0 -0.0 0.1 32

 33 Foreign banking offices in U.S. ND -0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 33

 34 Plus: Loans from foreign banks ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34

 35 U.S.-chartered depository institutions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

 36 Foreign banking offices in U.S. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

 37 Asset: Rest of the world (1) ND -0.2 0.1 0.2 0.3 0.2 0.6 0.1 -0.1 0.0 37

 Transactions between U.S. depository institutions (net) (2):

 38 U.S.-chartered depository institutions (net) ND -0.5 0.1 -0.1 0.1 0.1 -0.5 -0.0 -0.0 -0.3 38

 39 Due to (3): ND -0.5 0.1 -0.1 0.1 0.1 -0.5 -0.0 -0.0 -0.3 39

 40 Foreign banking offices in U.S. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

 41 Banks in U.S.-affiliated areas ND -0.0 -0.0 -0.0 -0.0 -0.0 0.0 -0.0 0.0 -0.0 41

 42 Credit unions ND 0.0 -0.0 -0.0 -0.0 0.0 0.2 0.1 0.1 0.2 42

 43 - Due from: Foreign banking offices in U.S. ND -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 43

 44 Unallocated (2) ND -0.5 0.1 -0.1 0.1 0.1 -0.8 -0.1 -0.1 -0.5 44

(1) Sum of lines 25 and 28 less line 31 plus line 34.

(2) Interbank transactions between U.S. banks should net to zero and thus are not shown in lines 1 through 12 above. However, the unallocated amount (line 44), which is due to inconsistencies

 in source data, appears on line 13 as the discrepancy between liabilities and assets.

(3) Sum of lines 40, 41, 42, and 44.
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44 Historical Annuals, 1945-1954, March 10, 2016

F.204 Checkable Deposits and Currency

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Net change in liabilities ND -14.6 1.1 -0.6 -0.0 5.3 7.2 6.5 0.0 4.6 1

 2 Monetary authority ND -0.7 -1.1 0.1 -0.8 -0.4 0.4 1.3 -0.1 0.1 2

 3 Federal government cash and deposits ND -0.6 -0.5 0.2 -0.3 -0.2 -0.4 0.1 -0.6 0.3 3

 4 Due to government-sponsored enterprises ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Deposits due to foreign ND -0.4 -0.4 0.2 0.1 -0.2 -0.1 0.0 -0.1 0.1 5

 6 Currency outside banks ND 0.3 -0.3 -0.4 -0.7 -0.0 0.9 1.2 0.6 -0.2 6

 7 U.S.-chartered depository institutions ND -13.8 2.2 -0.5 0.8 5.5 6.7 5.1 0.1 4.4 7

 8 Federal government deposits ND -21.5 -1.6 1.0 0.7 -0.3 0.6 1.6 -0.8 0.0 8

 9 Deposits due to foreign ND 0.0 -0.2 0.3 -0.4 0.2 -0.2 0.2 -0.3 0.1 9

 10 Private domestic deposits ND 7.7 4.1 -1.8 0.4 5.6 6.4 3.3 1.2 4.3 10

 11 Foreign banking offices in U.S. ND -0.1 -0.0 -0.0 0.1 0.1 0.1 0.1 0.0 0.1 11

 12 Deposits due to foreign ND -0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Private domestic deposits ND -0.0 -0.0 -0.0 0.0 0.1 0.1 0.0 0.0 0.1 13

 14 Banks in U.S.-affiliated areas ND -0.0 -0.0 -0.1 -0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Credit unions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Net change in assets ND -14.6 1.1 -0.6 -0.0 5.3 7.2 6.5 0.0 4.6 16

 17 Household sector ND 5.2 -0.1 -2.4 -1.8 2.6 4.4 2.2 1.3 2.1 17

 18 Nonfinancial business ND 1.2 2.1 -0.1 0.9 1.5 2.1 0.3 -0.3 2.2 18

 19 Corporate ND 0.6 2.0 0.4 1.0 1.3 1.6 0.8 -0.1 1.8 19

 20 Noncorporate ND 0.6 0.2 -0.5 -0.1 0.2 0.5 -0.5 -0.2 0.4 20

 21 Federal government ND -22.7 -0.6 1.2 0.3 -0.2 0.1 2.4 -1.5 -0.3 21

 22 State and local governments ND 0.9 0.7 0.5 0.2 0.5 0.4 0.3 0.4 0.4 22

 23 Domestic financial sectors ND 0.4 0.3 0.0 0.1 0.5 0.3 0.1 0.2 0.0 23

 24 Property-casualty insurance companies ND 0.2 0.2 0.0 0.1 0.1 0.0 0.1 0.1 -0.1 24

 25 Life insurance companies ND -0.0 0.2 -0.1 -0.0 0.1 0.1 0.1 0.1 0.0 25

 26 Private pension funds ND 0.0 0.0 0.0 0.0 0.1 0.1 -0.0 0.1 -0.0 26

 27 State and local govt. retirement funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 Money market mutual funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 Government-sponsored enterprises ND 0.0 -0.0 -0.0 -0.0 0.0 -0.0 0.0 0.0 -0.0 29

 30 Finance companies ND -0.0 -0.0 0.1 0.1 0.1 0.1 0.0 0.0 -0.0 30

 31 REITs ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 Brokers and dealers ND 0.2 -0.1 -0.1 -0.1 0.1 -0.0 -0.1 -0.1 0.1 32

 33 Rest of the world ND -0.4 -0.6 0.5 -0.2 0.0 -0.3 0.3 -0.5 0.2 33

 34 Checkable deposits ND -0.4 -0.6 0.5 -0.2 0.0 -0.3 0.3 -0.5 0.2 34

 35 Currency ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

 36 Mail float ND 0.9 -0.8 -0.3 0.4 0.4 0.2 1.0 0.4 0.1 36
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Historical Annuals, 1945-1954, March 10, 2016 45

F.205 Time and Savings Deposits

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Net change in liabilities ND 6.5 3.6 2.5 3.0 2.7 5.0 8.2 9.2 10.5 1

 2 Small time and savings deposits ND 6.3 3.4 2.2 2.6 2.5 5.0 7.9 8.3 9.4 2

 3 U.S.-chartered depository institutions ND 6.3 3.3 2.1 2.5 2.3 4.8 7.6 7.9 9.0 3

 4 Foreign banking offices in U.S. ND 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Banks in U.S.-affiliated areas ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Credit unions ND 0.1 0.1 0.1 0.1 0.1 0.2 0.3 0.3 0.3 6

 7 Large time deposits (1) ND 0.2 0.2 0.3 0.4 0.3 -0.0 0.3 0.9 1.2 7

 8 U.S.-chartered depository institutions ND 0.2 0.2 0.3 0.3 0.3 -0.0 0.3 0.9 1.1 8

 9 Foreign banking offices in U.S. ND 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Banks in U.S.-affiliated areas ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Credit unions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Net change in assets ND 6.5 3.6 2.5 3.0 2.7 5.0 8.2 9.2 10.5 12

 13 Household sector ND 6.3 3.5 2.2 2.6 2.4 5.0 7.5 8.2 9.3 13

 14 Nonfinancial business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 14

 15 Corporate ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 15

 16 Noncorporate ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Federal government ND 0.0 -0.0 0.0 0.1 0.0 0.1 0.1 -0.0 0.0 17

 18 State and local governments ND 0.2 0.2 0.3 0.2 0.1 0.2 0.1 0.3 0.5 18

 19 Domestic financial sectors ND -0.0 -0.0 0.0 0.0 0.0 0.0 0.4 0.1 0.1 19

 20 Private pension funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.1 0.1 20

 21 State and local govt. retirement funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Money market mutual funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Government-sponsored enterprises ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Finance companies ND -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 24

 25 Holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Rest of the world ND 0.0 -0.0 0.0 0.1 0.2 -0.3 0.1 0.6 0.5 26

(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 ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Net purchases ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Household sector ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Nonfinancial corporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Nonfinancial noncorporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 State and local governments ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Property-casualty insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Life insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Private pension funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 State and local govt. retirement funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Rest of the world ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12
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46 Historical Annuals, 1945-1954, March 10, 2016

F.207 Federal Funds and Security Repurchase Agreements (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Net change in liabilities ND 0.0 0.0 -0.0 -0.0 0.0 -0.0 0.0 -0.0 -0.0 1

 2 Monetary authority ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 U.S.-chartered depository institutions ND 0.0 0.0 -0.0 -0.0 0.0 -0.0 0.0 -0.0 -0.0 3

 4 Federal funds (2) ND ND ND ND ND ND ND ND ND ND 4

 5 Security repurchase agreements ND ND ND ND ND ND ND ND ND ND 5

 6 Foreign banking offices in U.S. ND -0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 6

 7 Federal funds (2) ND ND ND ND ND ND ND ND ND ND 7

 8 Security repurchase agreements ND ND ND ND ND ND ND ND ND ND 8

 9 Credit unions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Property-casualty insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Life insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Government-sponsored enterprises ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 REITs ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Brokers and dealers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Rest of the world ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Net change in assets ND 0.0 0.1 0.0 -0.0 0.0 0.1 0.9 -0.1 -0.5 17

 18 Nonfinancial corporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 State and local governments ND 0.0 0.0 0.0 0.0 0.0 0.0 0.2 -0.1 -0.0 19

 20 Monetary authority ND 0.0 0.0 0.0 0.0 0.1 0.1 0.5 -0.1 -0.6 20

 21 U.S.-chartered depository institutions ND 0.0 0.1 0.0 -0.0 -0.0 -0.1 0.0 -0.0 0.0 21

 22 Federal funds (2) ND ND ND ND ND ND ND ND ND ND 22

 23 Security repurchase agreements ND ND ND ND ND ND ND ND ND ND 23

 24 Foreign banking offices in U.S. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Federal funds (2) ND ND ND ND ND ND ND ND ND ND 25

 26 Security repurchase agreements ND ND ND ND ND ND ND ND ND ND 26

 27 Credit unions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 Federal funds ND ND ND ND ND ND ND ND ND ND 28

 29 Security repurchase agreements ND ND ND ND ND ND ND ND ND ND 29

 30 Property-casualty insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

 31 Life insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 Private pension funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 32

 33 State and local govt. retirement funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33

 34 Money market mutual funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34

 35 Mutual funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 35

 36 Government-sponsored enterprises ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

 37 Of which: FHLB federal funds (3) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 37

 38 Brokers and dealers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 38

 39 Holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

 40 Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

 41 Rest of the world ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 41

 42 Discrepancy ND 0.0 -0.1 -0.0 0.0 -0.0 -0.1 -0.9 0.1 0.5 42

 Memo:

 Federal Reserve’s reverse repurchase agreement operations: (4)

 43 Liability: Monetary authority (5) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 43

 44 Asset: Money market mutual funds (6) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44

 45 Other financial institutions (7) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 45

(1) Detailed data on federal funds and security repurchase agreements are only available beginning 2012:Q1 for U.S.-chartered despository institutions, 2003:Q1 for foreign banking offices in U.S.,

 2010:Q4 for credit unions, and 2000:Q1 for FHLB.

(2) Excludes term federal funds.

(3) Includes term federal funds.

(4) Reverse repurchase agreements (RRPs) conducted as part of the Federal Reserve’s Overnight RRP Operational Exercise (beginning 2013:Q3) and term RRP operations (beginning 2014:Q4).

(5) Included in line 2.

(6) Included in line 34.

(7) Includes banks (consolidated), government-sponsored enterprises, and primary dealers.
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Historical Annuals, 1945-1954, March 10, 2016 47

F.208 Debt Securities (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 By instrument

 1 Total debt securities ND -21.5 -1.6 1.7 7.9 6.8 7.1 18.4 18.1 11.9 1

 2 Open market paper ND 0.3 0.2 0.2 0.2 0.2 0.5 0.4 0.4 0.3 2

 3 Treasury securities ND -22.9 -6.4 -5.7 3.5 0.2 0.4 5.9 5.9 2.7 3

 4 Agency- and GSE-backed securities ND 0.1 0.1 1.1 -0.0 -0.2 0.1 0.4 1.6 0.1 4

 5 Municipal securities ND 0.1 1.6 1.3 1.0 4.5 2.1 6.9 5.4 5.7 5

 6 Corporate and foreign bonds ND 0.9 2.9 4.8 3.2 2.1 4.0 4.7 4.8 3.2 6

 By sector

 7 Total liabilities ND -21.5 -1.6 1.7 7.9 6.8 7.1 18.4 18.1 11.9 7

 8 Domestic nonfinancial sectors ND -22.0 -1.9 0.7 7.5 5.8 5.7 18.0 16.5 12.1 8

 9 Household sector (nonprofits) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Nonfinancial corporate business ND 1.0 2.8 4.3 2.9 1.7 3.4 4.8 3.6 3.7 10

 11 Federal government ND -23.1 -6.4 -4.9 3.6 -0.4 0.3 6.3 7.6 2.8 11

 12 State and local governments ND 0.1 1.6 1.3 1.0 4.5 2.1 6.9 5.4 5.7 12

 13 Domestic financial sectors ND 0.6 0.4 0.9 0.4 0.8 1.1 0.4 1.7 -0.2 13

 14 U.S.-chartered depository institutions ND 0.1 0.0 -0.0 0.0 0.1 0.1 0.0 0.1 0.2 14

 15 Foreign banking offices in U.S. ND 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.1 15

 16 Government-sponsored enterprises ND 0.3 0.1 0.3 -0.1 0.4 0.2 0.0 -0.0 -0.0 16

 17 Agency- and GSE-backed mortgage pools ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 ABS issuers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Finance companies ND 0.2 0.3 0.6 0.5 0.3 0.7 0.4 1.6 -0.5 19

 20 REITs ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Brokers and dealers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Rest of the world ND -0.1 -0.0 0.1 -0.0 0.3 0.3 0.0 -0.1 -0.1 24

 25 Total assets: ND -21.5 -1.6 1.7 7.9 6.8 7.1 18.4 18.1 11.9 25

 26 Domestic nonfinancial sectors ND -8.7 0.2 2.4 2.5 4.9 1.4 7.5 6.7 -2.1 26

 27 Household sector ND -2.3 -0.2 1.0 0.1 0.9 -0.2 7.1 4.0 -1.2 27

 28 Nonfinancial corporate business ND -5.6 -0.4 0.7 2.0 3.2 0.9 -0.9 1.8 -1.7 28

 29 Nonfinancial noncorporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Federal government ND 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 -0.0 0.0 30

 31 State and local governments ND -0.8 0.7 0.6 0.4 0.7 0.7 1.4 0.9 0.8 31

 32 Domestic financial sectors ND -12.1 -2.4 -0.8 5.2 0.5 5.6 10.6 10.7 13.4 32

 33 Monetary authority ND -0.9 -0.8 0.8 -4.4 1.8 2.9 0.4 1.3 -0.4 33

 34 U.S.-chartered depository institutions ND -14.4 -4.3 -6.0 5.6 -3.9 -0.3 3.3 2.5 7.4 34

 35 Foreign banking offices in U.S. ND -0.0 -0.0 0.0 0.1 0.1 0.1 0.1 0.0 0.0 35

 36 Banks in U.S.-affiliated areas ND -0.1 -0.1 -0.1 -0.0 -0.0 -0.0 0.0 0.0 0.0 36

 37 Credit unions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 37

 38 Property-casualty insurance companies ND 0.6 0.7 0.9 0.7 0.8 0.6 0.9 1.1 1.0 38

 39 Life insurance companies ND 2.7 1.4 1.3 1.2 0.1 0.3 2.3 2.4 1.9 39

 40 Private pension funds ND 0.2 0.3 0.2 0.3 0.3 0.8 1.1 1.3 1.3 40

 41 Federal government retirement funds ND 0.4 0.8 0.8 1.0 0.8 0.7 1.0 0.5 0.4 41

 42 State and local govt. retirement funds ND 0.3 0.3 0.4 0.5 0.6 0.7 1.0 1.2 1.4 42

 43 Money market mutual funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 43

 44 Mutual funds ND 0.0 0.0 0.0 0.1 0.1 0.1 0.0 0.0 0.1 44

 45 Closed-end funds ND 0.0 0.1 0.0 0.1 0.1 0.0 0.1 0.1 0.1 45

 46 Exchange-traded funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 46

 47 Government-sponsored enterprises ND 0.0 -0.0 0.1 -0.0 -0.1 0.1 0.1 0.1 0.3 47

 48 ABS issuers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 48

 49 Finance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 49

 50 REITs ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 50

 51 Brokers and dealers ND -1.1 -0.7 0.6 0.1 -0.1 -0.2 0.3 0.1 0.0 51

 52 Holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 52

 53 Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 -0.0 53

 54 Rest of the world ND -0.7 0.7 0.1 0.2 1.4 0.1 0.2 0.7 0.6 54

(1) Sum of open market paper, Treasury securities, agency- and GSE-backed securities, municipal securities, and corporate and foreign bonds.
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48 Historical Annuals, 1945-1954, March 10, 2016

F.209 Open Market Paper

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total net issues, all types ND 0.3 0.2 0.2 0.2 0.2 0.5 0.4 0.4 0.3 1

 2 Commercial paper ND 0.2 0.2 0.2 0.2 0.1 0.4 0.4 0.3 -0.0 2

 3 Nonfinancial corporate business ND 0.0 0.0 -0.0 -0.0 0.0 0.1 0.1 0.1 0.1 3

 4 Foreign issues in U.S. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Nonfinancial ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Financial ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Domestic financial sectors ND 0.1 0.1 0.2 0.2 0.0 0.4 0.4 0.2 -0.2 7

 8 U.S.-chartered depository institutions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 ABS issuers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Finance companies ND 0.1 0.1 0.2 0.2 0.0 0.4 0.4 0.2 -0.2 10

 11 REITs ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Bankers’ acceptances (1) ND 0.1 0.0 -0.0 0.0 0.1 0.1 0.0 0.1 0.3 14

 15 U.S.-chartered depository institutions ND 0.1 0.0 -0.0 0.0 0.1 0.1 0.0 0.1 0.2 15

 16 Foreign banking offices in U.S. ND 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.1 16

 17 Net purchases, by sector ND 0.3 0.2 0.2 0.2 0.2 0.5 0.4 0.4 0.3 17

 18 Household sector ND 0.1 0.0 0.1 0.1 0.1 0.3 0.2 0.3 -0.2 18

 19 Nonfinancial corporate business ND 0.0 0.1 0.1 0.1 -0.1 -0.1 0.1 0.0 0.1 19

 20 State and local governments ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Monetary authority ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 U.S.-chartered depository institutions (1) ND 0.1 0.1 -0.1 -0.0 0.1 0.1 0.0 0.0 0.2 22

 23 Foreign banking offices in U.S. (1) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 23

 24 Credit unions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Property-casualty insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Life insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Private pension funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 State and local govt. retirement funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 Money market mutual funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Mutual funds ND 0.0 0.0 -0.0 0.0 0.0 0.0 -0.1 0.0 0.0 30

 31 Government-sponsored enterprises ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 Brokers and dealers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

 33 Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 -0.0 33

 34 Rest of the world ND 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.1 0.2 34

(1) Excludes banks’ holdings of own acceptances.
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Historical Annuals, 1945-1954, March 10, 2016 49

F.210 Treasury Securities (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total liabilities ND -22.9 -6.4 -5.7 3.5 0.2 0.4 5.9 5.9 2.7 1

 2 Marketable Treasury securities ND -24.5 -9.3 -8.2 1.0 -0.8 0.2 4.9 5.2 1.7 2

 3 Treasury bills ND -8.2 -10.7 2.4 3.2 -23.0 28.2 -8.8 7.5 2.1 3

 4 Other Treasury notes, bonds, and TIPS ND -16.3 1.4 -10.6 -2.2 22.1 -28.0 13.6 -2.3 -0.3 4

 5 Held in the Civil Service Retirement Fund (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Nonmarketable Treasury securities ND 1.6 2.9 2.4 2.5 1.0 0.2 1.1 0.7 1.0 6

 7 U.S. savings securities ND 1.2 2.1 1.6 1.5 0.3 -0.5 0.1 0.2 0.6 7

 8 State and local government series (SLGS) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Thrift Savings Plan G Fund ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Federal govt. defined benefit pension plans ND 0.4 0.8 0.8 1.0 0.8 0.7 1.0 0.5 0.4 10

 11 Other nonmarketable securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Total assets ND -22.9 -6.4 -5.7 3.5 0.2 0.4 5.9 5.9 2.7 12

 13 Household sector ND -1.4 -0.1 0.8 1.4 -0.8 -1.1 2.0 0.6 -2.0 13

 14 U.S. savings securities (line 7) ND 1.2 2.1 1.6 1.5 0.3 -0.5 0.1 0.2 0.6 14

 15 Other Treasury securities ND -2.6 -2.1 -0.8 -0.0 -1.0 -0.6 1.9 0.5 -2.5 15

 16 Nonfinancial corporate business ND -5.7 -0.5 0.6 1.8 3.2 0.8 -1.0 1.6 -1.7 16

 17 Nonfinancial noncorporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 State and local governments ND -0.4 0.7 0.4 0.1 0.5 0.5 1.2 0.8 0.4 18

 19 SLGS (line 8) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Other Treasury securities ND -0.4 0.7 0.4 0.1 0.5 0.5 1.2 0.8 0.4 20

 21 Monetary authority ND -0.9 -0.8 0.8 -4.4 1.8 2.9 0.4 1.3 -0.4 21

 22 Treasury bills ND 1.0 -4.0 -6.7 -0.5 -7.5 9.6 -7.5 2.7 7.6 22

 23 Other Treasury securities ND -2.0 3.2 7.4 -4.0 9.4 -6.7 7.9 -1.4 -8.1 23

 24 U.S.-chartered depository institutions ND -15.2 -5.6 -7.4 4.3 -5.5 -1.4 1.6 -0.0 5.2 24

 25 Foreign banking offices in U.S. ND -0.0 -0.0 0.0 0.1 0.1 0.1 0.0 -0.0 0.1 25

 26 Banks in U.S.-affiliated areas ND -0.1 -0.1 -0.1 -0.0 -0.0 -0.0 0.0 -0.0 0.0 26

 27 Credit unions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 Property-casualty insurance companies ND 0.6 0.6 0.5 0.4 0.4 0.2 0.4 0.3 0.1 28

 29 Treasury bills ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Other Treasury securities ND 0.6 0.6 0.5 0.4 0.4 0.2 0.4 0.3 0.1 30

 31 Life insurance companies ND 1.0 -1.6 -3.2 -1.5 -1.8 -2.5 -0.8 -0.4 -0.8 31

 32 Treasury bills ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

 33 Other Treasury securities ND 1.0 -1.6 -3.2 -1.5 -1.8 -2.5 -0.8 -0.4 -0.8 33

 34 Private pension funds ND 0.0 0.1 0.0 0.1 0.0 0.1 0.0 0.2 0.0 34

 35 Defined benefit plans ND 0.0 0.0 0.0 0.1 0.0 0.1 0.0 0.1 0.0 35

 36 Defined contribution plans ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

 37 Federal government retirement funds ND 0.4 0.8 0.8 1.0 0.8 0.7 1.0 0.5 0.4 37

 38 Defined benefit plans ND 0.4 0.8 0.8 1.0 0.8 0.7 1.0 0.5 0.4 38

 39 Defined contribution plans ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

 40 State and local govt. retirement funds ND 0.2 0.2 0.2 0.2 0.2 0.4 0.5 0.5 0.5 40

 41 Defined benefit plans ND 0.2 0.2 0.2 0.2 0.2 0.4 0.5 0.5 0.5 41

 42 Defined contribution plans ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42

 43 Money market mutual funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 43

 44 Treasury bills ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44

 45 Other Treasury securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 45

 46 Mutual funds ND -0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 46

 47 Treasury bills ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47

 48 Other Treasury securities ND -0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 48

 49 Closed-end funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 49

 50 Exchange-traded funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 50

 51 Government-sponsored enterprises ND 0.0 -0.0 0.1 -0.0 -0.1 0.1 0.1 0.1 0.3 51

 52 ABS issuers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 52

 53 Brokers and dealers ND -1.0 -0.7 0.6 -0.1 -0.1 -0.3 0.4 -0.1 0.0 53

 54 Holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54

 55 Rest of the world ND -0.5 0.6 0.1 0.1 1.4 -0.0 0.2 0.6 0.4 55

 56 Treasury bills ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 56

 57 Other Treasury securities ND -0.5 0.6 0.1 0.1 1.4 -0.0 0.2 0.6 0.4 57

(1) Includes marketable and nonmarketable Treasury securities held by the public (net of premiums and discounts) and Treasury securities held by federal government employee retirement funds.

 In the Financial Accounts, nonmarketable government securities held by federal government employee defined benefit retirement funds are considered part of the financial business sector as

 opposed to intragovernmental holdings as reported on the Monthly Statement of the Public Debt.

(2) Long-term marketable securities issued to the Civil Service Retirement Fund by the Federal Financing Bank. These securities are not currently traded in the market.
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50 Historical Annuals, 1945-1954, March 10, 2016

F.211 Agency- and GSE-Backed Securities (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Net issues ND 0.1 0.1 1.1 -0.0 -0.2 0.1 0.4 1.6 0.1 1

 2 Budget agencies ND -0.2 -0.0 0.8 0.1 -0.6 -0.1 0.4 1.6 0.1 2

 3 Government-sponsored enterprises ND 0.3 0.1 0.3 -0.1 0.4 0.2 0.0 -0.0 -0.0 3

 4 Agency- and GSE-backed mortgage pools ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Net purchases ND 0.1 0.1 1.1 -0.0 -0.2 0.1 0.4 1.6 0.1 5

 6 Household sector ND 0.0 0.1 -0.1 -0.1 0.1 -0.0 -0.1 0.2 -0.0 6

 7 Nonfinancial corporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Federal government ND 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 -0.0 0.0 8

 9 State and local governments ND -0.1 0.0 0.2 0.0 -0.1 0.2 0.2 -0.1 0.1 9

 10 Monetary authority ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 U.S.-chartered depository institutions ND 0.2 0.0 1.0 0.0 -0.2 -0.1 0.3 1.5 -0.1 11

 12 Foreign banking offices in U.S. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Banks in U.S.-affiliated areas ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Credit unions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Property-casualty insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Life insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Private pension funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 17

 18 Federal government retirement funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 State and local govt. retirement funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Money market mutual funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Mutual funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Government-sponsored enterprises ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 ABS issuers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 REITs ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Brokers and dealers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Rest of the world ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

(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 Fannie Mae and FHLB;

 and agency- and GSE-backed mortgage pool securities issued by GNMA, Fannie Mae, Freddie Mac, 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.106, line 44.
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Historical Annuals, 1945-1954, March 10, 2016 51

F.212 Municipal Securities

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Net change in liabilities ND 0.1 1.6 1.3 1.0 4.5 2.1 6.9 5.4 5.7 1

 2 State and local governments ND 0.1 1.6 1.3 1.0 4.5 2.1 6.9 5.4 5.7 2

 3 Short-term (1) ND 0.0 0.2 0.2 0.2 0.4 0.3 0.2 0.2 0.1 3

 4 Long-term ND 0.1 1.4 1.2 0.8 4.1 1.8 6.7 5.2 5.5 4

 5 Nonprofit organizations (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Nonfinancial corporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 (industrial revenue bonds)

 7 Net change in assets ND 0.1 1.6 1.3 1.0 4.5 2.1 6.9 5.4 5.7 7

 8 Household sector ND -0.1 0.6 0.2 -0.9 1.7 0.3 5.2 2.9 2.1 8

 9 Nonfinancial corporate business ND 0.1 0.0 0.1 0.0 0.2 0.2 -0.0 0.2 -0.0 9

 10 Nonfinancial noncorporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 State and local governments ND -0.3 -0.0 0.0 0.3 0.3 0.0 0.1 0.2 0.2 11

 12 U.S.-chartered depository institutions ND 0.4 0.9 0.4 0.9 1.6 1.1 1.2 0.7 1.9 12

 13 Foreign banking offices in U.S. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 13

 14 Banks in U.S.-affiliated areas ND -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Credit unions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Property-casualty insurance companies ND -0.0 0.1 0.2 0.3 0.3 0.3 0.4 0.7 0.8 16

 17 Life insurance companies ND -0.1 -0.0 0.3 0.2 0.1 -0.0 0.0 0.1 0.5 17

 18 Private pension funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 State and local govt. retirement funds ND 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.3 19

 20 Money market mutual funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Mutual funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Closed-end funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Exchange-traded funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Government-sponsored enterprises ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Brokers and dealers ND 0.0 -0.1 0.0 -0.0 0.1 0.0 -0.2 0.2 -0.1 25

 26 Rest of the world ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

(1) Debt with original maturity of 13 months or less.

(2) Liability of the households and nonprofit organizations sector (tables F.101 and L.101).
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52 Historical Annuals, 1945-1954, March 10, 2016

F.213 Corporate and Foreign Bonds

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Net issues ND 0.9 2.9 4.8 3.2 2.1 4.0 4.7 4.8 3.2 1

 2 Nonfinancial corporate business ND 1.0 2.8 4.3 2.9 1.6 3.3 4.7 3.5 3.5 2

 3 Domestic financial sectors ND 0.1 0.1 0.4 0.3 0.2 0.4 0.0 1.4 -0.3 3

 4 U.S.-chartered depository institutions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 ABS issuers (net) (1) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Finance companies ND 0.1 0.1 0.4 0.3 0.2 0.4 0.0 1.4 -0.3 6

 7 REITs ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Brokers and dealers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Rest of the world (2) ND -0.1 -0.0 0.1 -0.0 0.3 0.3 0.0 -0.1 -0.1 11

 12 Net purchases (3) ND 0.9 2.9 4.8 3.2 2.1 4.0 4.7 4.8 3.2 12

 13 Household sector ND -0.9 -0.8 0.0 -0.4 -0.3 0.3 -0.3 -0.0 -1.1 13

 14 Federal government ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 State and local governments ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 U.S.-chartered depository institutions ND 0.2 0.3 0.1 0.4 0.1 -0.0 0.2 0.3 0.1 16

 17 MBS and other ABS ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Other ND 0.2 0.3 0.1 0.4 0.1 -0.0 0.2 0.3 0.1 18

 19 Foreign banking offices in U.S. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 19

 20 Banks in U.S.-affiliated areas ND 0.0 -0.0 0.0 0.0 -0.0 -0.0 0.0 0.0 -0.0 20

 21 Credit unions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 MBS and other ABS ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Other ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Property-casualty insurance companies ND 0.0 0.1 0.1 -0.0 0.0 0.1 0.1 0.1 0.1 24

 25 MBS and other ABS ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Other ND 0.0 0.1 0.1 -0.0 0.0 0.1 0.1 0.1 0.1 26

 27 Life insurance companies ND 1.8 3.0 4.2 2.6 1.8 2.7 3.1 2.7 2.1 27

 28 MBS and other ABS ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 Other ND 1.8 3.0 4.2 2.6 1.8 2.7 3.1 2.7 2.1 29

 30 Private pension funds ND 0.2 0.2 0.2 0.2 0.2 0.7 1.1 1.1 1.3 30

 31 Federal government retirement funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 State and local govt. retirement funds ND 0.0 0.0 0.1 0.1 0.2 0.1 0.3 0.5 0.6 32

 33 Money market mutual funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33

 34 Mutual funds ND 0.0 -0.0 0.0 0.0 0.0 0.0 0.1 -0.0 0.1 34

 35 Closed-end funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

 36 Exchange-traded funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

 37 Government-sponsored enterprises ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 37

 38 MBS and other ABS ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 38

 39 Other ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

 40 Finance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

 41 REITs ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 41

 42 Brokers and dealers ND -0.1 0.0 0.0 0.2 -0.1 0.0 0.1 -0.0 0.1 42

 43 Holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 43

 44 Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44

 45 Rest of the world (4) ND -0.3 0.1 -0.0 0.1 -0.0 0.0 0.0 0.0 0.0 45

 46 MBS and other ABS ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 46

 47 Other ND -0.3 0.1 -0.0 0.1 -0.0 0.0 0.0 0.0 0.0 47

(1) Net issuance less net acquisition of corporate bonds held as assets.

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

(3) For some sectors, purchases of MBS and other ABS are shown separately. MBS and other ABS include privately issued mortgage-backed securities and other privately

 issued asset-backed bonds.

(4) Net purchases of U.S. issues by foreign residents.
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Historical Annuals, 1945-1954, March 10, 2016 53

F.214 Loans (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 By instrument

 1 Total loans ND 14.5 18.3 14.2 9.3 22.7 17.2 18.4 13.8 15.5 1

 2 Depository institution loans n.e.c. ND 3.5 3.4 2.0 -1.3 5.7 5.1 2.8 -0.9 0.8 2

 3 Other loans and advances ND 1.8 4.2 1.8 1.1 2.2 1.3 1.4 0.8 1.2 3

 4 Mortgages ND 6.2 7.2 7.4 6.5 10.2 9.4 9.0 9.8 12.2 4

 5 Home ND 4.4 5.2 5.2 4.3 7.6 6.4 6.7 7.5 9.4 5

 6 Multifamily residential ND 0.3 0.5 0.9 1.2 1.5 1.3 0.8 0.6 0.5 6

 7 Commercial ND 1.3 1.3 1.1 0.7 0.6 1.0 0.9 1.2 1.7 7

 8 Farm ND 0.1 0.2 0.2 0.3 0.5 0.6 0.6 0.5 0.5 8

 9 Consumer credit ND 3.0 3.5 3.0 3.0 4.6 1.4 5.2 4.1 1.3 9

 By sector

 10 Total liabilities ND 14.5 18.3 14.2 9.3 22.7 17.2 18.4 13.8 15.5 10

 11 Domestic nonfinancial sectors ND 12.8 14.7 11.7 8.2 20.9 17.1 16.5 13.4 14.4 11

 12 Household sector ND 6.6 8.8 8.5 8.2 13.3 8.5 12.2 12.6 12.2 12

 13 Nonfinancial corporate business ND 4.3 4.1 1.8 -1.3 4.4 5.1 1.5 0.3 -0.1 13

 14 Nonfinancial noncorporate business ND 1.9 1.7 1.3 1.4 3.1 3.3 2.5 0.9 2.6 14

 15 Federal government ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 State and local governments ND -0.0 0.0 0.1 -0.1 0.1 0.3 0.3 -0.4 -0.3 16

 17 Domestic financial sectors ND -1.0 -0.4 1.1 0.9 1.9 -0.3 1.4 0.3 0.8 17

 18 U.S.-chartered depository institutions ND 0.1 0.1 0.1 -0.1 0.4 0.1 -0.0 0.1 -0.1 18

 19 Credit unions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Property-casualty insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Life insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Government-sponsored enterprises ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Finance companies ND 0.5 0.3 0.6 0.5 1.2 -0.1 1.1 -0.2 -0.1 23

 24 REITs ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Brokers and dealers ND -1.6 -0.8 0.5 0.5 0.4 -0.3 0.4 0.4 1.0 25

 26 Holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 Rest of the world ND 2.7 4.0 1.3 0.2 -0.1 0.4 0.4 0.1 0.3 28

 29 Total assets ND 14.5 18.3 14.2 9.3 22.7 17.2 18.4 13.8 15.5 29

 30 Domestic nonfinancial sectors ND 4.2 6.2 3.5 2.8 3.0 2.9 3.5 2.0 1.6 30

 31 Household sector ND 1.6 1.3 1.2 0.8 1.0 0.9 0.5 1.0 1.5 31

 32 Nonfinancial corporate business ND 0.5 0.8 0.8 0.6 1.1 0.6 -0.2 0.3 0.3 32

 33 Nonfinancial noncorporate business ND 0.1 0.1 0.1 0.1 0.2 0.1 1.4 0.1 0.0 33

 34 Federal government ND 2.0 4.0 1.4 1.3 0.7 1.2 1.6 0.6 -0.3 34

 35 State and local governments ND 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 35

 36 Domestic financial sectors ND 10.3 12.1 10.6 6.5 19.7 14.4 14.9 11.8 13.9 36

 37 Monetary authority ND 0.1 -0.1 0.1 -0.1 -0.1 0.0 0.0 -0.0 0.1 37

 38 U.S.-chartered depository institutions ND 9.5 9.5 6.8 2.8 13.5 9.9 10.1 7.0 8.8 38

 39 Foreign banking offices in U.S. ND 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.2 39

 40 Banks in U.S.-affiliated areas ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

 41 Credit unions ND 0.1 0.1 0.1 0.1 0.2 0.1 0.2 0.3 0.2 41

 42 Property-casualty insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42

 43 Life insurance companies ND 0.5 1.6 2.3 2.3 3.4 3.4 2.1 2.3 2.9 43

 44 Private pension funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44

 45 State and local govt. retirement funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 45

 46 Mutual funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 46

 47 Government-sponsored enterprises ND 0.1 0.2 0.2 -0.0 0.5 0.4 0.1 -0.0 0.1 47

 48 Agency- and GSE-backed mortgage pools ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 48

 49 ABS issuers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 49

 50 Finance companies ND 0.6 0.7 0.9 0.9 1.4 0.4 2.1 1.7 0.7 50

 51 REITs ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 51

 52 Brokers and dealers ND -0.7 0.0 -0.0 0.4 0.5 -0.1 0.1 0.4 0.8 52

 53 Holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 53

 54 Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54

 55 Rest of the world ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 55

(1) Sum of depository institution loans not elsewhere classified, other loans and advances, total mortgages, and consumer credit.
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54 Historical Annuals, 1945-1954, March 10, 2016

F.215 Depository Institution Loans Not Elsewhere Classified (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Net change in liabilities ND 3.5 3.4 2.0 -1.3 5.7 5.1 2.8 -0.9 0.8 1

 2 Household sector ND -0.1 -0.0 0.0 0.0 0.1 0.2 -0.1 0.1 0.2 2

 3 Corporate business ND 3.7 3.1 0.7 -1.9 3.7 4.2 0.8 -0.6 -0.7 3

 4 Noncorporate business ND 0.8 0.6 0.0 -0.1 0.9 0.8 0.4 -0.5 0.2 4

 5 Domestic financial sectors ND -1.2 -0.4 1.1 1.0 1.3 -0.3 1.7 0.2 0.6 5

 6 Finance companies ND 0.5 0.3 0.6 0.5 1.2 -0.1 1.1 -0.2 -0.1 6

 7 REITs ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Brokers and dealers ND -1.6 -0.7 0.5 0.5 0.1 -0.2 0.6 0.4 0.7 8

 9 Holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Rest of the world ND 0.3 0.2 0.2 -0.3 -0.3 0.2 0.0 -0.1 0.5 11

 12 Foreign official institutions ND 0.0 0.1 -0.0 -0.0 0.1 0.2 -0.0 -0.1 0.2 12

 13 Foreign banks ND 0.3 -0.1 0.2 -0.3 -0.0 0.1 -0.1 -0.0 0.2 13

 14 Other foreign ND -0.0 0.2 0.0 -0.0 -0.3 -0.1 0.2 -0.1 0.1 14

 15 Net change in assets ND 3.5 3.4 2.0 -1.3 5.7 5.1 2.8 -0.9 0.8 15

 16 Monetary authority (2) ND 0.1 -0.1 0.1 -0.1 -0.1 0.0 0.0 -0.0 0.1 16

 17 U.S.-chartered depository institutions ND 3.4 3.5 1.8 -1.3 5.7 5.0 2.6 -1.0 0.5 17

 18 Foreign banking offices in U.S. ND 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.1 18

 19 Banks in U.S.-affiliated areas ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Credit unions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

(1) Excludes depository institution lending in the form of open market paper, mortgages, and consumer credit which are shown on other instrument tables.

(2) Loans from Federal Reserve banks to the household, rest of the world, broker and dealer, and funding corporation sectors. See loan details on table F.109.
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F.216 Other Loans and Advances

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total other loans and advances ND 1.8 4.2 1.8 1.1 2.2 1.3 1.4 0.8 1.2 1

 2 U.S. government loans ND 2.3 4.1 1.3 0.8 0.4 0.7 1.0 0.2 -0.4 2

 3 Liab.: Household sector ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Nonfinancial corporate business ND -0.2 0.0 -0.0 0.1 -0.0 0.0 0.0 0.0 -0.1 4

 5 Nonfinancial noncorporate business ND 0.1 0.2 0.2 0.3 0.2 0.2 0.2 0.3 0.3 5

 6 State and local governments ND -0.0 0.0 0.1 -0.1 0.1 0.3 0.3 -0.4 -0.3 6

 7 Government-sponsored enterprises ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Finance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Rest of the world ND 2.4 3.8 1.1 0.5 0.1 0.2 0.4 0.2 -0.2 10

 11 Foreign loans to U.S. corporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Liab.: Nonfinancial corporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 Customers’ liability on acceptances outstanding

 13 Asset: U.S.-chartered depository institutions ND 0.1 0.0 -0.0 0.0 0.1 0.1 0.0 0.1 0.2 13

 14 Foreign banking offices in U.S. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 14

 15 Liab.: Nonfinancial corporate business ND 0.1 -0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.2 15

 16 Rest of the world ND 0.0 0.0 -0.0 -0.0 0.1 0.1 -0.0 0.0 0.1 16

 17 Holding company loans ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Liab.: Nonfinancial corporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Rest of the world ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Policy loans (Household liability) ND -0.1 0.0 0.1 0.2 0.2 0.2 0.1 0.2 0.2 20

 21 Asset: Federal government ND -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Life insurance companies ND -0.1 0.0 0.1 0.2 0.2 0.2 0.1 0.2 0.2 22

 23 Federal Home Loan Banks advances (1) ND 0.1 0.1 0.1 -0.1 0.4 0.1 -0.0 0.1 -0.1 23

 24 Liab.: U.S.-chartered depository institutions ND 0.1 0.1 0.1 -0.1 0.4 0.1 -0.0 0.1 -0.1 24

 25 Credit unions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Property-casualty insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Life insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 Finance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 Real estate investment trusts ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Govt.-sponsored enterprises loans (2) ND 0.1 0.2 0.2 0.0 0.1 0.2 0.0 -0.2 0.0 30

 31 Liab.: Household sector (SLMA) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 Nonfinancial corporate business (FCS) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 32

 33 Nonfinancial noncorporate business (FCS) ND 0.1 0.2 0.2 0.0 0.1 0.2 0.0 -0.2 0.0 33

 34 U.S.-chartered depository inst. (SLMA) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34

 35 Securitized loans held by ABS issuers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

 36 Liab.: Nonfinancial corporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

 37 Finance company loans to business ND -0.1 -0.2 0.1 -0.2 0.2 0.2 0.4 0.1 0.0 37

 38 Liab.: Nonfinancial corporate business ND -0.0 -0.2 0.1 -0.2 0.2 0.2 0.4 0.1 0.0 38

 39 Nonfinancial noncorporate business ND -0.0 -0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 39

 40 Margin accounts at brokers and dealers ND -0.7 0.0 -0.0 0.4 0.5 -0.1 0.1 0.4 0.8 40

 41 Liab.: Household sector ND -0.7 0.0 -0.0 0.4 0.5 -0.1 0.1 0.4 0.8 41

 42 Cash accounts at brokers and dealers ND 0.0 -0.1 -0.0 0.0 0.3 -0.1 -0.2 -0.0 0.3 42

 43 Asset: Household sector ND 0.0 -0.1 -0.0 0.0 0.3 -0.1 -0.2 -0.0 0.3 43

 44 Loans to nonfinancial corporate business (3) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44

 45 Asset: Household sector ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 45

 46 Life insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 46

 47 Mutual funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47

 48 ABS issuers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 48

 49 Brokers and dealers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 49

 50 Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 50

(1) The Federal Home Loan Banks are included in the government-sponsored enterprises sector. Finance companies and real estate investment trusts receive advances through

 affiliated captive insurance companies.

(2) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Federal Home Loan Bank advances are shown separately on line 23.

(3) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere.
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56 Historical Annuals, 1945-1954, March 10, 2016

F.217 Total Mortgages (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Net change in mortgages ND 6.2 7.2 7.4 6.5 10.2 9.4 9.0 9.8 12.2 1

 2 Home ND 4.4 5.2 5.2 4.3 7.6 6.4 6.7 7.5 9.4 2

 3 Multifamily residential ND 0.3 0.5 0.9 1.2 1.5 1.3 0.8 0.6 0.5 3

 4 Commercial ND 1.3 1.3 1.1 0.7 0.6 1.0 0.9 1.2 1.7 4

 5 Farm ND 0.1 0.2 0.2 0.3 0.5 0.6 0.6 0.5 0.5 5

 6 Net borrowing ND 6.2 7.2 7.4 6.5 10.2 9.4 9.0 9.8 12.2 6

 7 Household sector ND 4.5 5.3 5.4 4.6 7.9 6.7 7.0 7.8 9.6 7

 8 Nonfinancial business ND 1.7 1.9 2.0 1.9 2.3 2.6 2.1 2.0 2.5 8

 9 Corporate ND 0.8 1.2 1.0 0.6 0.5 0.6 0.2 0.7 0.5 9

 10 Noncorporate ND 0.9 0.7 1.0 1.2 1.8 2.0 1.8 1.3 2.0 10

 11 Federal government ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 REITs ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Net change in assets ND 6.2 7.2 7.4 6.5 10.2 9.4 9.0 9.8 12.2 13

 14 Household sector ND 1.5 1.4 1.2 0.7 0.7 0.9 0.7 1.0 1.1 14

 15 Nonfinancial corporate business ND 0.0 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 15

 16 Nonfinancial noncorporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Federal government ND -0.3 -0.1 0.0 0.5 0.3 0.5 0.6 0.4 0.1 17

 18 State and local governments ND 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 18

 19 U.S.-chartered depository institutions ND 4.3 4.2 3.8 2.9 5.5 4.6 5.3 6.1 7.7 19

 20 Foreign banking offices in U.S. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Banks in U.S.-affiliated areas ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Credit unions ND 0.0 0.1 0.1 0.0 0.1 0.0 -0.0 -0.0 0.0 22

 23 Property-casualty insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Life insurance companies ND 0.5 1.5 2.2 2.1 3.2 3.2 1.9 2.1 2.7 24

 25 Private pension funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 State and local govt. retirement funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 26

 27 Government-sponsored enterprises (1) ND -0.1 -0.1 -0.0 0.0 0.0 0.1 0.1 0.1 0.1 27

 28 Agency- and GSE-backed mortgage pools ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 ABS issuers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Finance companies ND 0.1 0.1 -0.0 0.1 0.2 -0.1 0.2 0.0 0.2 30

 31 REITs ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

(1) Sum of home mortgages, multifamily residential mortgages, commercial mortgages, and farm mortgages.
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Historical Annuals, 1945-1954, March 10, 2016 57

F.218 Home Mortgages (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Net borrowing ND 4.4 5.2 5.2 4.3 7.6 6.4 6.7 7.5 9.4 1

 2 Household sector ND 4.4 5.2 5.2 4.3 7.6 6.4 6.7 7.5 9.4 2

 3 Nonfinancial corporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Nonfinancial noncorporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Net change in assets ND 4.4 5.2 5.2 4.3 7.6 6.4 6.7 7.5 9.4 5

 6 Household sector ND 0.8 0.6 0.5 0.2 0.2 0.3 0.0 0.3 0.2 6

 7 Nonfinancial corporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Nonfinancial noncorporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Federal government ND -0.2 -0.0 0.1 0.5 0.3 0.5 0.5 0.2 0.0 9

 10 State and local governments ND 0.0 0.0 0.1 0.1 0.0 0.1 0.1 0.1 0.1 10

 11 U.S.-chartered depository institutions ND 3.4 3.5 2.9 2.3 4.4 3.5 4.7 5.4 6.9 11

 12 Foreign banking offices in U.S. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Banks in U.S.-affiliated areas ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Credit unions ND 0.0 0.1 0.1 0.0 0.1 0.0 -0.0 -0.0 0.0 14

 15 Life insurance companies ND 0.2 1.0 1.4 1.2 2.4 2.1 1.1 1.4 2.0 15

 16 Private pension funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 State and local govt. retirement funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Government-sponsored enterprises ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Agency- and GSE-backed mortgage pools ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 ABS issuers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Finance companies ND 0.1 0.1 -0.0 0.1 0.1 -0.1 0.2 0.0 0.2 21

 22 REITs ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 Memo:

 23 Charge-offs (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Home equity loans included above (3) ND ND ND ND ND ND ND ND ND ND 24

 25 U.S.-chartered depository institutions ND ND ND ND ND ND ND ND ND ND 25

 26 Foreign banking offices in U.S. ND ND ND ND ND ND ND ND ND ND 26

 27 Credit unions ND ND ND ND ND ND ND ND ND ND 27

 28 ABS issuers ND ND ND ND ND ND ND ND ND ND 28

 29 Finance companies ND ND ND ND ND ND ND ND ND ND 29

(1) Mortgages on 1-4 family properties including mortgages on farm houses.

(2) Charge-offs are excluded from the flow (line 1) and are accounted for as other changes in volume. Quarterly figures are shown at an unadjusted quarterly rate. Data begin 2007:Q1.

(3) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals. Home equity loans

 held by U.S.-chartered depository institutions exclude charge-offs.

F.219 Multifamily Residential Mortgages

Billions of dollars

 1 Net borrowing ND 0.3 0.5 0.9 1.2 1.5 1.3 0.8 0.6 0.5 1

 2 Nonfinancial corporate business ND 0.0 0.0 0.0 0.1 0.1 0.1 0.0 0.0 0.0 2

 3 Nonfinancial noncorporate business ND 0.3 0.5 0.8 1.1 1.4 1.3 0.8 0.6 0.5 3

 4 Federal government ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 REITs ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Net change in assets ND 0.3 0.5 0.9 1.2 1.5 1.3 0.8 0.6 0.5 6

 7 Household sector ND 0.1 0.2 0.2 0.3 0.3 0.3 0.3 0.2 0.3 7

 8 Nonfinancial corporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Nonfinancial noncorporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Federal government ND -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 10

 11 State and local governments ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 U.S.-chartered depository institutions ND 0.1 0.2 0.3 0.3 0.8 0.6 0.2 0.2 0.1 12

 13 Foreign banking offices in U.S. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Life insurance companies ND 0.1 0.1 0.3 0.5 0.3 0.4 0.3 0.1 0.0 14

 15 Private pension funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 State and local govt. retirement funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Government-sponsored enterprises ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Agency- and GSE-backed mortgage pools ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 ABS issuers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Finance companies ND 0.0 0.0 -0.0 0.0 0.0 -0.0 0.0 -0.0 0.0 20

 21 REITs ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21
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58 Historical Annuals, 1945-1954, March 10, 2016

F.220 Commercial Mortgages

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Net borrowing ND 1.3 1.3 1.1 0.7 0.6 1.0 0.9 1.2 1.7 1

 2 Household sector ND 0.1 0.1 0.2 0.2 0.3 0.3 0.3 0.3 0.3 2

 3 Nonfinancial corporate business ND 0.8 1.1 1.0 0.6 0.4 0.5 0.2 0.6 0.4 3

 4 Nonfinancial noncorporate business ND 0.4 0.1 -0.1 -0.2 -0.0 0.2 0.5 0.2 1.0 4

 5 REITs ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Net change in assets ND 1.3 1.3 1.1 0.7 0.6 1.0 0.9 1.2 1.7 6

 7 Household sector ND 0.5 0.5 0.3 0.1 0.0 0.1 0.2 0.3 0.6 7

 8 Nonfinancial corporate business ND 0.0 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 8

 9 Nonfinancial noncorporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Federal government ND -0.0 -0.0 0.0 -0.0 0.0 0.0 0.0 0.0 -0.0 10

 11 State and local governments ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 U.S.-chartered depository institutions ND 0.6 0.4 0.4 0.2 0.3 0.4 0.3 0.5 0.7 12

 13 Foreign banking offices in U.S. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Banks in U.S.-affiliated areas ND 0.0 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 14

 15 Property-casualty insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Life insurance companies ND 0.2 0.4 0.3 0.3 0.3 0.5 0.4 0.4 0.5 16

 17 Private pension funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 State and local govt. retirement funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Agency- and GSE-backed mortgage pools ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 ABS issuers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Finance companies ND 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 21

 22 REITs ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

F.221 Farm Mortgages (1)

Billions of dollars

 1 Net borrowing ND 0.1 0.2 0.2 0.3 0.5 0.6 0.6 0.5 0.5 1

 2 Nonfinancial corporate business ND 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Nonfinancial noncorporate business ND 0.1 0.1 0.2 0.3 0.5 0.6 0.6 0.5 0.5 3

 4 Net change in assets ND 0.1 0.2 0.2 0.3 0.5 0.6 0.6 0.5 0.5 4

 5 Household sector ND 0.1 0.1 0.1 0.1 0.2 0.3 0.2 0.2 0.1 5

 6 Nonfinancial noncorporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Federal government ND -0.1 -0.1 -0.0 -0.0 0.0 -0.0 0.1 0.0 0.0 7

 8 State and local governments ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 U.S.-chartered depository institutions ND 0.2 0.1 0.1 0.0 0.1 0.0 0.1 0.0 0.1 9

 10 Foreign banking offices in U.S. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Life insurance companies ND 0.0 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 11

 12 State and local govt. retirement funds ND -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Government-sponsored enterprises ND -0.1 -0.1 -0.0 0.0 0.0 0.1 0.1 0.1 0.1 13

 14 Agency- and GSE-backed mortgage pools ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

(1) Excludes mortgages on farm houses.
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Historical Annuals, 1945-1954, March 10, 2016 59

F.222 Consumer Credit

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Net change in liabilities (Households) ND 3.0 3.5 3.0 3.0 4.6 1.4 5.2 4.1 1.3 1

 2 Net change in assets ND 3.0 3.5 3.0 3.0 4.6 1.4 5.2 4.1 1.3 2

 3 Households (nonprofit organizations) (1) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Nonfinancial corporate business ND 0.5 0.8 0.8 0.6 1.1 0.6 -0.2 0.3 0.3 4

 5 Nonfinancial noncorporate business ND 0.1 0.1 0.1 0.1 0.2 0.1 1.4 0.1 0.0 5

 6 Federal government (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 U.S.-chartered depository institutions ND 1.8 1.7 1.3 1.2 2.2 0.3 2.2 1.8 0.4 7

 8 Credit unions ND 0.0 0.0 0.0 0.1 0.1 0.1 0.3 0.3 0.2 8

 9 Government-sponsored enterprises ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 ABS issuers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Finance companies ND 0.6 0.9 0.8 1.1 1.0 0.3 1.5 1.6 0.4 11

 Memo:

 12 Credit card loans (3) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Auto loans ND 0.5 0.9 1.1 1.5 1.5 -0.1 1.7 2.1 0.1 13

 14 Student loans (4) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Other consumer credit (5) ND 2.5 2.6 2.0 1.5 3.0 1.5 3.5 2.0 1.3 15

(1) Student loans originated under the Federal Family Education Loan Program.

(2) Includes loans originated by the Department of Education under the Federal Direct Loan Program and Perkins Loans, as well as Federal Family Education Loan Program

 loans that the government purchased from depository institutions, finance companies, and nonprofit and educational institutions, and loans in default.

(3) Revolving credit that also includes overdraft plans on checking accounts and other loans without a fixed repayment schedule.

(4) Includes student loans held by nonprofit organizations (line 3), the federal government (line 6), depository institutions (part of lines 7 and 8), and

 finance companies (part of line 11). Data begin in 2006:Q1.

(5) Includes student loans before 2006:Q1.
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60 Historical Annuals, 1945-1954, March 10, 2016

F.223 Corporate Equities (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Net issues ND 1.2 1.5 1.1 1.5 1.5 2.3 2.6 2.5 1.6 1

 2 Nonfinancial corporate business ND 1.0 1.1 1.0 1.2 1.3 2.1 2.3 1.8 1.6 2

 3 Domestic financial sectors ND 0.1 0.4 0.2 0.3 0.4 0.4 0.3 0.6 -0.3 3

 4 U.S.-chartered depository institutions ND 0.1 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.2 4

 5 Property-casualty insurance companies ND 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.1 0.1 5

 6 Life insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Closed-end funds ND 0.0 0.3 0.1 0.3 0.3 0.2 0.1 0.4 -0.6 7

 8 Exchange-traded funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 REITs ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Government-sponsored enterprises ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Brokers and dealers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Funding corporations (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Rest of the world (3) ND 0.1 0.0 -0.1 -0.0 -0.2 -0.2 0.0 0.1 0.3 14

 15 Net purchases ND 1.2 1.5 1.1 1.5 1.5 2.3 2.6 2.5 1.6 15

 16 Household sector ND 1.0 1.1 0.9 0.6 0.8 1.5 0.8 0.6 -0.0 16

 17 Federal government ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 State and local governments ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Monetary authority ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 U.S.-chartered depository institutions ND 0.0 -0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 20

 21 Foreign banking offices in U.S. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Property-casualty insurance companies ND -0.0 0.0 0.1 0.1 0.1 0.1 0.2 0.2 0.2 22

 23 Life insurance companies ND 0.3 0.2 0.0 0.2 0.3 0.1 0.2 0.1 0.3 23

 24 Private pension funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.6 0.8 1.0 24

 25 Federal government retirement funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 State and local govt. retirement funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Mutual funds ND 0.1 0.2 0.1 0.2 0.1 0.2 0.4 0.4 0.3 27

 28 Closed-end funds ND 0.0 0.2 0.1 0.2 0.2 0.2 0.0 0.4 -0.6 28

 29 Exchange-traded funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Brokers and dealers ND -0.1 0.0 0.0 0.2 -0.1 0.0 -0.0 0.0 -0.1 30

 31 Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 Rest of the world (4) ND -0.1 -0.2 -0.1 -0.0 0.0 0.1 0.3 -0.1 0.5 32

(1) Excludes mutual fund shares shown on table F.224.

(2) Preferred shares issued by AIG to the federal goverment under the TARP program and the monetary authority sector’s preferred interest in AIA Aurora LLC and ALICO Holdings LLC.

(3) Net purchases of foreign corporate equities and investment fund shares by U.S. residents; includes American Depositary Receipts (ADRs).

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

F.224 Mutual Fund Shares (1)

Billions of dollars

 1 Net issues ND 0.2 0.2 0.1 0.3 0.2 0.3 0.5 0.4 0.4 1

 2 Net purchases ND 0.2 0.2 0.1 0.3 0.2 0.3 0.5 0.4 0.4 2

 3 Household sector ND 0.2 0.2 0.1 0.3 0.2 0.3 0.5 0.4 0.4 3

 4 Nonfinancial corporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 State and local governments ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 U.S.-chartered depository institutions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Credit unions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Property-casualty insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Life insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Private pension funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 State and local govt. retirement funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Rest of the world ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

(1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities.
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Historical Annuals, 1945-1954, March 10, 2016 61

F.225 Trade Credit

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Net change in trade payables ND 6.1 3.8 3.0 0.2 10.5 1.8 2.1 0.5 4.3 1

 2 Household sector ND 0.2 0.1 0.1 0.0 0.1 0.1 0.1 0.1 0.1 2

 3 Nonfinancial corporate business ND 6.4 3.4 1.6 -0.3 8.0 -0.4 0.8 -0.3 2.0 3

 4 Nonfinancial noncorporate business ND 1.5 1.0 1.1 0.3 1.3 0.3 0.6 0.4 1.7 4

 5 Federal government ND -2.0 -0.7 0.0 0.0 1.1 1.6 0.1 -0.2 -0.2 5

 6 State and local governments ND 0.1 -0.1 0.1 0.2 0.1 0.1 0.5 0.5 0.6 6

 7 Brokers and dealers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 7

 8 Rest of the world ND -0.0 0.1 0.0 -0.0 -0.0 0.0 0.0 -0.0 0.1 8

 9 Net change in trade receivables ND 3.2 5.5 2.2 -0.9 12.0 4.5 5.9 -0.5 3.8 9

 10 Nonfinancial corporate business ND 2.8 5.0 2.0 -1.0 9.9 3.4 3.9 -0.8 3.4 10

 11 Nonfinancial noncorporate business ND 1.0 0.3 0.1 0.1 1.1 -0.1 0.9 0.4 -0.1 11

 12 Federal government ND -0.8 -0.1 0.0 0.0 0.4 0.9 1.0 -0.0 0.2 12

 13 State and local governments ND 0.1 0.2 0.1 -0.0 0.5 0.2 0.1 0.0 0.2 13

 14 Property-casualty insurance companies ND 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.1 14

 15 ABS issuers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Rest of the world ND 0.0 -0.0 -0.1 -0.0 0.0 0.0 0.0 -0.1 -0.0 16

 17 Discrepancy ND 2.9 -1.7 0.8 1.1 -1.4 -2.8 -3.8 1.0 0.6 17

F.226 Life Insurance Reserves

Billions of dollars

 1 Net change in liabilities ND 3.8 3.2 2.8 2.8 2.9 2.7 2.9 3.0 2.7 1

 2 Federal government ND 1.2 0.6 0.2 0.1 0.3 0.2 0.0 0.1 -0.3 2

 3 Life insurance companies ND 2.6 2.5 2.6 2.7 2.6 2.6 2.8 2.9 3.0 3

 4 Net change in assets ND 3.8 3.2 2.8 2.8 2.9 2.7 2.9 3.0 2.7 4

 5 Households ND 3.8 3.2 2.8 2.8 2.9 2.7 2.9 3.0 2.7 5

 6 U.S.-chartered depository institutions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7
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62 Historical Annuals, 1945-1954, March 10, 2016

F.227 Pension Entitlements

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Net change in liabilities ND 6.6 6.6 6.9 7.4 7.8 13.7 15.4 16.4 15.9 1

 2 Life insurance companies (1) ND 0.4 0.5 0.6 0.6 0.8 1.0 1.1 1.1 1.2 2

 3 Private pension funds (2) ND 1.4 1.5 1.4 1.3 0.6 4.6 5.0 5.6 4.7 3

 4 Federal government retirement funds (3) ND 3.9 3.4 3.6 4.0 4.7 6.3 7.2 7.4 7.5 4

 5 State and local govt. retirement funds ND 0.9 1.1 1.4 1.6 1.7 1.9 2.1 2.3 2.5 5

 6 Net change in assets (Households) (4) ND 6.6 6.6 6.9 7.4 7.8 13.7 15.4 16.4 15.9 6

 Memo:

 7 Individual Retirement Accounts (IRAs) at: (5) ND ND ND ND ND ND ND ND ND ND 7

 8 U.S.-chartered depository institutions ND ND ND ND ND ND ND ND ND ND 8

 9 Credit unions ND ND ND ND ND ND ND ND ND ND 9

 10 Life insurance companies ND ND ND ND ND ND ND ND ND ND 10

 11 Money market mutual funds ND ND ND ND ND ND ND ND ND ND 11

 12 Mutual funds ND ND ND ND ND ND ND ND ND ND 12

 13 Other self-directed accounts ND ND ND ND ND ND ND ND ND ND 13

(1) Annuities, including those in IRAs.

(2) Includes unallocated insurance company contracts beginning 1985:Q4.

(3) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds.

(4) Excludes all individual retirement accounts (IRAs), except those at life insurance companies.

(5) Assets of the household sector (F.101). Figures for depositories (lines 8 and 9) include Keogh accounts. Variable annuities in IRAs are included in the life insurance sector (line 10)

 and excluded from the money market mutual fund and mutual fund sectors (lines 11 and 12).

F.228 Taxes Payable by Businesses

Billions of dollars

 1 Net change in taxes payable by all ND -1.9 2.1 0.9 -2.1 7.4 4.7 -2.8 1.1 -3.5 1

 businesses

 2 Nonfinancial corporate business ND -2.0 2.2 0.8 -2.3 7.3 4.5 -3.2 0.6 -3.2 2

 3 Nonfinancial noncorporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 U.S.-chartered depository institutions ND 0.0 -0.1 0.0 0.0 0.1 0.2 0.2 0.2 -0.0 4

 5 Property-casualty insurance companies ND -0.0 0.0 0.1 0.1 -0.1 -0.0 0.1 0.1 -0.1 5

 6 Life insurance companies ND -0.0 -0.0 0.0 0.0 0.0 0.1 0.0 0.1 -0.0 6

 7 Finance companies ND 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.1 -0.1 7

 8 Brokers and dealers ND 0.0 -0.0 -0.0 0.0 0.0 -0.0 0.0 0.0 0.0 8

 9 Net change in business taxes receivable ND 5.8 9.6 8.2 5.2 15.6 13.7 6.0 10.6 6.0 9

 10 Federal government ND 5.8 9.6 8.2 5.2 15.6 13.7 6.0 10.7 6.0 10

 11 State and local governments ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 0.0 11

 12 Discrepancy ND -7.8 -7.5 -7.3 -7.3 -8.2 -9.0 -8.8 -9.5 -9.5 12

F.229 Proprietors’ Equity in Noncorporate Business

Billions of dollars

 1 Total household investment ND 0.6 0.1 4.8 1.4 2.1 1.7 2.5 2.9 -1.1 1

 2 Nonfinancial noncorporate business ND 0.6 0.1 4.8 1.4 2.1 1.7 2.5 2.9 -1.1 2

 3 Brokers and dealers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3
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Historical Annuals, 1945-1954, March 10, 2016 63

F.230 Direct Investment

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 U.S. direct investment abroad:

 1 Liab.: Rest of the world (1) ND 0.2 0.7 0.7 0.7 0.6 0.5 0.9 0.7 0.7 1

 2 Equity ND ND ND ND ND ND ND ND ND ND 2

 3 Equity (other than reinvested earnings) ND ND ND ND ND ND ND ND ND ND 3

 4 Reinvested earnings ND ND ND ND ND ND ND ND ND ND 4

 5 Of which: Current-cost adjustment ND ND ND ND ND ND ND ND ND ND 5

 6 Intercompany debt (2) ND ND ND ND ND ND ND ND ND ND 6

 7 U.S. parents’ claims ND ND ND ND ND ND ND ND ND ND 7

 8 Less: U.S. parents’ liabilities ND ND ND ND ND ND ND ND ND ND 8

 9 Asset: Nonfinancial corporate business ND 0.2 0.7 0.7 0.6 0.6 0.5 0.8 0.7 0.6 9

 10 Of which: Current-cost adjustment ND ND ND ND ND ND ND ND ND ND 10

 11 U.S.-chartered depository institutions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Property-casualty insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Life insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Finance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Brokers and dealers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 Foreign direct investment in U.S.:

 16 Liab.: Nonfinancial corporate business ND -0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 16

 17 Of which: Current-cost adjustment ND ND ND ND ND ND ND ND ND ND 17

 18 Nonfinancial noncorporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Foreign banking offices in U.S. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Property-casualty insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Life insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Finance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Brokers and dealers ND 0.0 0.0 -0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 23

 24 Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Asset: Rest of the world (1) ND -0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.2 0.1 25

 26 Equity ND ND ND ND ND ND ND ND ND ND 26

 27 Equity (other than reinvested earnings) ND ND ND ND ND ND ND ND ND ND 27

 28 Reinvested earnings ND ND ND ND ND ND ND ND ND ND 28

 29 Of which: Current-cost adjustment ND ND ND ND ND ND ND ND ND ND 29

 30 Intercompany debt ND ND ND ND ND ND ND ND ND ND 30

 31 U.S. affiliates’ liabilities ND ND ND ND ND ND ND ND ND ND 31

 32 Less: U.S. affiliates’ claims ND ND ND ND ND ND ND ND ND ND 32

 Memo:

 Direct investment, asset/liability presentation:

 33 Net U.S. acquisition of direct investment assets ND ND ND ND ND ND ND ND ND ND 33

 34 Equity (line 2) ND ND ND ND ND ND ND ND ND ND 34

 35 Intercompany debt ND ND ND ND ND ND ND ND ND ND 35

 36 U.S. parents’ claims (line 7) ND ND ND ND ND ND ND ND ND ND 36

 37 U.S. affiliates’ claims (line 32) ND ND ND ND ND ND ND ND ND ND 37

 38 Net U.S. incurrence of direct investment liabilities ND ND ND ND ND ND ND ND ND ND 38

 39 Equity (line 26) ND ND ND ND ND ND ND ND ND ND 39

 40 Intercompany debt ND ND ND ND ND ND ND ND ND ND 40

 41 U.S. parents’ liabilities (line 8) ND ND ND ND ND ND ND ND ND ND 41

 42 U.S. affiliates’ liabilities (line 31) ND ND ND ND ND ND ND ND ND ND 42

(1) Direct investment is valued on a current-cost basis and presented on a directional basis.

(2) Through 1992:Q4, U.S. direct investment abroad excludes net inflows from corporate bonds issued by Netherlands Antillean financial subsidiaries.
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64 Historical Annuals, 1945-1954, March 10, 2016

F.231 Total Miscellaneous Financial Claims

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Net change in liabilities ND 5.9 6.0 5.1 5.9 8.0 8.1 10.5 9.9 11.7 1

 2 Household sector ND 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2

 3 Nonfinancial corporate business ND 0.4 0.6 0.6 0.5 1.2 0.3 0.9 0.3 0.7 3

 4 Nonfinancial noncorporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Federal government ND 3.5 2.4 2.5 2.5 3.7 5.5 5.9 6.6 6.9 5

 6 State and local governments ND 0.6 0.8 0.9 1.0 1.0 1.1 1.1 1.0 1.0 6

 7 Monetary authority ND -0.1 0.2 -0.0 0.2 0.4 -0.4 0.1 0.0 -0.0 7

 8 U.S.-chartered depository institutions ND 0.4 0.1 0.1 0.2 0.5 0.1 0.4 0.1 0.6 8

 9 Foreign banking offices in U.S. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 -0.1 9

 10 Banks in U.S.-affiliated areas ND -0.0 -0.0 -0.0 -0.0 -0.0 0.0 -0.0 0.0 -0.0 10

 11 Credit unions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 11

 12 Property-casualty insurance companies ND 0.7 0.8 0.7 0.7 0.5 0.9 1.0 0.8 0.6 12

 13 Life insurance companies ND 0.3 0.4 0.3 0.4 0.3 0.4 0.6 0.5 0.7 13

 14 Government-sponsored enterprises ND -0.3 0.0 0.0 0.1 0.1 0.2 0.0 0.2 0.4 14

 15 Finance companies ND 0.2 0.2 -0.0 0.2 0.3 -0.1 0.5 0.2 0.7 15

 16 REITs ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Brokers and dealers ND -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.1 -0.0 -0.0 17

 18 Holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 -0.0 19

 20 Rest of the world ND 0.1 0.4 -0.1 0.2 0.0 0.0 -0.0 -0.0 0.1 20

 21 Net change in assets ND 3.8 6.6 6.1 7.1 7.5 12.6 13.5 13.9 13.8 21

 22 Household sector ND 0.8 0.5 0.4 0.4 0.3 0.6 0.7 0.6 0.4 22

 23 Nonfinancial corporate business ND -0.0 0.7 0.8 0.7 0.6 1.0 1.0 1.2 0.8 23

 24 Nonfinancial noncorporate business ND 0.2 0.2 0.2 0.2 0.1 0.2 0.3 0.3 0.3 24

 25 State and local governments ND 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.0 -0.1 25

 26 Federal government ND 0.1 0.4 -0.1 0.1 -0.0 -0.1 -0.0 -0.0 0.2 26

 27 Monetary authority ND -0.0 0.1 0.0 -0.0 0.0 0.0 0.0 -0.0 -0.0 27

 28 U.S.-chartered depository institutions ND -2.3 -0.4 -0.7 0.2 0.3 -0.2 0.6 0.4 1.1 28

 29 Foreign banking offices in U.S. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 0.0 29

 30 Banks in U.S.-affiliated areas ND 0.0 0.1 -0.0 0.0 0.0 0.0 0.0 -0.0 0.0 30

 31 Credit unions ND -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 31

 32 Property-casualty insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

 33 Life insurance companies ND -0.3 0.4 0.7 0.7 0.8 0.7 0.2 0.1 0.2 33

 34 Private pension funds ND 1.1 1.2 1.1 0.9 0.2 3.7 2.8 3.3 2.3 34

 35 Federal government retirement funds ND 3.5 2.6 2.8 2.9 3.9 5.6 6.2 6.9 7.1 35

 36 State and local govt. retirement funds ND 0.6 0.8 0.9 1.0 1.0 1.1 1.1 1.0 1.0 36

 37 Money market mutual funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 37

 38 Mutual funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 38

 39 Government-sponsored enterprises ND -0.0 -0.0 -0.0 0.0 0.0 -0.0 -0.0 0.1 0.1 39

 40 ABS issuers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

 41 Finance companies ND 0.1 0.1 -0.0 0.1 0.1 -0.1 0.2 0.0 0.2 41

 42 REITs ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42

 43 Brokers and dealers ND -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.1 -0.1 0.2 43

 44 Holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44

 45 Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 45

 46 Discrepancy ND 2.2 -0.6 -1.0 -1.2 0.5 -4.5 -3.0 -4.0 -2.1 46
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Historical Annuals, 1945-1954, March 10, 2016 65

F.232 Identified Miscellaneous Financial Claims - Part I

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 Federal government equity in IBRD, etc.:

 1 Liab.: Rest of the world 0.0 0.3 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Asset: Federal government 0.0 0.3 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 Federal Reserve Bank stock:

 3 Liab.: Monetary authority ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Asset: U.S.-chartered depository institutions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 Equity in govt.-sponsored enterprises:

 5 Liab.: Government-sponsored enterprises ND -0.1 -0.0 0.0 -0.0 0.0 0.0 0.0 0.1 0.1 5

 6 Asset: Nonfin. corporate business (Fannie Mae and FCS) ND -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Nonfinancial noncorporate (FCS) ND -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Federal government ND -0.1 -0.0 0.0 -0.0 -0.0 -0.1 0.0 0.0 0.1 8

 9 U.S.-chartered depository institutions (FHLB) ND 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.1 9

 10 Credit unions (FHLB) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Property-casualty insurance companies (FHLB) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Life insurance companies (FHLB) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Finance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Real estate investment trusts (FHLB) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 Holding company net transactions with subsidiaries:

 15 Liab.: U.S.-chartered depository institutions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Property-casualty insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Life insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Finance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Brokers and dealers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Rest of the world ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Asset: Holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 NFC investment in finance company subsidiaries:

 22 Liab.: Finance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Asset: Nonfinancial corporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 Funding corporations’ investment in subsidiaries:

 24 Liab.: Foreign banking offices in U.S. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Brokers and dealers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Asset: Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 Equity investment under Public-Private Inv. Program:

 27 Liab.: Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 Asset: Households (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 Federal government ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

(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.

(2) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP).
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66 Historical Annuals, 1945-1954, March 10, 2016

F.233 Identified Miscellaneous Financial Claims - Part II

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world ND -0.2 0.1 -0.1 0.2 0.0 0.0 -0.0 -0.0 0.1 1

 2 Asset: Federal government ND -0.2 0.1 -0.1 0.2 0.0 0.0 -0.0 -0.0 0.1 2

 3 Monetary authority (1) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 Postal Savings System deposits:

 4 Liab.: Federal government ND 0.4 0.1 -0.1 -0.1 -0.3 -0.2 -0.2 -0.2 -0.2 4

 5 Asset: Household sector ND 0.4 0.1 -0.1 -0.1 -0.3 -0.2 -0.2 -0.2 -0.2 5

 Deposits at Federal Home Loan Banks:

 6 Liab.: Government-sponsored enterprises ND 0.0 0.0 0.0 0.1 -0.0 0.0 0.2 0.1 0.2 6

 7 Asset: U.S.-chartered depository institutions ND 0.0 0.0 0.0 0.1 -0.0 0.0 0.2 0.1 0.2 7

 Funding agreements backing securities (2):

 8 Liab.: Life insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Asset: ABS issuers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 Deferred and unpaid life insurance premiums:

 10 Liab.: Household sector ND 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 10

 11 Asset: Life insurance companies ND 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 11

 Life insurance company reserves:

 12 Liab.: Life insurance companies ND 0.2 0.1 0.2 0.2 0.2 0.3 0.3 0.4 0.4 12

 13 Accident and health ND 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.0 13

 14 Policy dividend accumulation ND 0.2 0.1 0.1 0.2 0.2 0.2 0.2 0.3 0.3 14

 15 Contract claims ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Asset: Household sector ND 0.2 0.1 0.2 0.2 0.2 0.3 0.3 0.4 0.4 16

 Policy payables:

 17 Liab.: Property-casualty insurance companies ND 0.7 0.8 0.7 0.7 0.5 0.9 1.0 0.8 0.6 17

 18 Asset: Household sector ND 0.2 0.3 0.3 0.3 0.4 0.5 0.6 0.4 0.2 18

 19 Nonfinancial corporate business ND 0.3 0.3 0.2 0.2 0.0 0.1 0.1 0.1 0.1 19

 20 Nonfinancial noncorporate business ND 0.2 0.3 0.2 0.2 0.1 0.2 0.3 0.3 0.3 20

 Unallocated insurance company contracts:

 21 Liab.: Life insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Asset: Private pension funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 State and local government retirement funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 Pension fund contributions payable:

 24 Liab.: Nonfinancial corporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.0 0.0 24

 25 Asset: Private pension funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.0 0.0 25

 Securities borrowed (net):

 26 Liab.: Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Asset: Brokers and dealers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 Retiree health care funds (3):

 28 Liab.: Federal government ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 Asset: Household sector ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 Claims of pension fund on sponsor:

 30 Liab.: Nonfinancial corporate business ND 1.2 1.0 0.9 0.8 0.8 3.7 2.4 3.3 2.2 30

 31 Federal government ND 3.5 2.6 2.8 2.9 3.9 5.6 6.2 6.9 7.1 31

 32 State and local governments ND 0.6 0.8 0.9 1.0 1.0 1.1 1.1 1.0 1.0 32

 33 Asset: Private pension funds ND 1.2 1.0 0.9 0.8 0.8 3.7 2.4 3.3 2.2 33

 34 Federal government retirement funds ND 3.5 2.6 2.8 2.9 3.9 5.6 6.2 6.9 7.1 34

 35 State and local govt. retirement funds ND 0.6 0.8 0.9 1.0 1.0 1.1 1.1 1.0 1.0 35

(1) Reciprocal currency arrangements (swap lines) with foreign central banks.

(2) Equal to funding agreement-backed securities (FABS) issued by domestic issuers of asset-backed securities. Funding agreement-backed securities issued by foreign entities

 are included in foreign direct investment in the U.S. See tables F.132 and F.230.

(3) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund.
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Historical Annuals, 1945-1954, March 10, 2016 67

F.234 Unidentified Miscellaneous Financial Claims

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Net change in liabilities ND -0.8 0.0 -0.4 0.0 1.6 -3.4 -0.8 -2.6 0.0 1

 2 Nonfinancial corporate business ND -0.7 -0.5 -0.3 -0.3 0.4 -3.4 -1.7 -3.0 -1.5 2

 3 Nonfinancial noncorporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Federal government ND -0.4 -0.4 -0.2 -0.3 0.0 0.2 -0.2 -0.0 0.0 4

 5 Monetary authority ND -0.1 0.2 -0.0 0.2 0.3 -0.4 0.1 0.0 -0.0 5

 6 U.S.-chartered depository institutions ND 0.4 0.1 0.1 0.2 0.5 0.1 0.4 0.1 0.6 6

 7 Foreign banking offices in U.S. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 -0.1 7

 8 Banks in U.S.-affiliated areas ND -0.0 -0.0 -0.0 -0.0 -0.0 0.0 -0.0 0.0 -0.0 8

 9 Credit unions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 9

 10 Life insurance companies ND 0.1 0.3 0.1 0.2 0.0 0.1 0.3 0.1 0.3 10

 11 Government-sponsored enterprises ND -0.2 0.0 -0.0 -0.1 0.1 0.1 -0.2 0.0 0.0 11

 12 Finance companies ND 0.2 0.2 -0.0 0.2 0.3 -0.1 0.5 0.2 0.7 12

 13 REITs ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Brokers and dealers ND -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.1 -0.0 -0.0 14

 15 Holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 -0.0 16

 17 Net change in assets ND -3.0 0.6 0.7 1.2 1.1 1.1 2.3 1.4 2.1 17

 18 Nonfinancial corporate business ND -0.3 0.4 0.6 0.5 0.5 0.8 0.9 1.1 0.7 18

 19 Nonfinancial noncorporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Federal government ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 State and local governments ND 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.0 -0.1 21

 22 Monetary authority ND -0.0 0.1 0.0 -0.0 0.0 0.0 0.0 -0.0 -0.0 22

 23 U.S.-chartered depository institutions ND -2.3 -0.4 -0.8 -0.0 0.3 -0.3 0.4 0.2 0.7 23

 24 Foreign banking offices in U.S. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 0.0 24

 25 Banks in U.S.-affiliated areas ND 0.0 0.1 -0.0 0.0 0.0 0.0 0.0 -0.0 0.0 25

 26 Credit unions ND -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 26

 27 Life insurance companies ND -0.4 0.4 0.7 0.6 0.7 0.7 0.1 0.0 0.1 27

 28 Private pension funds ND -0.1 0.2 0.2 0.1 -0.6 0.0 0.2 0.0 0.0 28

 29 State and local govt. retirement funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Money market mutual funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

 31 Mutual funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 Government-sponsored enterprises ND -0.0 -0.0 -0.0 0.0 0.0 -0.0 -0.0 0.1 0.1 32

 33 Finance companies ND 0.1 0.1 -0.0 0.1 0.1 -0.1 0.2 0.0 0.2 33

 34 REITs ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34

 35 Brokers and dealers ND -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.1 -0.1 0.2 35

 36 Holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

 37 Discrepancy ND 2.2 -0.6 -1.0 -1.2 0.5 -4.5 -3.0 -4.0 -2.1 37
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68 Historical Annuals, 1945-1954, March 10, 2016

F.7 Sector Discrepancies

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 All sectors ND -3.6 -13.5 -7.9 -8.7 -10.0 -20.4 -18.3 -15.9 -13.9 1

 2 Household sector ND -2.0 -4.1 -3.8 -3.0 -3.2 -10.1 -13.7 -10.9 -5.9 2

 3 Nonfinancial corporate business ND 3.6 2.1 4.4 3.6 3.5 -0.9 0.8 1.3 3.1 3

 4 Federal government ND -6.5 -10.1 -8.4 -8.2 -8.6 -9.1 -9.7 -9.0 -9.9 4

 5 State and local governments ND 1.3 -0.2 -0.6 -1.1 0.9 -0.5 3.9 2.5 1.3 5

 6 Domestic financial sectors ND 0.1 -0.4 -0.3 0.0 -1.3 0.3 0.4 0.1 -1.3 6

 7 Monetary authority ND 0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 7

 8 U.S.-chartered depository institutions ND -0.2 0.1 0.2 0.2 -0.1 0.3 0.4 0.1 -0.1 8

 9 Foreign banking officed in U.S. ND -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 9

 10 Banks in U.S.-affiliated areas ND -0.0 -0.0 -0.0 -0.0 -0.0 0.0 -0.0 0.0 -0.0 10

 11 Credit unions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 11

 12 Property-casualty insurance companies ND -0.0 -0.1 -0.1 0.2 -0.4 0.1 0.0 -0.1 -0.3 12

 13 Life insurance companies ND 0.5 -0.2 -0.4 -0.3 -0.7 -0.2 0.4 0.2 0.2 13

 14 Mutual funds ND -0.1 -0.0 0.1 -0.1 -0.0 -0.0 -0.0 -0.0 -0.1 14

 15 Government-sponsored enterprises ND -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 0.0 0.0 15

 16 Issuers of asset-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Finance companies ND 0.1 0.1 0.1 0.1 0.1 0.2 -0.4 0.0 -0.9 17

 18 REITs ND -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 18

 19 Brokers and dealers ND 0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 0.0 0.0 19

 20 Holding companies ND -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.2 -0.2 20

 21 Rest of the world ND -0.1 -0.7 0.8 -0.0 -1.4 -0.1 0.0 0.1 -1.1 21

F.8 Instrument Discrepancies

Billions of dollars

 1 All types ND -3.6 -13.5 -7.9 -8.7 -10.0 -20.4 -18.3 -15.9 -13.9 1

 2 Treasury currency ND -0.1 -0.0 -0.0 -0.0 -0.0 -0.0 -0.1 -0.0 -0.1 2

 3 Foreign deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Net interbank transactions ND -0.5 0.1 -0.1 0.1 0.1 -0.8 -0.1 -0.1 -0.5 4

 5 Security repurchase agreements ND 0.0 -0.1 -0.0 0.0 -0.0 -0.1 -0.9 0.1 0.5 5

 6 Mail floats ND 0.9 -0.8 -0.3 0.4 0.4 0.2 1.0 0.4 0.1 6

 7 Federal government ND 0.6 -1.6 0.1 0.1 -0.2 -0.0 -0.6 0.2 0.6 7

 8 State and local governments ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.2 -0.0 8

 9 Private domestic ND 0.3 0.7 -0.4 0.3 0.6 0.2 1.6 -0.0 -0.5 9

 10 Trade credit ND 2.9 -1.7 0.8 1.1 -1.4 -2.8 -3.8 1.0 0.6 10

 11 Taxes payable ND -7.8 -7.5 -7.3 -7.3 -8.2 -9.0 -8.8 -9.5 -9.5 11

 12 Miscellaneous ND 2.2 -0.6 -1.0 -1.2 0.5 -4.5 -3.0 -4.0 -2.1 12

 13 Nonfinancial ND -1.2 -2.9 0.3 -1.7 -1.2 -3.4 -2.6 -3.8 -2.9 13

 Nonfinancial components (sign reversed):

 14 Statistical discrepancy (NIPA) ND 1.2 2.9 -0.3 1.7 1.2 3.4 2.6 3.8 2.9 14

 15 Contr. for govt. soc. insur., U.S. affiliated areas ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15
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Historical Annuals, 1945-1954, March 10, 2016 69

L.100 Domestic Nonfinancial Sectors (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets 758.6 788.8 854.1 892.0 920.1 1007.9 1101.8 1143.1 1175.5 1269.6 1

 2 U.S. official reserve assets 0.0 -0.1 1.3 1.7 1.9 1.6 1.6 1.6 1.5 1.3 2

 3 Foreign deposits 0.0 0.1 0.1 0.0 0.0 0.1 0.1 0.1 0.1 0.2 3

 4 Checkable deposits and currency 122.1 106.6 108.8 108.0 107.7 112.1 119.2 124.3 124.2 128.5 4

 5 Time and savings deposits 51.8 58.3 61.9 64.4 67.2 69.7 74.9 82.5 91.1 101.1 5

 6 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.2 0.2 7

 8 Debt securities 105.1 96.5 96.6 99.0 101.5 106.3 107.7 115.3 121.9 119.8 8

 9 Open market paper 0.0 0.1 0.2 0.4 0.6 0.6 0.9 1.2 1.5 1.4 9

 10 Treasury securities 90.6 83.1 83.2 84.9 88.3 91.2 91.4 93.6 96.6 93.4 10

 11 Agency- and GSE-backed securities 0.3 0.2 0.3 0.4 0.4 0.4 0.5 0.6 0.7 0.8 11

 12 Municipal securities 5.9 5.6 6.2 6.5 6.0 8.1 8.6 13.9 17.2 19.4 12

 13 Corporate and foreign bonds 8.4 7.5 6.6 6.7 6.3 6.0 6.3 6.0 6.0 4.9 13

 14 Loans 22.1 27.1 33.3 36.8 39.5 42.5 45.4 48.9 52.3 53.9 14

 15 Other loans and advances 5.2 8.3 12.3 13.6 14.4 15.0 15.7 16.5 18.1 18.0 15

 16 Mortgages 13.6 14.8 16.1 17.4 18.7 19.7 21.3 22.7 24.1 25.5 16

 17 Consumer credit 3.4 4.0 4.9 5.8 6.4 7.7 8.5 9.7 10.1 10.5 17

 18 Corporate equities 109.7 101.6 99.2 98.0 105.6 129.8 152.1 151.0 145.8 198.8 18

 19 Mutual fund shares 1.2 1.3 1.4 1.5 3.1 3.3 3.5 3.9 4.1 6.1 19

 20 Trade receivables 26.3 29.4 34.8 37.0 36.1 48.0 52.4 58.2 57.7 61.4 20

 21 Life insurance reserves 39.6 43.4 46.5 49.4 52.1 55.0 57.8 60.7 63.6 66.3 21

 22 Pension entitlements 57.0 64.5 71.9 79.3 87.1 95.2 108.8 124.4 140.6 156.6 22

 23 Taxes payable 10.1 8.7 11.1 11.9 9.6 17.0 22.1 9.8 7.8 5.0 23

 24 Equity in noncorporate business 197.4 234.2 267.4 283.1 284.8 301.7 328.5 330.7 330.2 333.8 24

 25 U.S. direct investment abroad 7.0 7.0 8.1 9.3 10.4 11.4 12.6 14.3 15.7 17.0 25

 26 Miscellaneous assets 9.1 10.3 11.8 12.6 13.6 14.1 15.1 17.3 18.6 19.5 26

 27 Total liabilities 424.8 427.3 450.9 471.7 489.5 540.3 576.2 618.0 657.5 693.9 27

 28 U.S. official reserve assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Treasury currency 2.3 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.5 2.5 30

 31 Debt securities 290.5 268.5 266.6 267.3 274.8 280.6 286.3 304.3 320.8 332.9 31

 32 Open market paper 0.1 0.1 0.2 0.2 0.2 0.2 0.3 0.3 0.4 0.5 32

 33 Treasury securities 254.1 231.2 224.8 219.1 222.6 222.9 223.3 229.2 235.1 237.9 33

 34 Agency- and GSE-backed securities 0.3 0.1 0.1 0.9 1.0 0.4 0.2 0.6 2.3 2.3 34

 35 Municipal securities 12.1 12.2 13.8 15.1 16.1 20.7 22.8 29.7 35.0 40.7 35

 36 Corporate and foreign bonds 23.9 24.9 27.7 32.0 34.9 36.5 39.8 44.5 48.0 51.5 36

 37 Loans 61.9 75.5 90.1 101.8 110.0 130.9 148.0 164.5 178.2 192.6 37

 38 Depository institution loans n.e.c. 10.5 14.9 18.6 19.3 17.3 22.0 27.3 28.3 27.3 27.1 38

 39 Other loans and advances 8.7 8.7 9.0 9.6 10.3 11.7 12.8 14.1 14.8 15.9 39

 40 Mortgages 35.9 42.0 49.2 56.6 63.0 73.2 82.6 91.6 101.4 113.6 40

 41 Consumer credit 6.8 9.8 13.3 16.3 19.4 23.9 25.4 30.5 34.6 36.0 41

 42 Trade payables 21.1 27.2 30.9 33.9 34.1 44.6 46.3 48.3 48.8 53.0 42

 43 Life insurance reserves 3.6 4.8 5.4 5.6 5.7 6.0 6.1 6.2 6.3 6.0 43

 44 Taxes payable 10.1 8.1 10.3 11.1 8.8 16.1 20.5 17.4 18.0 14.8 44

 45 Foreign direct investment in U.S. 1.5 1.5 1.6 1.8 2.0 2.4 2.7 2.9 3.2 3.4 45

 46 Miscellaneous liabilities 33.7 39.2 43.6 47.8 51.8 57.5 63.8 71.9 79.8 88.8 46

(1) Sum of domestic nonfinancial sectors shown on tables L.101 through L.107.
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L.101 Households and Nonprofit Organizations (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets 608.5 660.1 706.6 733.9 757.5 817.2 893.4 931.8 960.7 1050.0 1

 2 Deposits 105.6 117.1 120.5 120.3 121.2 126.1 135.5 145.2 154.7 166.1 2

 3 Foreign deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Checkable deposits and currency 55.4 60.6 60.4 58.1 56.3 58.9 63.3 65.5 66.8 68.9 4

 5 Time and savings deposits 50.2 56.6 60.0 62.2 64.8 67.2 72.2 79.7 87.9 97.2 5

 6 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Debt securities 78.8 76.6 76.4 77.5 77.6 78.5 78.3 85.4 89.3 88.1 7

 8 Open market paper 0.0 0.1 0.1 0.2 0.3 0.4 0.8 1.0 1.3 1.1 8

 9 Treasury securities 66.5 65.1 65.1 65.8 67.3 66.5 65.4 67.4 68.0 66.1 9

 10 Agency- and GSE-backed securities 0.1 0.1 0.1 0.1 0.0 0.1 0.1 -0.0 0.2 0.1 10

 11 Municipal securities 3.9 3.8 4.5 4.6 3.7 5.5 5.7 11.0 13.9 16.0 11

 12 Corporate and foreign bonds 8.4 7.5 6.6 6.7 6.3 6.0 6.3 6.0 6.0 4.9 12

 13 Loans 12.9 14.4 15.7 16.9 17.7 18.7 19.5 20.0 21.0 22.4 13

 14 Other loans and advances (2) 0.7 0.7 0.7 0.7 0.7 1.0 0.9 0.7 0.7 1.0 14

 15 Mortgages 12.2 13.7 15.1 16.3 17.0 17.7 18.6 19.3 20.3 21.4 15

 16 Consumer credit (student loans) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Corporate equities (3) 109.7 101.6 99.2 98.0 105.6 129.8 152.1 151.0 145.8 198.8 17

 18 Mutual fund shares 1.2 1.3 1.4 1.5 3.1 3.3 3.5 3.9 4.1 6.1 18

 19 Life insurance reserves 39.6 43.4 46.5 49.4 52.1 55.0 57.8 60.7 63.6 66.3 19

 20 Pension entitlements (4) 57.0 64.5 71.9 79.3 87.1 95.2 108.8 124.4 140.6 156.6 20

 21 Claims of pension fund on sponsor 45.0 51.2 56.4 61.5 66.6 72.1 82.0 90.9 102.1 112.7 21

 22 Funded pension entitlements 12.0 13.3 15.4 17.8 20.5 23.2 26.8 33.5 38.5 43.9 22

 23 Equity in noncorporate business 197.4 234.2 267.4 283.1 284.8 301.7 328.5 330.7 330.2 333.8 23

 24 Miscellaneous assets 6.3 7.1 7.6 8.0 8.4 8.7 9.3 10.6 11.3 11.7 24

 25 Total liabilities 30.6 37.4 46.5 55.1 63.4 76.9 85.6 98.0 110.7 123.1 25

 26 Debt securities (municipal securities) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Loans 29.4 36.1 44.9 53.4 61.6 74.9 83.4 95.7 108.2 120.5 27

 28 Home mortgages (5) 18.7 23.1 28.3 33.4 37.8 45.3 51.8 58.5 66.0 75.4 28

 29 Consumer credit 6.8 9.8 13.3 16.3 19.4 23.9 25.4 30.5 34.6 36.0 29

 30 Depository institution loans n.e.c. (6) 0.3 0.2 0.2 0.2 0.2 0.3 0.6 0.4 0.5 0.7 30

 31 Other loans and advances 3.3 2.6 2.7 2.8 3.4 4.1 4.2 4.4 5.0 6.0 31

 32 Commercial mortgages 0.3 0.4 0.5 0.7 1.0 1.3 1.6 1.8 2.1 2.4 32

 33 Trade payables 0.5 0.7 0.8 0.9 0.9 1.0 1.0 1.1 1.2 1.3 33

 34 Deferred and unpaid life insurance premiums 0.6 0.7 0.8 0.8 0.9 1.0 1.1 1.2 1.3 1.3 34

(1) Sector includes domestic hedge funds, private equity funds, and personal trusts. Supplementary tables (tables F.101.a and L.101.a) show estimates of annual flows and year-end

 outstandings of nonprofit organizations.

(2) Includes cash accounts at brokers and dealers and syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds.

(3) Directly held shares, including shares of closed-end and exchange-traded funds shares. Other equities are included in mutual fund shares (line 18), life insurance reserves (line 19) and pension entitlements (line 20).

(4) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs and at life insurance companies. Excludes social security.

(5) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 23.

(6) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF), shown on table L.109, line 19.
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Historical Annuals, 1945-1954, March 10, 2016 71

L.102 Nonfinancial Business (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets 92.5 92.8 102.4 107.8 111.9 130.3 139.0 146.5 150.2 156.3 1

 2 Foreign deposits 0.0 0.1 0.1 0.0 0.0 0.1 0.1 0.1 0.1 0.2 2

 3 Checkable deposits and currency 36.1 37.3 39.4 39.3 40.2 41.7 43.9 44.2 43.9 46.1 3

 4 Time and savings deposits 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 1.1 4

 5 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Debt securities 18.8 13.1 12.8 13.5 15.4 18.7 19.6 18.7 20.4 18.8 7

 8 Commercial paper 0.0 0.0 0.1 0.2 0.3 0.1 0.1 0.2 0.2 0.3 8

 9 Treasury securities 18.5 12.8 12.3 12.9 14.7 17.9 18.7 17.6 19.2 17.5 9

 10 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 10

 11 Municipal securities 0.3 0.3 0.4 0.5 0.5 0.7 0.8 0.8 1.0 1.0 11

 12 Loans 3.4 4.0 4.9 5.8 6.5 7.8 8.5 9.8 10.1 10.5 12

 13 Mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Consumer credit 3.4 4.0 4.9 5.8 6.4 7.7 8.5 9.7 10.1 10.5 14

 15 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Trade receivables 24.4 28.1 33.4 35.5 34.6 45.7 48.9 53.7 53.3 56.6 16

 17 U.S. direct investment abroad 7.0 7.0 8.1 9.3 10.4 11.4 12.6 14.3 15.7 17.0 17

 18 Miscellaneous assets 2.0 2.4 2.9 3.4 3.8 4.1 4.5 5.0 5.7 6.0 18

 19 Total liabilities 85.2 99.5 115.1 126.5 127.4 154.3 170.8 178.7 184.9 192.4 19

 20 Debt securities 24.0 25.0 27.8 32.1 35.0 36.7 40.1 44.8 48.4 52.1 20

 21 Commercial paper 0.1 0.1 0.2 0.2 0.2 0.2 0.3 0.3 0.4 0.5 21

 22 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Corporate bonds 23.9 24.9 27.7 32.0 34.9 36.5 39.8 44.5 48.0 51.5 23

 24 Loans 31.9 38.9 44.7 47.8 47.9 55.4 63.7 67.7 69.2 71.7 24

 25 Depository institution loans n.e.c. 10.3 14.7 18.5 19.2 17.1 21.7 26.7 27.9 26.9 26.4 25

 26 Other loans and advances 4.9 5.7 5.8 6.3 6.5 7.1 7.8 8.5 9.1 9.4 26

 27 Mortgages 16.8 18.5 20.4 22.4 24.3 26.6 29.2 31.3 33.3 35.8 27

 28 Trade payables 17.3 25.1 29.5 32.2 32.2 41.5 41.4 42.8 42.9 46.6 28

 29 Taxes payable 10.1 8.1 10.3 11.1 8.8 16.1 20.5 17.4 18.0 14.8 29

 30 Foreign direct investment in U.S. 1.5 1.5 1.6 1.8 2.0 2.4 2.7 2.9 3.2 3.4 30

 31 Miscellaneous liabilities 0.4 0.7 1.1 1.4 1.5 2.3 2.4 3.1 3.2 3.8 31

(1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business.
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72 Historical Annuals, 1945-1954, March 10, 2016

L.103 Nonfinancial Corporate Business

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets 68.9 67.3 76.1 81.5 85.4 102.2 110.2 115.7 118.7 124.2 1

 2 Foreign deposits 0.0 0.1 0.1 0.0 0.0 0.1 0.1 0.1 0.1 0.2 2

 3 Checkable deposits and currency 19.1 19.7 21.6 22.0 23.0 24.4 26.0 26.8 26.7 28.5 3

 4 Time and savings deposits 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 1.1 4

 5 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Debt securities 18.8 13.1 12.8 13.5 15.4 18.7 19.6 18.7 20.4 18.8 7

 8 Commercial paper 0.0 0.0 0.1 0.2 0.3 0.1 0.1 0.2 0.2 0.3 8

 9 Treasury securities 18.5 12.8 12.3 12.9 14.7 17.9 18.7 17.6 19.2 17.5 9

 10 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 10

 11 Municipal securities 0.3 0.3 0.4 0.5 0.5 0.7 0.8 0.8 1.0 1.0 11

 12 Loans 2.8 3.3 4.1 4.9 5.5 6.6 7.2 7.1 7.3 7.7 12

 13 Mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Consumer credit 2.8 3.3 4.1 4.9 5.5 6.6 7.2 7.1 7.3 7.7 14

 15 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Trade receivables 19.8 22.6 27.6 29.6 28.6 38.6 42.0 45.9 45.0 48.4 16

 17 U.S. direct investment abroad (1) 7.0 7.0 8.1 9.3 10.4 11.4 12.6 14.3 15.7 17.0 17

 18 Miscellaneous assets 0.5 0.7 1.0 1.3 1.5 1.6 1.9 2.0 2.5 2.6 18

 19 Insurance receivables 0.4 0.7 1.0 1.2 1.4 1.4 1.6 1.7 1.8 1.9 19

 20 Equity in GSEs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Investment in finance company subs. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Other 0.1 0.0 0.0 0.1 0.1 0.2 0.3 0.4 0.6 0.7 22

 23 Total liabilities 70.3 80.3 93.2 102.0 101.3 123.9 136.7 141.5 146.4 149.6 23

 24 Debt securities 24.0 25.0 27.8 32.1 35.0 36.7 40.1 44.8 48.4 52.1 24

 25 Commercial paper 0.1 0.1 0.2 0.2 0.2 0.2 0.3 0.3 0.4 0.5 25

 26 Municipal securities (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Corporate bonds (1) 23.9 24.9 27.7 32.0 34.9 36.5 39.8 44.5 48.0 51.5 27

 28 Loans 20.7 24.9 28.9 30.7 29.4 33.7 38.8 40.3 40.8 40.8 28

 29 Depository institution loans n.e.c. 8.9 12.5 15.6 16.2 14.3 18.0 22.2 23.0 22.4 21.8 29

 30 Other loans and advances (3) 3.2 3.1 2.9 3.0 2.9 3.1 3.4 3.8 4.3 4.4 30

 31 Mortgages 8.5 9.3 10.5 11.5 12.2 12.6 13.2 13.5 14.1 14.6 31

 32 Trade payables 13.7 20.1 23.4 25.0 24.8 32.7 32.4 33.1 32.9 34.9 32

 33 Taxes payable 10.1 8.1 10.3 11.1 8.8 16.1 20.5 17.4 18.0 14.8 33

 34 Foreign direct investment in U.S. 1.5 1.5 1.6 1.7 1.9 2.3 2.6 2.8 3.1 3.3 34

 35 Miscellaneous liabilities 0.4 0.7 1.1 1.4 1.5 2.3 2.4 3.1 3.2 3.8 35

 36 Pension fund contributions payable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.2 0.2 36

 37 Claims of pension fund on sponsor 16.9 18.1 19.1 19.9 20.7 21.2 24.9 26.2 29.5 31.6 37

 38 Other -16.5 -17.3 -18.0 -18.6 -19.2 -18.9 -22.6 -23.3 -26.5 -28.0 38

 Memo:

 39 Market value of equities 103.7 97.3 95.1 94.1 103.8 126.7 147.6 146.6 144.1 194.8 39

 40 Total liquid assets (4) 38.8 33.8 35.3 36.4 39.4 44.0 46.6 46.4 48.2 48.5 40

 41 Total short-term liabilities (5) 36.0 43.9 52.4 55.4 50.9 70.1 78.8 77.7 77.9 76.3 41

 42 Liquid assets/short-term liabilities (percent) 107.70 76.87 67.43 65.68 77.40 62.74 59.15 59.78 61.80 63.59 42

 43 Short-term debt/total debt (percent) (6) 27.34 31.46 32.78 30.74 26.93 30.25 32.77 31.89 30.36 28.71 43

(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 from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table L.216.

(4) Sum of lines 2 through 7 and line 15.

(5) Sum of lines 25, 29, 30, 32, and 33. Includes loans due in more than one year and excludes current maturities of bonds and mortgages.

(6) Short-term debt is the sum of lines 25, 29, and 30. Total debt is the sum of lines 24 and 28.
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Historical Annuals, 1945-1954, March 10, 2016 73

L.104 Nonfinancial Noncorporate Business

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets 23.6 25.5 26.3 26.3 26.4 28.1 28.8 30.9 31.4 32.1 1

 2 Checkable deposits and currency 17.0 17.6 17.8 17.3 17.1 17.4 17.9 17.4 17.2 17.6 2

 3 Time and savings deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Debt securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Treasury securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Loans 0.6 0.7 0.8 0.9 1.0 1.1 1.3 2.7 2.8 2.8 8

 9 Mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Consumer credit 0.6 0.7 0.8 0.9 1.0 1.1 1.3 2.7 2.8 2.8 10

 11 Trade receivables 4.5 5.6 5.9 5.9 6.0 7.1 7.0 7.8 8.2 8.2 11

 12 Miscellaneous assets 1.5 1.7 1.9 2.1 2.3 2.4 2.6 2.9 3.2 3.5 12

 13 Insurance receivables 1.3 1.5 1.8 2.0 2.2 2.3 2.5 2.8 3.1 3.3 13

 14 Equity investment in GSEs (1) 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 14

 15 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Total liabilities 14.9 19.1 21.9 24.4 26.1 30.4 34.1 37.1 38.4 42.7 16

 17 Loans 11.3 14.0 15.8 17.2 18.5 21.6 24.9 27.4 28.4 30.9 17

 18 Depository institution loans n.e.c. 1.3 2.2 2.9 3.0 2.8 3.8 4.6 4.9 4.4 4.7 18

 19 Other loans and advances 1.7 2.6 3.0 3.3 3.6 3.9 4.4 4.7 4.8 5.1 19

 20 Mortgages 8.3 9.2 9.9 10.9 12.1 14.0 16.0 17.8 19.1 21.2 20

 21 Trade payables 3.6 5.1 6.1 7.2 7.5 8.7 9.0 9.6 10.0 11.7 21

 22 Taxes payable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Foreign direct investment in U.S. 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 23

 24 Miscellaneous liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

(1) Equity in the Farm Credit System.
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74 Historical Annuals, 1945-1954, March 10, 2016

L.105 General Government (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets 57.6 35.9 45.1 50.3 50.8 60.5 69.5 64.7 64.7 63.2 1

 2 U.S. official reserve assets 0.0 -0.1 1.3 1.7 1.9 1.6 1.6 1.6 1.5 1.3 2

 3 Checkable deposits and currency 30.7 8.8 9.0 10.7 11.2 11.4 12.0 14.6 13.5 13.5 3

 4 Time and savings deposits 0.6 0.8 1.0 1.3 1.5 1.6 1.8 2.0 2.3 2.8 4

 5 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.2 0.2 6

 7 Debt securities 7.5 6.8 7.4 8.0 8.4 9.1 9.8 11.3 12.2 12.9 7

 8 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Treasury securities 5.5 5.2 5.9 6.3 6.3 6.9 7.3 8.5 9.3 9.8 9

 10 Agency- and GSE-backed securities 0.2 0.1 0.1 0.3 0.3 0.2 0.4 0.6 0.5 0.7 10

 11 Municipal securities 1.8 1.5 1.4 1.4 1.7 2.0 2.1 2.1 2.3 2.5 11

 12 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Loans 5.8 8.6 12.6 14.0 15.3 16.1 17.4 19.1 21.2 21.0 13

 14 Mortgages 1.4 1.1 1.0 1.1 1.6 2.0 2.6 3.3 3.8 4.0 14

 15 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Other loans and advances 4.5 7.6 11.6 12.9 13.7 14.1 14.8 15.8 17.3 17.0 16

 17 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Trade receivables 1.9 1.3 1.4 1.5 1.4 2.3 3.4 4.5 4.4 4.8 19

 20 Taxes receivable 10.1 8.7 11.1 11.9 9.6 17.0 22.1 9.8 7.8 5.0 20

 21 Miscellaneous assets 0.8 0.9 1.3 1.2 1.4 1.4 1.3 1.7 1.7 1.8 21

 22 Total liabilities 309.0 290.4 289.3 290.1 298.7 309.1 319.9 341.3 361.9 378.5 22

 23 SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Treasury currency 2.3 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.5 2.5 25

 26 Debt securities 266.5 243.5 238.7 235.2 239.8 243.9 246.3 259.5 272.4 280.9 26

 27 Treasury securities 254.4 231.3 224.9 220.0 223.6 223.2 223.5 229.8 237.4 240.2 27

 28 Municipal securities 12.1 12.2 13.8 15.1 16.1 20.7 22.8 29.7 35.0 40.7 28

 29 Loans 0.5 0.5 0.5 0.6 0.5 0.6 0.8 1.1 0.8 0.4 29

 30 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

 31 Other loans and advances 0.5 0.5 0.5 0.6 0.5 0.6 0.8 1.1 0.8 0.4 31

 32 Trade payables 3.3 1.4 0.6 0.8 1.0 2.2 3.9 4.4 4.8 5.1 32

 33 Insurance reserves 3.6 4.8 5.4 5.6 5.7 6.0 6.1 6.2 6.3 6.0 33

 34 Miscellaneous liabilities 32.7 37.8 41.7 45.6 49.4 54.1 60.4 67.6 75.3 83.6 34

 Memo:

 35 Total financial assets (consolidated) (2) 51.5 30.2 38.7 43.4 43.9 53.1 61.3 55.1 54.6 53.0 35

 36 Total liabilities (consolidated) (2) 302.9 284.7 282.9 283.3 291.9 301.7 311.7 331.6 351.8 368.2 36

(1) Sum of the federal government and state and local governments sectors.

(2) Excludes Treasury securities held by state and local governments (line 9) and federal government loans to state and local governments (line 31).
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L.106 Federal Government

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets 44.3 22.1 29.6 33.2 32.9 40.9 48.3 41.0 39.3 36.0 1

 2 U.S. official reserve assets 0.0 -0.1 1.3 1.7 1.9 1.6 1.6 1.6 1.5 1.3 2

 3 Checkable deposits and currency 26.9 4.2 3.7 4.8 5.2 4.9 5.1 7.4 5.9 5.6 3

 4 Time and savings deposits 0.1 0.1 0.1 0.1 0.2 0.2 0.3 0.4 0.3 0.4 4

 5 Debt securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 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 6

 7 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Loans 5.8 8.6 12.6 13.9 15.1 15.9 17.1 18.7 20.7 20.4 8

 9 Other loans and advances 4.5 7.6 11.6 12.9 13.7 14.1 14.8 15.8 17.3 17.0 9

 10 Mortgages 1.4 1.0 0.9 1.0 1.5 1.8 2.3 2.9 3.3 3.4 10

 11 Consumer credit (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Corporate equities (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Trade receivables 0.9 0.1 0.0 0.0 0.0 0.4 1.3 2.3 2.2 2.4 13

 14 Taxes receivable 9.6 8.2 10.6 11.4 9.1 16.5 21.6 9.3 7.4 4.5 14

 15 Miscellaneous assets 0.8 0.9 1.3 1.2 1.4 1.4 1.3 1.3 1.3 1.5 15

 16 Total liabilities 288.7 268.6 264.5 262.2 268.3 272.5 279.9 292.2 306.2 315.4 16

 17 SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Treasury currency 2.3 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.5 2.5 19

 20 Debt securities 254.4 231.3 224.9 220.0 223.6 223.2 223.5 229.8 237.4 240.2 20

 21 Treasury securities (3) 254.1 231.2 224.8 219.1 222.6 222.9 223.3 229.2 235.1 237.9 21

 22 Marketable 208.2 183.8 174.5 166.3 167.4 166.6 166.7 171.6 176.8 178.5 22

 23 Nonmarketable 45.8 47.4 50.3 52.8 55.3 56.3 56.5 57.6 58.3 59.3 23

 24 Budget agency securities 0.3 0.1 0.1 0.9 1.0 0.4 0.2 0.6 2.3 2.3 24

 25 Loans (multifamily residential mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Trade payables 2.7 0.7 0.0 0.0 0.0 1.1 2.7 2.8 2.6 2.4 26

 27 Insurance reserves 3.6 4.8 5.4 5.6 5.7 6.0 6.1 6.2 6.3 6.0 27

 28 Miscellaneous liabilities 25.8 29.5 31.8 34.2 36.6 39.8 45.1 50.9 57.5 64.4 28

 29 Claims of pension fund on sponsor 21.2 24.9 27.5 30.2 33.0 36.5 41.8 48.0 54.8 61.9 29

 30 Other 4.6 4.6 4.3 4.0 3.6 3.3 3.3 2.9 2.7 2.5 30

(1) Includes loans originated by the Department of Education under the Federal Direct Loan Program, as well as Federal Family Education Loan Program loans that

 the government purchased from depository institutions and finance companies.

(2) Corporate equities purchased from financial businesses under the Troubled Asset Relief Program (TARP) and from GSEs at market price.

(3) Includes marketable and nonmarketable Treasury securities held by the public and Treasury securities held by federal government employee retirement funds.
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76 Historical Annuals, 1945-1954, March 10, 2016

L.107 State and Local Governments (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets 13.3 13.7 15.6 17.1 17.9 19.6 21.2 23.8 25.4 27.2 1

 2 Checkable deposits and currency 3.7 4.6 5.3 5.8 6.0 6.5 6.9 7.2 7.6 7.9 2

 3 Time and savings deposits 0.5 0.7 0.9 1.1 1.3 1.4 1.5 1.6 2.0 2.4 3

 4 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.2 0.2 5

 6 Debt securities 7.5 6.8 7.4 8.0 8.4 9.1 9.8 11.2 12.2 12.9 6

 7 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Treasury securities 5.5 5.2 5.9 6.3 6.3 6.9 7.3 8.5 9.3 9.8 8

 9 Agency- and GSE-backed securities 0.2 0.1 0.1 0.3 0.3 0.2 0.4 0.6 0.5 0.7 9

 10 Municipal securities 1.8 1.5 1.4 1.4 1.7 2.0 2.1 2.1 2.3 2.5 10

 11 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Loans (mortgages) 0.0 0.0 0.1 0.1 0.2 0.2 0.3 0.4 0.5 0.6 12

 13 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Trade receivables 1.0 1.2 1.4 1.5 1.4 1.9 2.1 2.2 2.2 2.4 15

 16 Taxes receivable 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 16

 17 Miscellaneous assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.4 0.3 17

 18 Total liabilities 20.2 21.8 24.9 27.9 30.4 36.6 40.0 49.2 55.7 63.1 18

 19 Debt securities (municipal securities) 12.1 12.2 13.8 15.1 16.1 20.7 22.8 29.7 35.0 40.7 19

 20 Short-term (2) 0.3 0.3 0.5 0.7 0.9 1.3 1.6 1.8 1.9 2.1 20

 21 Long-term 11.8 11.9 13.3 14.5 15.2 19.4 21.2 27.9 33.1 38.6 21

 22 Loans (U.S. government loans) 0.5 0.5 0.5 0.6 0.5 0.6 0.8 1.1 0.8 0.4 22

 23 Trade payables 0.6 0.8 0.6 0.8 1.0 1.1 1.2 1.6 2.2 2.7 23

 24 Claims of pension fund on sponsor (3) 7.0 8.3 9.9 11.4 12.9 14.3 15.3 16.7 17.8 19.2 24

(1) Data for state and local government employee retirement funds are shown on table L.120.

(2) Debt with original maturity of 13 months or less.

(3) Included in miscellaneous liabilities.
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Historical Annuals, 1945-1954, March 10, 2016 77

L.108 Domestic Financial Sectors (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets 336.2 340.1 359.9 379.2 395.4 424.4 458.6 499.1 533.8 576.5 1

 2 U.S. official reserve assets 20.1 20.5 22.5 24.0 24.1 22.7 22.7 23.2 22.0 21.7 2

 3 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Treasury currency 4.2 4.4 4.4 4.4 4.4 4.5 4.6 4.7 4.7 4.8 4

 5 Foreign deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Net interbank assets 18.6 18.8 20.7 23.0 19.1 21.3 24.0 23.8 23.6 22.2 6

 7 Checkable deposits and currency 2.7 3.1 3.4 3.4 3.6 4.1 4.3 4.5 4.7 4.7 7

 8 Time and savings deposits 0.2 0.2 0.1 0.2 0.2 0.3 0.3 0.7 0.8 0.8 8

 9 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Federal funds and security repos 0.0 0.0 0.1 0.1 0.1 0.1 0.2 0.9 0.8 0.3 10

 11 Debt securities 186.4 174.3 171.9 171.1 176.3 176.8 182.4 193.1 203.8 217.2 11

 12 Open market paper 0.3 0.4 0.5 0.4 0.4 0.5 0.7 0.7 0.7 1.0 12

 13 Treasury securities 160.9 146.0 138.9 131.4 131.4 127.3 127.6 131.2 133.5 139.0 13

 14 Agency- and GSE-backed securities 0.9 1.0 1.1 2.0 2.1 1.9 1.8 2.2 3.7 3.7 14

 15 Municipal securities 6.3 6.6 7.6 8.6 10.2 12.5 14.1 15.8 17.8 21.3 15

 16 Corporate and foreign bonds 18.1 20.2 23.9 28.7 32.2 34.6 38.2 43.2 48.0 52.3 16

 17 Loans 47.0 57.3 69.4 80.1 86.6 106.2 120.6 135.5 147.3 161.2 17

 18 Depository institution loans n.e.c. 14.6 18.1 21.6 23.6 22.3 28.0 33.1 35.9 35.0 35.8 18

 19 Other loans and advances 6.7 6.1 6.3 6.8 7.0 8.5 9.3 9.9 10.5 11.8 19

 20 Mortgages 22.3 27.2 33.1 39.2 44.4 53.5 61.3 68.9 77.3 88.1 20

 21 Consumer credit 3.4 5.8 8.4 10.5 12.9 16.2 16.9 20.8 24.5 25.5 21

 22 Corporate equities 5.3 5.5 5.9 6.2 8.8 9.9 10.9 13.9 15.2 20.2 22

 23 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Trade receivables 0.4 0.5 0.6 0.7 0.7 0.7 0.9 0.9 1.0 1.1 24

 25 Life insurance reserves 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 U.S. direct investment abroad 0.2 0.3 0.3 0.3 0.3 0.4 0.4 0.5 0.5 0.6 26

 27 Miscellaneous assets 51.3 55.3 60.6 65.7 71.1 77.4 87.3 97.6 109.4 121.7 27

 28 Total liabilities 316.9 319.3 337.9 356.2 370.8 397.3 430.3 468.5 501.2 538.7 28

 29 Net interbank liabilities 18.5 18.0 20.2 22.5 19.0 21.5 24.0 23.8 23.4 21.5 29

 30 Checkable deposits and currency 133.7 119.1 120.2 119.6 119.6 124.9 132.1 138.7 138.7 143.3 30

 31 Time and savings deposits 53.5 60.0 63.6 66.2 69.2 71.9 76.8 85.0 94.3 104.8 31

 32 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

 33 Federal funds and security repos 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 33

 34 Debt securities 1.2 1.8 2.2 3.1 3.5 4.3 5.3 5.8 7.4 7.3 34

 35 Open market paper 0.2 0.4 0.6 0.8 1.0 1.1 1.6 1.9 2.2 2.4 35

 36 Agency- and GSE-backed securities 0.9 1.2 1.3 1.6 1.5 1.9 2.1 2.2 2.2 2.1 36

 37 Corporate and foreign bonds 0.1 0.2 0.3 0.8 1.1 1.3 1.7 1.7 3.1 2.8 37

 38 Loans 4.5 3.4 3.1 4.2 5.1 7.1 6.8 8.3 8.6 9.4 38

 39 Depository institution loans n.e.c. 3.6 2.4 2.0 3.0 4.0 5.3 5.0 6.7 6.9 7.5 39

 40 Other loans and advances 0.9 1.0 1.1 1.2 1.1 1.8 1.8 1.6 1.7 1.9 40

 41 Mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 41

 42 Mutual fund shares 1.2 1.3 1.4 1.5 3.1 3.3 3.5 3.9 4.1 6.1 42

 43 Trade payables 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.2 0.2 0.2 43

 44 Life insurance reserves 36.0 38.6 41.1 43.8 46.4 49.1 51.6 54.5 57.4 60.4 44

 45 Pension entitlements 57.0 64.5 71.9 79.3 87.1 95.2 108.8 124.4 140.6 156.6 45

 46 Taxes payable 0.4 0.5 0.3 0.5 0.7 0.9 1.1 1.4 1.9 1.6 46

 47 Foreign direct investment in U.S. 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.1 1.1 1.2 47

 48 Miscellaneous liabilities 9.8 11.0 12.9 14.4 16.0 18.0 19.0 21.4 23.4 26.2 48

 Memo:

 49 Market value of corporate equities 13.1 11.4 11.5 11.4 12.4 14.8 17.5 20.5 19.2 27.6 49

 50 Equity in noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 50

(1) Sum of financial sectors shown on tables L.109 through L.131.
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78 Historical Annuals, 1945-1954, March 10, 2016

L.109 Monetary Authority (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets 49.4 49.1 50.2 52.7 48.2 49.5 52.4 53.8 53.8 52.6 1

 2 U.S. official reserve assets 20.1 20.5 22.5 24.0 24.1 22.7 22.7 23.2 22.0 21.7 2

 3 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Treasury currency 4.2 4.4 4.4 4.4 4.4 4.5 4.6 4.7 4.7 4.8 4

 5 Federal Reserve float (2) 0.6 0.6 0.5 0.5 0.5 1.4 1.2 1.0 0.9 0.8 5

 6 Interbank loans (2) 0.2 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.0 0.0 6

 7 Discount window (3) 0.2 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.0 0.0 7

 8 AMLF (4) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.1 0.2 0.7 0.6 0.0 9

 10 Debt securities 24.3 23.4 22.6 23.3 18.9 20.7 23.6 24.0 25.3 24.9 10

 11 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Treasury securities 24.3 23.4 22.6 23.3 18.9 20.7 23.6 24.0 25.3 24.9 12

 13 Treasury bills 21.2 22.2 18.2 11.6 11.1 3.6 13.2 5.7 8.4 16.0 13

 14 Other Treasury securities 3.1 1.1 4.3 11.8 7.8 17.1 10.4 18.3 16.9 8.8 14

 15 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 15

 16 Mortgage-backed securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Other 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 17

 18 Loans (depository institution loans n.e.c.) 0.0 0.1 0.1 0.2 0.1 0.0 0.0 0.0 0.0 0.1 18

 19 Households (TALF) (5) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Brokers and dealers (6) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Funding corporations (7) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Rest of the world 0.0 0.1 0.1 0.2 0.1 0.0 0.0 0.0 0.0 0.1 22

 23 Corporate equities (8) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Miscellaneous assets 0.1 0.1 0.2 0.2 0.1 0.2 0.2 0.2 0.2 0.2 24

 25 Nonofficial foreign currencies (9) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Other 0.1 0.1 0.2 0.2 0.1 0.2 0.2 0.2 0.2 0.2 26

 27 Total liabilities 49.0 48.6 49.7 52.1 47.6 48.9 51.7 53.1 53.1 51.8 27

 28 Depository institution reserves 15.9 16.1 17.9 20.5 16.6 17.7 20.1 20.0 20.2 18.9 28

 29 Vault cash of depository institutions 1.9 2.0 2.2 2.0 2.0 2.2 2.7 2.8 2.5 2.5 29

 30 Checkable deposits and currency 31.1 30.4 29.3 29.4 28.5 28.2 28.6 29.9 29.8 29.9 30

 31 Due to federal government 3.3 2.7 2.2 2.4 2.1 2.0 1.5 1.7 1.1 1.4 31

 32 Treasury cash holdings 2.3 2.3 1.3 1.3 1.3 1.3 1.3 1.3 0.8 0.8 32

 33 Treasury general deposit account 1.0 0.4 0.9 1.1 0.8 0.7 0.2 0.4 0.3 0.6 33

 34 Treasury temporary supplementary financing account 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34

 35 Due to rest of the world 1.2 0.8 0.4 0.7 0.8 0.6 0.5 0.6 0.4 0.5 35

 36 Due to government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

 37 Currency outside banks 26.6 26.9 26.7 26.2 25.6 25.6 26.5 27.7 28.3 28.0 37

 38 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 38

 39 Reverse repurchase agreement operations (10) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

 40 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

 41 Miscellaneous liabilities 0.1 0.1 0.3 0.3 0.5 0.9 0.4 0.5 0.6 0.5 41

 42 Federal Reserve Bank stock 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 42

 43 Other -0.0 -0.1 0.1 0.1 0.3 0.6 0.2 0.3 0.3 0.3 43

(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.

(2) Shown on table L.203, line 23.

(3) Federal Reserve loans extended to domestic banks through term auction credit, primary credit, secondary credit, and seasonal credit.

(4) Federal Reserve loans extended to domestic banks through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF).

(5) Loans extended to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF).

(6) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the AMLF.

(7) Includes loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, AIG, Maiden Lane III LLC, and the Commercial Paper Funding Facility LLC.

(8) Preferred interests in AIA Aurora LLC and ALICO Holdings LLC, two limited liability companies created to hold all the outstanding common stock of American International Assurance

 Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG.

(9) Reciprocal currency arrangements (swap lines) with foreign central banks.

(10) Reverse repurchase agreements (RRPs) conducted as part of the Federal Reserve’s Overnight RRP Operational Exercise (beginning 2013:Q3) and term RRP operations (beginning 2014:Q4).
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Historical Annuals, 1945-1954, March 10, 2016 79

L.110 Private Depository Institutions (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets 168.3 161.8 168.7 171.8 176.8 188.5 201.2 215.8 226.1 242.8 1

 2 Vault cash 1.9 2.0 2.2 2.0 2.0 2.2 2.7 2.8 2.5 2.5 2

 3 Reserves at Federal Reserve 15.9 16.1 17.9 20.5 16.6 17.7 20.1 20.0 20.2 18.9 3

 4 Federal funds and security repos 0.0 0.0 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 4

 5 Debt securities 113.4 98.9 94.5 88.5 94.2 90.4 90.2 93.6 96.2 103.6 5

 6 Open market paper 0.2 0.3 0.4 0.3 0.3 0.4 0.5 0.6 0.6 0.8 6

 7 Treasury securities 104.6 89.3 83.6 76.2 80.6 75.1 73.7 75.4 75.4 80.7 7

 8 Agency- and GSE-backed securities 0.9 1.0 1.1 2.0 2.1 1.9 1.8 2.2 3.7 3.6 8

 9 Municipal securities 4.1 4.5 5.4 5.8 6.7 8.3 9.4 10.6 11.4 13.3 9

 10 Corporate and foreign bonds 3.6 3.7 4.1 4.2 4.6 4.7 4.7 4.9 5.2 5.2 10

 11 Loans 31.7 41.4 51.0 58.1 61.1 75.0 85.2 95.6 103.0 112.3 11

 12 Depository institution loans n.e.c. 14.6 18.0 21.5 23.4 22.2 28.0 33.1 35.9 35.0 35.6 12

 13 Other loans and advances 0.2 0.2 0.3 0.3 0.3 0.4 0.5 0.5 0.6 0.9 13

 14 Mortgages 14.5 18.9 23.2 27.1 30.0 35.7 40.2 45.5 51.6 59.3 14

 15 Consumer credit 2.5 4.3 6.0 7.3 8.6 10.9 11.3 13.7 15.9 16.4 15

 16 Corporate equities 0.2 0.2 0.1 0.2 0.2 0.2 0.2 0.3 0.4 0.6 16

 17 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Life insurance reserves 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 U.S. direct investment abroad 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 19

 20 Miscellaneous assets 5.3 3.1 2.8 2.4 2.6 3.0 2.8 3.4 3.7 4.9 20

 21 Total liabilities 158.5 150.9 157.0 159.6 163.9 174.6 186.5 200.1 209.7 224.9 21

 22 Net interbank liabilities 0.7 -0.1 0.1 0.1 0.5 1.7 1.3 1.1 0.8 0.1 22

 23 Checkable deposits 102.6 88.7 90.9 90.3 91.1 96.7 103.6 108.8 108.9 113.5 23

 24 Small time and savings deposits 50.3 56.6 60.0 62.2 64.9 67.3 72.3 80.2 88.5 97.8 24

 25 Large time deposits 3.2 3.4 3.6 3.9 4.3 4.6 4.5 4.9 5.8 7.0 25

 26 Federal funds and security repos 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 26

 27 Debt securities 0.2 0.2 0.3 0.3 0.3 0.4 0.5 0.5 0.6 0.9 27

 28 Open market paper 0.2 0.2 0.3 0.3 0.3 0.4 0.5 0.5 0.6 0.9 28

 29 Corporate bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Loans (other loans and advances) 0.2 0.3 0.4 0.5 0.4 0.8 0.9 0.9 1.0 0.9 30

 31 Taxes payable (net) 0.3 0.4 0.2 0.3 0.3 0.5 0.6 0.8 1.0 0.9 31

 32 Foreign direct investment in U.S. 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 32

 33 Miscellaneous liabilities 0.8 1.2 1.3 1.8 2.0 2.4 2.6 2.8 3.0 3.6 33

 34 Investment by holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34

 35 Investment by funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

 36 Other 0.8 1.2 1.3 1.8 2.0 2.4 2.6 2.8 3.0 3.6 36

 Memo:

 37 Consumer leases not included above (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 37

(1) U.S.-chartered depository institutions (L.111), foreign banking offices (L.112), banks in U.S.-affiliated areas (L.113), and credit unions (L.114).

(2) 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 nonfinancial asset.
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80 Historical Annuals, 1945-1954, March 10, 2016

L.111 U.S.-Chartered Depository Institutions

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets 167.0 160.4 167.1 170.1 174.7 186.0 198.2 212.3 222.4 238.5 1

 2 Vault cash 1.9 2.0 2.2 2.0 2.0 2.2 2.7 2.8 2.5 2.5 2

 3 Reserves at Federal Reserve 15.9 16.1 17.9 20.5 16.6 17.7 20.1 20.0 20.2 18.9 3

 4 Federal funds and security repos 0.0 0.0 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 4

 5 Debt securities 112.4 98.1 93.7 87.8 93.4 89.5 89.1 92.5 95.0 102.4 5

 6 Open market paper 0.2 0.3 0.4 0.3 0.3 0.4 0.4 0.5 0.5 0.7 6

 7 Treasury securities 103.7 88.6 82.9 75.6 79.9 74.4 73.0 74.6 74.6 79.8 7

 8 Agency- and GSE-backed securities 0.9 1.0 1.1 2.0 2.1 1.9 1.8 2.2 3.7 3.6 8

 9 Residential mortgage pass-through securities 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.1 0.0 9

 10 Commercial mortgage pass-through securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Residential CMOs and other structured MBS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Commercial CMOs and other structured MBS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Other 0.9 1.0 1.1 2.0 2.1 1.9 1.8 2.1 3.6 3.6 13

 14 Municipal securities 4.1 4.5 5.3 5.7 6.6 8.2 9.3 10.5 11.2 13.2 14

 15 Corporate and foreign bonds 3.5 3.7 4.0 4.1 4.5 4.6 4.6 4.8 5.0 5.1 15

 16 Priv. residential mortgage pass-through securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Priv. commercial mortgage pass-through securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Priv. residential CMOs and other structured MBS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Priv. commercial CMOs and other structured MBS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Other 3.5 3.7 4.0 4.1 4.5 4.6 4.6 4.8 5.0 5.1 20

 21 Loans 31.4 41.0 50.4 57.3 60.1 73.6 83.5 93.6 100.6 109.4 21

 22 Depository institution loans n.e.c. 14.5 17.8 21.3 23.1 21.8 27.5 32.4 35.0 34.1 34.6 22

 23 Other loans and advances 0.1 0.2 0.2 0.2 0.2 0.3 0.4 0.4 0.5 0.7 23

 24 Mortgages 14.3 18.7 22.9 26.7 29.6 35.1 39.7 45.0 51.1 58.7 24

 25 Consumer credit 2.5 4.3 6.0 7.2 8.5 10.6 11.0 13.2 15.0 15.4 25

 26 Corporate equities 0.2 0.2 0.1 0.2 0.2 0.2 0.2 0.3 0.4 0.6 26

 27 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 Life insurance reserves 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 U.S. direct investment abroad 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 29

 30 Miscellaneous assets 5.2 2.9 2.6 2.3 2.5 2.8 2.6 3.2 3.6 4.7 30

 31 Total liabilities 156.9 149.2 155.2 157.6 161.6 171.8 183.3 196.6 205.8 220.5 31

 32 Net interbank liabilities 1.0 0.1 0.2 0.1 0.2 1.3 0.9 0.7 0.4 -0.1 32

 33 Federal Reserve float 0.6 0.6 0.5 0.5 0.5 1.4 1.2 1.0 0.9 0.8 33

 34 Borrowing from Federal Reserve banks 0.2 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.0 0.0 34

 35 To domestic banks -0.1 -0.6 -0.5 -0.6 -0.6 -0.4 -1.0 -1.0 -1.0 -1.3 35

 36 To foreign banks 0.4 0.1 0.1 0.1 0.2 0.3 0.7 0.6 0.5 0.4 36

 37 Checkable deposits 101.4 87.7 89.9 89.4 90.2 95.7 102.4 107.5 107.6 112.1 37

 38 Federal government 24.5 3.0 1.3 2.3 3.1 2.8 3.4 4.9 4.1 4.2 38

 39 Private domestic 75.5 83.3 87.4 85.5 86.0 91.6 98.0 101.3 102.6 106.8 39

 40 Rest of the world 1.4 1.4 1.2 1.5 1.1 1.3 1.1 1.3 0.9 1.1 40

 41 Small time and savings deposits 49.9 56.2 59.5 61.6 64.2 66.5 71.2 78.8 86.8 95.8 41

 42 Large time deposits 3.2 3.3 3.5 3.9 4.2 4.5 4.4 4.7 5.6 6.8 42

 43 Federal funds and security repos 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 43

 44 Debt securities 0.1 0.2 0.2 0.2 0.2 0.3 0.4 0.4 0.5 0.7 44

 45 Open market paper 0.1 0.2 0.2 0.2 0.2 0.3 0.4 0.4 0.5 0.7 45

 46 Corporate bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 46

 47 Loans (other loans and advances) 0.2 0.3 0.4 0.5 0.4 0.8 0.9 0.9 1.0 0.9 47

 48 Taxes payable (net) 0.3 0.4 0.2 0.3 0.3 0.5 0.6 0.8 1.0 0.9 48

 49 Miscellaneous liabilities 0.6 1.0 1.1 1.6 1.8 2.3 2.4 2.8 2.9 3.5 49

 50 Investment by holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 50

 51 Other 0.6 1.0 1.1 1.6 1.8 2.3 2.4 2.8 2.9 3.5 51

 Memo:

 52 Consumer leases not included above (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 52

(1) 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 nonfinancial asset.
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L.112 Foreign Banking Offices in U.S. (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets 0.4 0.5 0.5 0.6 0.9 1.1 1.5 1.7 1.7 2.0 1

 2 Vault cash 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Reserves at Federal Reserve 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Federal funds and security repos 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Debt securities 0.3 0.3 0.3 0.3 0.4 0.5 0.6 0.7 0.8 0.8 5

 6 Open market paper 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 6

 7 Treasury securities 0.2 0.2 0.2 0.2 0.3 0.3 0.4 0.4 0.4 0.5 7

 8 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 8

 9 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 9

 10 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 10

 11 Loans 0.1 0.2 0.3 0.3 0.5 0.6 0.8 0.9 1.0 1.2 11

 12 Depository institution loans n.e.c. 0.1 0.2 0.2 0.3 0.4 0.5 0.7 0.8 0.9 1.0 12

 13 Other loans and advances 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 13

 14 Mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Miscellaneous assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 -0.0 16

 17 Total liabilities 0.5 0.6 0.7 0.8 1.0 1.3 1.7 1.7 1.8 2.1 17

 18 Net interbank liabilities 0.1 0.1 0.2 0.4 0.6 0.7 0.9 1.1 1.1 1.2 18

 19 To foreign banks 0.1 0.1 0.2 0.4 0.6 0.8 1.0 1.2 1.2 1.3 19

 20 To domestic banks 0.0 -0.0 -0.0 -0.0 -0.0 -0.1 -0.1 -0.1 -0.1 -0.1 20

 21 Checkable deposits 0.2 0.2 0.1 0.1 0.2 0.2 0.3 0.4 0.4 0.5 21

 22 Small time and savings deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Large time deposits 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.1 0.2 0.2 23

 24 Federal funds and security repos 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Debt securities (open market paper) (2) 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 25

 26 Foreign direct investment in U.S. 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 26

 27 Miscellaneous liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.2 -0.2 -0.3 27

 28 Investment by funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.2 -0.2 -0.3 29

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank (through 2008:Q4).

(2) Bankers’ acceptances.
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82 Historical Annuals, 1945-1954, March 10, 2016

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

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets 0.7 0.7 0.7 0.6 0.6 0.7 0.7 0.7 0.7 0.8 1

 2 Debt securities 0.6 0.6 0.5 0.4 0.4 0.4 0.3 0.3 0.3 0.4 2

 3 Treasury securities 0.6 0.5 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.3 3

 4 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 4

 5 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 5

 6 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Loans 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.2 0.2 7

 8 Depository institution loans n.e.c. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Home mortgages 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 9

 10 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Miscellaneous assets 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 11

 12 Total liabilities 0.9 0.9 0.9 0.8 0.8 0.8 0.8 0.9 0.9 0.9 12

 13 Net interbank liabilities -0.2 -0.2 -0.2 -0.2 -0.1 -0.1 -0.2 -0.2 -0.2 -0.2 13

 14 Checkable deposits 0.9 0.9 0.9 0.8 0.8 0.8 0.8 0.9 0.9 0.9 14

 15 Small time and savings deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Large time deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Miscellaneous liabilities 0.2 0.2 0.2 0.1 0.1 0.1 0.2 0.2 0.2 0.2 17

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

L.114 Credit Unions

Billions of dollars

 1 Total financial assets 0.2 0.2 0.3 0.4 0.6 0.7 0.8 1.0 1.3 1.6 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 Federal funds and security repos 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Debt securities 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 4

 5 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Treasury securities 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 6

 7 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 7

 8 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Loans 0.1 0.2 0.3 0.4 0.5 0.7 0.7 0.9 1.3 1.5 10

 11 Depository institution loans n.e.c. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Home mortgages 0.1 0.2 0.2 0.3 0.3 0.4 0.4 0.4 0.4 0.4 12

 13 Consumer credit 0.0 0.0 0.1 0.1 0.2 0.3 0.3 0.6 0.9 1.1 13

 14 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Miscellaneous assets -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 15

 16 Total liabilities 0.2 0.2 0.3 0.4 0.5 0.7 0.7 0.9 1.2 1.4 16

 17 Net interbank liabilities -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.4 -0.5 -0.6 -0.8 17

 18 Shares/deposits 0.4 0.4 0.5 0.6 0.7 0.9 1.1 1.4 1.7 2.0 18

 19 Checkable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Small time and savings 0.4 0.4 0.5 0.6 0.7 0.9 1.1 1.4 1.7 2.0 20

 21 Large time 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Federal funds and security repos 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Loans (other loans and advances) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Miscellaneous liabilities -0.0 -0.0 -0.0 -0.0 0.0 0.0 0.1 0.1 0.1 0.2 24
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Historical Annuals, 1945-1954, March 10, 2016 83

L.115 Property-Casualty Insurance Companies

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets 6.3 7.2 8.3 9.4 10.6 11.8 12.9 14.3 15.7 17.9 1

 2 Checkable deposits and currency 0.7 0.9 1.0 1.1 1.1 1.2 1.2 1.3 1.4 1.3 2

 3 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Debt securities 3.4 4.0 4.8 5.7 6.3 7.1 7.7 8.6 9.7 10.7 5

 6 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Treasury securities 2.7 3.3 3.9 4.4 4.8 5.3 5.4 5.8 6.0 6.1 7

 8 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 8

 9 Municipal securities 0.2 0.2 0.3 0.5 0.8 1.1 1.4 1.9 2.6 3.4 9

 10 Corporate and foreign bonds 0.5 0.5 0.6 0.7 0.7 0.7 0.8 1.0 1.1 1.1 10

 11 Loans (commercial mortgages) 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 11

 12 Corporate equities 1.8 1.7 1.7 1.8 2.2 2.6 2.9 3.2 3.3 4.5 12

 13 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Trade receivables 0.4 0.5 0.6 0.7 0.7 0.7 0.9 0.9 1.0 1.1 14

 15 U.S. direct investment abroad 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 15

 16 Miscellaneous assets (equity in FHLB) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Total liabilities 3.9 4.6 5.5 6.3 7.1 7.5 8.4 9.5 10.5 11.0 17

 18 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Loans (other loans and advances) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Taxes payable (net) 0.0 0.0 0.0 0.1 0.2 0.2 0.1 0.2 0.4 0.2 20

 21 Foreign direct investment in U.S. 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 21

 22 Miscellaneous liabilities 3.6 4.3 5.1 5.9 6.5 7.0 7.9 8.9 9.7 10.3 22

 23 Investment by parent companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Policy payables 3.6 4.3 5.1 5.9 6.5 7.0 7.9 8.9 9.7 10.3 24
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84 Historical Annuals, 1945-1954, March 10, 2016

L.116 Life Insurance Companies (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets 43.9 47.5 50.9 54.5 58.4 62.6 66.6 71.5 76.5 82.2 1

 2 Checkable deposits and currency 0.8 0.8 1.0 0.9 0.9 1.0 1.1 1.1 1.2 1.2 2

 3 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Debt securities 32.6 35.4 36.8 38.0 39.3 39.4 39.6 42.0 44.4 46.3 5

 6 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Treasury securities 20.6 21.6 20.0 16.8 15.3 13.5 11.0 10.3 9.8 9.1 7

 8 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 8

 9 Municipal securities 0.7 0.6 0.6 0.9 1.1 1.2 1.1 1.2 1.3 1.8 9

 10 Corporate and foreign bonds 11.3 13.1 16.1 20.4 22.9 24.8 27.5 30.6 33.3 35.4 10

 11 Loans 8.6 9.0 10.6 12.9 15.1 18.5 21.9 24.0 26.2 29.1 11

 12 Other loans and advances 2.0 1.9 1.9 2.1 2.2 2.4 2.6 2.7 2.9 3.1 12

 13 Mortgages 6.6 7.2 8.7 10.8 12.9 16.1 19.3 21.3 23.3 26.0 13

 14 Corporate equities 1.0 1.2 1.4 1.4 1.7 2.1 2.2 2.4 2.6 3.3 14

 15 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 U.S. direct investment abroad 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 16

 17 Miscellaneous assets 0.9 0.9 1.0 1.1 1.2 1.5 1.7 1.8 1.9 2.1 17

 18 Equity in FHLB 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Deferred and unpaid life ins. premiums 0.6 0.7 0.8 0.8 0.9 1.0 1.1 1.2 1.3 1.3 19

 20 Other 0.2 0.2 0.2 0.3 0.3 0.5 0.6 0.6 0.7 0.8 20

 21 Total liabilities 41.6 44.9 48.3 51.8 55.5 59.2 63.2 67.8 72.5 77.3 21

 22 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Loans (other loans and advances) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Life insurance reserves 36.0 38.6 41.1 43.8 46.4 49.1 51.6 54.5 57.4 60.4 24

 25 Pension entitlements (2) 2.7 3.1 3.6 4.2 4.8 5.6 6.6 7.7 8.8 10.0 25

 26 Taxes payable (net) 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.2 0.2 26

 27 Foreign direct investment in U.S. 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 27

 28 Miscellaneous liabilities 2.6 2.9 3.3 3.5 3.9 4.2 4.6 5.2 5.7 6.3 28

 29 Investment by parent companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Funding agreements backing securities (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

 31 Other reserves (4) 1.4 1.6 1.7 1.9 2.1 2.4 2.6 3.6 4.0 4.3 31

 32 Unallocated insurance contracts 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

 33 Other 1.2 1.3 1.6 1.6 1.8 1.8 2.0 1.6 1.8 2.0 33

(1) Additional detail on the financial assets and liabilities held in life insurer’s general and separate accounts is available on tables L.116.g and L.116.s.

(2) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are shown on line 32.

(3) Equal to funding agreement-backed securities (FABS) issued by domestic issuers of asset-backed securities.

(4) Includes reserves for accident and health policies, policy dividend accumulation, and contract claims.
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Historical Annuals, 1945-1954, March 10, 2016 85

L.116.g Life Insurance Companies: General Accounts

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets 43.9 47.5 50.9 54.5 58.4 62.6 66.6 71.5 76.5 82.2 1

 2 Checkable deposits and currency 0.8 0.8 1.0 0.9 0.9 1.0 1.1 1.1 1.2 1.2 2

 3 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Debt securities 32.6 35.4 36.8 38.0 39.3 39.4 39.6 42.0 44.4 46.3 5

 6 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Treasury securities 20.6 21.6 20.0 16.8 15.3 13.5 11.0 10.3 9.8 9.1 7

 8 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 8

 9 Municipal securities 0.7 0.6 0.6 0.9 1.1 1.2 1.1 1.2 1.3 1.8 9

 10 Corporate and foreign bonds 11.3 13.1 16.1 20.4 22.9 24.8 27.5 30.6 33.3 35.4 10

 11 Loans 8.6 9.0 10.6 12.9 15.1 18.5 21.9 24.0 26.2 29.1 11

 12 Other loans and advances 2.0 1.9 1.9 2.1 2.2 2.4 2.6 2.7 2.9 3.1 12

 13 Mortgages 6.6 7.2 8.7 10.8 12.9 16.1 19.3 21.3 23.3 26.0 13

 14 Corporate equities 1.0 1.2 1.4 1.4 1.7 2.1 2.2 2.4 2.6 3.3 14

 15 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 U.S. direct investment abroad 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 16

 17 Miscellaneous assets 0.9 0.9 1.0 1.1 1.2 1.5 1.7 1.8 1.9 2.1 17

 18 Total liabilities 41.6 44.9 48.3 51.8 55.5 59.2 63.2 67.8 72.5 77.3 18

 19 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Loans (other loans and advances) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Life insurance reserves 36.0 38.6 41.1 43.8 46.4 49.1 51.6 54.5 57.4 60.4 21

 22 Pension entitlements (1) 2.7 3.1 3.6 4.2 4.8 5.6 6.6 7.7 8.8 10.0 22

 23 Taxes payable (net) 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.2 0.2 23

 24 Foreign direct investment in U.S. 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 24

 25 Miscellaneous liabilities 2.6 2.9 3.3 3.5 3.9 4.2 4.6 5.2 5.7 6.3 25

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 25).

L.116.s Life Insurance Companies: Separate Accounts

Billions of dollars

 1 Total financial assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 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 Debt securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Treasury securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 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 6

 7 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Other loans and advances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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

 13 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Miscellaneous assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Total liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Life insurance reserves 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Pension entitlements (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Miscellaneous liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 18).
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86 Historical Annuals, 1945-1954, March 10, 2016

L.117 Private and Public Pension Funds (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets (2) 54.3 61.4 68.3 75.1 82.2 89.6 102.2 116.7 131.7 146.5 1

 2 Checkable deposits and currency 0.2 0.2 0.2 0.3 0.3 0.4 0.5 0.5 0.6 0.6 2

 3 Time and savings deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.5 0.6 3

 4 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 5

 6 Debt securities 9.3 10.1 11.5 13.0 14.9 16.5 18.7 21.7 24.8 27.9 6

 7 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Treasury securities (3) 6.5 7.0 8.1 9.2 10.5 11.6 12.8 14.3 15.4 16.4 8

 9 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 9

 10 Municipal securities 0.8 0.9 1.0 1.2 1.3 1.5 1.7 1.9 2.1 2.4 10

 11 Corporate and foreign bonds 1.9 2.2 2.4 2.7 3.0 3.4 4.2 5.6 7.2 9.0 11

 12 Loans (mortgages) 0.0 0.0 0.1 0.1 0.1 0.2 0.2 0.3 0.4 0.5 12

 13 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.3 1.9 2.5 3.3 13

 14 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Miscellaneous assets 44.9 51.0 56.4 61.7 66.9 72.5 82.5 91.8 103.0 113.7 15

 16 Unallocated insurance contracts (4) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Contributions receivable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.2 0.2 17

 18 Claims of pension fund on sponsor (5) 45.0 51.2 56.4 61.5 66.6 72.1 82.0 90.9 102.1 112.7 18

 19 Other -0.1 -0.2 -0.0 0.2 0.3 0.4 0.4 0.7 0.7 0.7 19

 20 Pension entitlements (liabilities) (6) 54.3 61.4 68.3 75.1 82.2 89.6 102.2 116.7 131.8 146.6 20

 Memo:

 Funded status of defined benefit plans:

 21 Pension entitlements 53.5 60.6 67.3 74.0 81.0 88.2 100.4 114.2 128.9 143.2 21

 22 Funded by assets (7) 8.5 9.4 10.9 12.5 14.4 16.2 18.4 23.3 26.8 30.5 22

 23 Unfunded (line 18) 45.0 51.2 56.4 61.5 66.6 72.1 82.0 90.9 102.1 112.7 23

 24 Household retirement assets (8) ND ND ND ND ND ND ND ND ND ND 24

 25 Defined benefit plans 53.5 60.6 67.3 74.0 80.9 88.2 100.3 114.2 128.8 143.1 25

 26 Defined contribution plans 0.8 0.8 1.0 1.1 1.3 1.4 1.8 2.5 2.9 3.4 26

 27 Individual retirement plans (IRAs) (9) ND ND ND ND ND ND ND ND ND ND 27

 28 Annuities at life insurance companies (10) ND ND ND ND ND ND ND ND ND ND 28

(1) Private pension funds, state and local government employee retirement funds, and federal government retirement funds defined benefit plans and defined contribution plans.

(2) Includes claims on sponsor (i.e., unfunded pension entitlements).

(3) Includes both marketable and nonmarketable government securities.

(4) Assets of pension plans held at life insurance companies; series begins 1985:Q4.

(5) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.

(6) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector.

(7) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor.

(8) Households’ retirement assets in tax-deferred accounts, including employer sponsored pension plans, IRAs, Roth IRAs, and annuities.

(9) IRA assets are not included above. See memo items on table L.227 for a sectoral distribution of IRA accounts.

(10) Annuities held in IRAs at life insurance companies are excluded. They are included in line 27.
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Historical Annuals, 1945-1954, March 10, 2016 87

L.118 Private Pension Funds (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets (2) 20.7 22.1 23.6 24.9 26.2 27.2 32.0 36.9 42.2 46.6 1

 2 Checkable deposits and currency 0.1 0.1 0.1 0.2 0.2 0.3 0.3 0.3 0.4 0.4 2

 3 Time and savings deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.5 0.6 3

 4 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 5

 6 Debt securities 3.9 4.1 4.4 4.6 4.9 5.2 5.9 7.0 8.3 9.6 6

 7 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Treasury securities 2.1 2.1 2.2 2.2 2.3 2.3 2.4 2.5 2.6 2.7 8

 9 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 9

 10 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Corporate and foreign bonds 1.8 2.0 2.2 2.4 2.6 2.8 3.5 4.5 5.6 6.9 11

 12 Loans (mortgages) 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.2 0.2 12

 13 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.3 1.8 2.4 3.2 13

 14 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Miscellaneous assets 16.7 17.8 19.0 20.1 21.0 21.6 25.4 27.0 30.4 32.6 15

 16 Unallocated insurance contracts (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Contributions receivable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.2 0.2 17

 18 Claims of pension fund on sponsor (4) 16.9 18.1 19.1 19.9 20.7 21.2 24.9 26.2 29.5 31.6 18

 19 Other -0.1 -0.2 -0.0 0.2 0.3 0.4 0.4 0.7 0.7 0.7 19

 20 Pension entitlements (liabilities) (5) 20.7 22.1 23.6 25.0 26.2 27.2 32.1 36.9 42.3 46.7 20

 Memo:

 Funded status of defined benefit plans:

 21 Pension entitlements 19.9 21.3 22.6 23.8 24.9 25.8 30.2 34.4 39.4 43.3 21

 22 Funded by assets (6) 3.0 3.2 3.6 3.9 4.2 4.6 5.3 8.2 9.9 11.7 22

 23 Unfunded (line 17) 16.9 18.1 19.1 19.9 20.7 21.2 24.9 26.2 29.5 31.6 23

 Total financial assets (7)

 24 Defined benefit plans 19.9 21.3 22.6 23.8 24.9 25.8 30.2 34.4 39.3 43.2 24

 25 Defined contribution plans 0.8 0.8 1.0 1.1 1.3 1.4 1.8 2.5 2.9 3.4 25

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans).

(2) Includes claims on sponsor (i.e., unfunded pension entitlements).

(3) Assets of private pension plans held at life insurance companies; series begins 1985:Q4.

(4) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.

(5) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector.

(6) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor.

(7) Additional detail on defined benefit plans and defined contribution plans is available on tables L.118.b and L.118.c.
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88 Historical Annuals, 1945-1954, March 10, 2016

L.118.b Private Pension Funds: Defined Benefit Plans

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets (1) 19.9 21.3 22.6 23.8 24.9 25.8 30.2 34.4 39.3 43.2 1

 2 Checkable deposits and currency 0.1 0.1 0.1 0.2 0.2 0.3 0.3 0.3 0.4 0.4 2

 3 Time and savings deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.3 0.3 3

 4 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 5

 6 Debt securities 3.0 3.2 3.4 3.6 3.8 4.0 4.6 5.5 6.5 7.5 6

 7 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Treasury securities 1.5 1.6 1.6 1.7 1.7 1.8 1.8 1.9 2.0 2.0 8

 9 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 9

 10 Corporate and foreign bonds 1.4 1.6 1.8 1.9 2.1 2.3 2.8 3.6 4.5 5.5 10

 11 Loans (mortgages) 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.2 0.2 11

 12 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.5 1.9 2.5 12

 13 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Miscellaneous assets 16.8 18.0 19.1 20.0 20.8 21.4 25.1 26.6 30.0 32.1 14

 15 Unallocated insurance contracts (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Contributions receivable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.2 0.2 16

 17 Claims of pension fund on sponsor (3) 16.9 18.1 19.1 19.9 20.7 21.2 24.9 26.2 29.5 31.6 17

 18 Other -0.1 -0.1 -0.0 0.1 0.1 0.2 0.2 0.3 0.3 0.3 18

 19 Pension entitlements (liabilities) (4) 19.9 21.3 22.6 23.8 24.9 25.8 30.2 34.4 39.4 43.3 19

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).

(2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4.

(3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.

(4) Actuarial value of accrued defined benefit pension entitlements.

L.118.c Private Pension Funds: Defined Contribution Plans (1)

Billions of dollars

 1 Total financial assets 0.8 0.8 1.0 1.1 1.3 1.4 1.8 2.5 2.9 3.4 1

 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 Time and savings deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.2 0.3 3

 4 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Debt securities 0.9 0.9 1.0 1.0 1.1 1.2 1.3 1.5 1.8 2.1 6

 7 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Treasury securities 0.5 0.5 0.5 0.6 0.6 0.6 0.6 0.6 0.7 0.7 8

 9 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 9

 10 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Corporate and foreign bonds 0.4 0.4 0.4 0.5 0.5 0.6 0.7 0.9 1.1 1.4 11

 12 Loans (mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.4 0.5 0.6 13

 14 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Miscellaneous assets -0.1 -0.1 -0.0 0.1 0.2 0.2 0.3 0.4 0.4 0.4 15

 16 Unallocated insurance contracts (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Contributions receivable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Other -0.1 -0.1 -0.0 0.1 0.2 0.2 0.3 0.4 0.4 0.4 18

 19 Pension entitlements (liabilities) 0.8 0.8 1.0 1.1 1.3 1.4 1.8 2.5 2.9 3.4 19

(1) Includes 401(k) and 403(b) type plans.

(2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4.
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Historical Annuals, 1945-1954, March 10, 2016 89

L.119 Federal Government Employee Retirement Funds

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets (1) 24.1 28.2 31.6 35.1 39.0 43.3 49.3 56.4 63.8 71.2 1

 2 Debt securities 2.9 3.3 4.1 4.9 6.0 6.7 7.5 8.4 8.9 9.4 2

 3 Treasury securities (2) 2.9 3.3 4.1 4.9 6.0 6.7 7.5 8.4 8.9 9.4 3

 4 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 4

 5 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Claims of pension fund on sponsor (misc. assets) (3) 21.2 24.9 27.5 30.2 33.0 36.5 41.8 48.0 54.8 61.9 7

 8 Pension entitlements (liabilities) (4) 24.1 28.2 31.6 35.1 39.0 43.3 49.3 56.4 63.8 71.2 8

 Memo:

 Funded status of defined benefit plans:

 9 Pension entitlements 24.1 28.2 31.6 35.1 39.0 43.3 49.3 56.4 63.8 71.2 9

 10 Funded by assets (5) 2.9 3.3 4.1 4.9 6.0 6.7 7.5 8.4 8.9 9.4 10

 11 Unfunded (line 7) 21.2 24.9 27.5 30.2 33.0 36.5 41.8 48.0 54.8 61.9 11

 Total financial assets (6)

 12 Defined benefit plans 24.1 28.2 31.6 35.1 39.0 43.3 49.3 56.4 63.8 71.2 12

 13 Defined contribution plans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).

(2) Includes marketable and nonmarketable Treasury securities.

(3) Unfunded defined benefit pension entitlements and suspended investments in the Thrift Savings Plan G Fund by the Treasury. Negative values indicate overfunding.

(4) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans, including suspended investments in the Thrift Savings Plan G Fund.

 These liabilities are assets of the household sector.

(5) Total defined benefit financial assets less defined benefit claims of pension fund on sponsor.

(6) Additional detail on defined benefit plans and defined contribution plans is available on tables L.119.b and L.119.c.
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90 Historical Annuals, 1945-1954, March 10, 2016

L.119.b Federal Government Employee Retirement Funds: Defined Benefit Plans (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets (2) 24.1 28.2 31.6 35.1 39.0 43.3 49.3 56.4 63.8 71.2 1

 2 Debt securities 2.9 3.3 4.1 4.9 6.0 6.7 7.5 8.4 8.9 9.4 2

 3 Treasury securities (3) 2.9 3.3 4.1 4.9 6.0 6.7 7.5 8.4 8.9 9.4 3

 4 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 4

 5 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Claims of pension fund on sponsor (misc. assets) (4) 21.2 24.9 27.5 30.2 33.0 36.5 41.8 48.0 54.8 61.9 7

 8 Pension entitlements (liabilities) (5) 24.1 28.2 31.6 35.1 39.0 43.3 49.3 56.4 63.8 71.2 8

(1) Includes Civil Service Retirement and Disability Fund, Railroad Retirement Board, judicial retirement fund, Military Retirement Fund, Foreign Service Retirement and

 Disability Fund, and the National Railroad Investment Trust.

(2) Includes claims on sponsor (i.e., unfunded pension entitlements).

(3) Includes both marketable and nonmarketable government securities.

(4) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.

(5) Actuarial value of accrued pension entitlements in defined benefit plans. These liabilities are assets of the household sector.

L.119.c Federal Government Employee Retirement Funds: Defined Contribution Plans (1)

Billions of dollars

 1 Total financial assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Debt securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Treasury securities (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 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 4

 5 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Claims of pension fund on sponsor (misc. assets) (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Pension entitlements (liabilities) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

(1) Thrift Savings Plan.

(2) Includes nonmarketable and marketable Treasury securities held by the Thrift Savings Plan G and F funds.

(3) Suspended investments in the Thrift Savings Plan G Fund by the Treasury.
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Historical Annuals, 1945-1954, March 10, 2016 91

L.120 State and Local Government Employee Retirement Funds

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets (1) 9.6 11.2 13.1 15.0 17.0 19.1 20.9 23.4 25.7 28.7 1

 2 Checkable deposits and currency 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 2

 3 Time and savings deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Debt securities 2.5 2.8 3.1 3.5 4.0 4.6 5.3 6.3 7.5 8.9 6

 7 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Treasury securities 1.5 1.7 1.9 2.1 2.3 2.5 2.9 3.4 3.9 4.4 8

 9 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 9

 10 Municipal securities 0.8 0.9 1.0 1.2 1.3 1.5 1.7 1.9 2.1 2.4 10

 11 Corporate and foreign bonds 0.1 0.2 0.2 0.3 0.4 0.6 0.7 1.0 1.5 2.1 11

 12 Loans (mortgages) 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.2 0.2 12

 13 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 13

 14 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Miscellaneous assets 7.0 8.3 9.9 11.4 12.9 14.3 15.3 16.7 17.8 19.2 15

 16 Unallocated insurance contracts (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Claims of pension fund on sponsor (3) 7.0 8.3 9.9 11.4 12.9 14.3 15.3 16.7 17.8 19.2 17

 18 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Pension entitlements (liabilities) (4) 9.6 11.2 13.1 15.0 17.0 19.1 20.9 23.4 25.7 28.7 19

 Memo:

 Funded status of defined benefit plans:

 20 Pension entitlements 9.6 11.2 13.1 15.0 17.0 19.1 20.9 23.4 25.7 28.7 20

 21 Funded by assets (5) 2.6 2.9 3.2 3.6 4.2 4.9 5.6 6.6 8.0 9.5 21

 22 Unfunded (line 17) 7.0 8.3 9.9 11.4 12.9 14.3 15.3 16.7 17.8 19.2 22

 Total financial assets (6)

 23 Defined benefit plans 9.6 11.2 13.1 15.0 17.0 19.1 20.9 23.4 25.7 28.7 23

 24 Defined contribution plans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).

(2) Assets of defined contribution funds held at life insurance companies.

(3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.

(4) Actuarial value of accrued pension entitlements. These liabilities are assets of the household sector.

(5) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor.

(6) Additional detail on defined benefit plans and defined contribution plans is available on tables L.120.b and L.120.c.
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92 Historical Annuals, 1945-1954, March 10, 2016

L.120.b State and Local Government Employee Retirement Funds: Defined Benefit Plans

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets (1) 9.6 11.2 13.1 15.0 17.0 19.1 20.9 23.4 25.7 28.7 1

 2 Checkable deposits and currency 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 2

 3 Time and savings deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Debt securities 2.5 2.8 3.1 3.5 4.0 4.6 5.3 6.3 7.5 8.9 6

 7 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Treasury securities 1.5 1.7 1.9 2.1 2.3 2.5 2.9 3.4 3.9 4.4 8

 9 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 9

 10 Municipal securities 0.8 0.9 1.0 1.2 1.3 1.5 1.7 1.9 2.1 2.4 10

 11 Corporate and foreign bonds 0.1 0.2 0.2 0.3 0.4 0.6 0.7 1.0 1.5 2.1 11

 12 Loans (mortgages) 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.2 0.2 12

 13 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 13

 14 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Miscellaneous assets 7.0 8.3 9.9 11.4 12.9 14.3 15.3 16.7 17.8 19.2 15

 16 Claims of pension fund on sponsor (2) 7.0 8.3 9.9 11.4 12.9 14.3 15.3 16.7 17.8 19.2 16

 17 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Pension entitlements (liabilities) (3) 9.6 11.2 13.1 15.0 17.0 19.1 20.9 23.4 25.7 28.7 18

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).

(2) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.

(3) Actuarial value of accrued defined benefit pension entitlements. These liabilities are assets of the household sector.

L.120.c State and Local Government Employee Retirement Funds: Defined Contribution Plans (1)

Billions of dollars

 1 Total financial assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 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 Time and savings deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Debt securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Treasury securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 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 9

 10 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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

 13 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Miscellaneous assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Unallocated insurance contracts (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Pension entitlements (liabilities) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

(1) Includes 403(b) and 457 type plans.

(2) Assets held at life insurance companies.
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Historical Annuals, 1945-1954, March 10, 2016 93

L.121 Money Market Mutual Funds (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Foreign deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Checkable deposits and currency 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Time and savings deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Debt securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Treasury securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 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 9

 10 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Miscellaneous assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Total shares outstanding (liabilities) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.116).

L.122 Mutual Funds (1)

Billions of dollars

 1 Total financial assets 1.2 1.3 1.4 1.5 3.1 3.3 3.5 3.9 4.1 6.1 1

 2 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 2

 3 Debt securities 0.2 0.3 0.3 0.3 0.4 0.4 0.5 0.5 0.5 0.7 3

 4 Open market paper 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 4

 5 Treasury securities 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.2 5

 6 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 6

 7 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Corporate and foreign bonds 0.1 0.2 0.1 0.2 0.2 0.2 0.3 0.3 0.3 0.4 8

 9 Loans (other loans and advances) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Corporate equities 1.0 1.0 1.2 1.2 2.7 2.9 2.9 3.3 3.5 5.4 10

 11 Miscellaneous assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Total shares outstanding (liabilities) 1.2 1.3 1.4 1.5 3.1 3.3 3.5 3.9 4.1 6.1 12

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.116).

L.123 Closed-End and Exchange-Traded Funds

Billions of dollars

 Closed-end funds

 1 Total financial assets 1.0 1.0 1.3 1.4 1.7 2.0 2.2 2.5 2.8 3.1 1

 2 Debt securities 0.2 0.2 0.3 0.3 0.3 0.4 0.4 0.5 0.6 0.6 2

 3 Treasury securities 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 3

 4 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Corporate and foreign bonds 0.1 0.2 0.2 0.2 0.3 0.3 0.3 0.4 0.4 0.5 5

 6 Corporate equities 0.8 0.8 1.0 1.1 1.4 1.6 1.8 2.0 2.2 2.5 6

 7 Total shares outstanding (liabilities) 1.0 1.0 1.3 1.4 1.7 2.0 2.2 2.5 2.8 3.1 7

 Exchange-traded funds

 8 Total financial assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Debt securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Treasury securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Total shares outstanding (liabilities) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14
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94 Historical Annuals, 1945-1954, March 10, 2016

L.124 Government-Sponsored Enterprises (GSEs) (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets 2.3 2.4 2.5 2.9 2.8 3.3 3.7 3.8 4.1 4.5 1

 2 Checkable deposits and currency 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2

 3 Time and savings deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Federal funds and security repos 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Debt securities 0.4 0.4 0.3 0.5 0.5 0.4 0.4 0.5 0.6 0.8 5

 6 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Treasury securities 0.4 0.4 0.3 0.5 0.5 0.4 0.4 0.5 0.6 0.8 7

 8 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 8

 9 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Loans 1.7 1.8 2.0 2.2 2.2 2.7 3.1 3.2 3.1 3.2 11

 12 Other loans and advances 0.7 0.8 1.1 1.4 1.3 1.8 2.1 2.1 1.9 1.9 12

 13 Sallie Mae 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Farm Credit System 0.5 0.5 0.7 0.8 0.9 1.0 1.2 1.2 1.0 1.0 14

 15 FHLB 0.2 0.3 0.4 0.5 0.4 0.8 0.9 0.9 1.0 0.9 15

 16 Mortgages 1.0 1.0 0.9 0.9 0.9 1.0 1.0 1.1 1.2 1.3 16

 17 Home 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Consolidated trusts (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Multifamily residential 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Consolidated trusts (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Farm 1.0 1.0 0.9 0.9 0.9 1.0 1.0 1.1 1.2 1.3 23

 24 Consumer credit (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Miscellaneous assets 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.3 25

 26 Total liabilities 2.1 2.1 2.3 2.6 2.6 3.0 3.4 3.5 3.7 4.1 26

 27 Federal funds and security repos 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 Debt securities (GSE issues) (4) 0.9 1.2 1.3 1.6 1.4 1.8 2.1 2.1 2.1 2.1 28

 29 Consolidated trusts (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Other 0.9 1.2 1.3 1.6 1.4 1.8 2.1 2.1 2.1 2.1 30

 31 Loans (U.S. government loans) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 Miscellaneous liabilities 1.2 1.0 1.0 1.1 1.1 1.2 1.4 1.4 1.6 2.0 32

(1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Farmer Mac, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing Association

 (Sallie Mae) was included until it was fully privatized in 2004:Q4. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (L.125) are consolidated on Fannie Mae’s and

 Freddie Mac’s balance sheets (L.124).

(2) Consolidated trusts refers to the unpaid balance of securitized mortgages Fannie Mae and Freddie Mac moved on to their balance sheets at the beginning of 2010 in response to new accounting rules.

(3) Sallie Mae student loans.

(4) Such issues are classified as agency- and GSE-backed securities.

L.125 Agency- and GSE-Backed Mortgage Pools (1)

Billions of dollars

 1 Total financial assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 1

 2 Home mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Farm mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 5

 6 Total pool securities (liabilities)(2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 6

(1) GNMA, Fannie Mae, Freddie Mac, Farmer Mac, and Farmers Home Administration pools. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (L.125) are consolidated on Fannie

 Mae’s and Freddie Mac’s balance sheets (L.124). 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.
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Historical Annuals, 1945-1954, March 10, 2016 95

L.126 Issuers of Asset-Backed Securities (ABS)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Debt securites 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Treasury securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Agency- and GSE-backed securities (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Other loans and advances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Mortgages (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Home 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Multifamily residential 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Commercial 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Trade credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Miscellaneous assets (funding agreements) (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Total liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Debt securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Commercial paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Corporate bonds (net) (4) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 Memo:

 Securitized assets not included above

 18 Consumer leases (5) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 REIT assets (6) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 Securitized liabilities not included above

 20 Commercial paper (7) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

(1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.

(3) Funding agreements with life insurance companies.

(4) Liabilities net of assets.

(5) 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 nonfinancial asset.

(6) Included on table L.128.

(7) Included on table L.111 line 45.
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96 Historical Annuals, 1945-1954, March 10, 2016

L.127 Finance Companies (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets 4.3 5.0 5.7 6.8 7.9 9.7 10.1 12.5 14.3 15.1 1

 2 Checkable deposits and currency 0.5 0.5 0.4 0.6 0.6 0.8 0.9 0.9 0.9 0.9 2

 3 Time and savings deposits 0.2 0.2 0.1 0.2 0.2 0.3 0.3 0.3 0.3 0.3 3

 4 Debt 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 4

 5 Loans 3.6 4.3 5.0 5.9 6.8 8.2 8.7 10.8 12.5 13.2 5

 6 Other loans and advances 2.7 2.6 2.4 2.5 2.2 2.5 2.7 3.1 3.3 3.3 6

 7 Mortgages 0.1 0.2 0.2 0.2 0.3 0.5 0.4 0.6 0.6 0.8 7

 8 Consumer credit 0.9 1.5 2.4 3.2 4.3 5.3 5.6 7.1 8.6 9.1 8

 9 U.S. direct investment abroad 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 9

 10 Miscellaneous assets 0.0 0.1 0.2 0.1 0.2 0.3 0.2 0.5 0.5 0.7 10

 11 Total liabilities 1.0 1.9 2.6 3.9 5.0 6.8 7.4 9.4 11.1 11.0 11

 12 Debt securities 0.2 0.4 0.7 1.3 1.7 2.0 2.7 3.1 4.7 4.3 12

 13 Open market paper 0.1 0.2 0.3 0.5 0.7 0.7 1.1 1.4 1.6 1.5 13

 14 Corporate bonds 0.1 0.2 0.3 0.8 1.1 1.3 1.7 1.7 3.1 2.8 14

 15 Loans 0.3 0.8 1.0 1.6 2.1 3.3 3.2 4.4 4.2 4.0 15

 16 Depository institution loans n.e.c. 0.3 0.8 1.0 1.6 2.1 3.3 3.2 4.4 4.2 4.0 16

 17 Other loans and advances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Taxes payable 0.0 0.0 0.1 0.1 0.1 0.2 0.2 0.2 0.3 0.2 18

 19 Foreign direct investment in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Miscellaneous liabilities 0.5 0.6 0.9 0.9 1.0 1.3 1.2 1.7 1.8 2.5 20

 21 Investment by parent 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Other 0.5 0.6 0.9 0.9 1.0 1.3 1.2 1.7 1.8 2.5 22

 Memo:

 23 Consumer leases not included above (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

(1) Includes retail captive finance companies and mortgage companies.

(2) See footnote (5), table L.126.
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Historical Annuals, 1945-1954, March 10, 2016 97

L.128 Real Estate Investment Trusts (REITs) (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 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 Debt securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 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 4

 5 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Loans (mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Home 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Multifamily residential 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Commercial 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Miscellaneous assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Total liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Debt securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Corporate bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Depository institution loans n.e.c. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Other loans and advances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Miscellaneous liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 Memo:

 21 Securitized assets included above 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 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 22

 23 Home mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

(1) Additional detail on financial assets and liabilities for equity and mortgage REITs is available on tables L.128.e and L.128.m.
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98 Historical Annuals, 1945-1954, March 10, 2016

L.128.e Equity Real Estate Investment Trusts

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 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 Debt 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 3

 4 Loans (mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Home 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Multifamily residential 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Commercial 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Miscellaneous assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Total liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Debt securities (corporate bonds) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Depository institution loans n.e.c. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Multifamily residential 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Commercial 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Miscellaneous liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

L.128.m Mortgage Real Estate Investment Trusts

Billions of dollars

 1 Total financial assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 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 Debt securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 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 4

 5 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Loans (mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Home 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Multifamily residential 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Commercial 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Miscellaneous assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Total liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Debt securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Corporate bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Depository institution loans n.e.c. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Other loans and advances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Miscellaneous liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 Memo:

 20 Securitized assets included above 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 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 21

 22 Home mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24
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Historical Annuals, 1945-1954, March 10, 2016 99

L.129 Security Brokers and Dealers

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets 5.0 3.4 2.6 3.1 3.7 4.0 3.8 4.1 4.6 5.6 1

 2 Checkable deposits and currency 0.5 0.7 0.6 0.6 0.5 0.6 0.6 0.5 0.5 0.6 2

 3 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Debt securities 2.7 1.6 0.9 1.5 1.5 1.4 1.2 1.5 1.6 1.6 4

 5 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Treasury securities 1.9 0.9 0.3 0.8 0.7 0.6 0.3 0.7 0.6 0.7 6

 7 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 7

 8 Municipal securities 0.3 0.3 0.2 0.3 0.3 0.4 0.4 0.2 0.4 0.3 8

 9 Corporate and foreign bonds 0.5 0.4 0.4 0.4 0.6 0.4 0.5 0.5 0.5 0.7 9

 10 Loans (other loans and advances) 1.3 0.6 0.6 0.6 1.0 1.5 1.4 1.5 1.9 2.7 10

 11 Corporate equities 0.6 0.5 0.5 0.5 0.6 0.5 0.6 0.6 0.6 0.7 11

 12 U.S. direct investment abroad 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 12

 13 Miscellaneous assets -0.0 -0.0 -0.0 -0.0 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 13

 14 Total liabilities 5.2 3.6 2.8 3.3 3.8 4.2 3.9 4.3 4.7 5.7 14

 15 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Debt securities (corporate bonds) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Loans 4.0 2.4 1.6 2.1 2.6 3.0 2.7 3.1 3.4 4.5 17

 18 Depository institution loans n.e.c. (1) 3.3 1.6 0.9 1.4 1.9 2.0 1.8 2.3 2.7 3.4 18

 19 Other loans and advances 0.7 0.7 0.7 0.7 0.7 1.0 0.9 0.7 0.7 1.0 19

 20 Trade payables 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.2 0.2 0.2 20

 21 Taxes payable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Foreign direct investment in U.S. 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 22

 23 Miscellaneous liabilities 1.0 1.0 1.0 1.0 1.0 1.0 0.9 0.9 0.9 0.8 23

 24 Investment by parent companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Other 1.0 1.0 1.0 1.0 1.0 1.0 0.9 0.9 0.9 0.8 25

(1) Includes loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF).
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100 Historical Annuals, 1945-1954, March 10, 2016

L.130 Holding Companies (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Time and savings deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Debt securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Treasury securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 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 6

 7 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Loans (other loans and advances) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Life insurance reserves 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Miscellaneous assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Net trans. with depository subs. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Net trans. with property-casualty ins. co. subs. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Net trans. with life insurance company subs. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Net trans. with finance company subs. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Net trans. with broker and dealer subs. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Net trans. with foreign subs. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Total liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Debt securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Commercial paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Corporate bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Loans (depository institution loans n.e.c.) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Miscellaneous liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

(1) Parent-only bank holding companies, savings and loan holding companies and security holding companies that file Federal Reserve Board form FR Y-9LP, FR Y-9SP, or FR 2320.
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Historical Annuals, 1945-1954, March 10, 2016 101

L.131 Funding Corporations (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 1

 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 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Debt securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 4

 5 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 5

 6 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Loans (other loans and advances) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Corporate equities (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Miscellaneous assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Investment in foreign banking offices 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 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 11

 12 Total liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 12

 13 Debt securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Corporate bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Depository institution loans n.e.c. (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Other loans and advances (4) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Foreign direct investment in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Miscellaneous liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 20

 21 Securities loaned (net) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Equity interest under PPIP 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Other (net) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 23

(1) Funding subsidiaries, custodial accounts for reinvested collateral of securities lending operations, Federal Reserve lending facilities,

 and funds associated with the Public-Private Investment Program (PPIP).

(2) Common stock of American International Assurance Company Ltd. (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG.

(3) Loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, Commercial Paper Funding Facility LLC, and American International Group (AIG).

(4) Loans extended by the federal government to the Term Asset-Backed Securities Loan Facility (TALF) and to funds associated with PPIP.
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102 Historical Annuals, 1945-1954, March 10, 2016

L.132 Rest of the World

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets 13.5 12.2 12.2 13.0 13.8 16.6 17.5 18.8 19.7 23.1 1

 2 SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Net interbank assets 0.4 0.2 0.3 0.5 0.8 1.1 1.7 1.8 1.7 1.7 3

 4 U.S. checkable deposits and currency 2.7 2.3 1.7 2.2 2.0 2.0 1.7 2.0 1.5 1.7 4

 5 U.S. time deposits 1.6 1.6 1.6 1.6 1.7 2.0 1.7 1.8 2.4 2.9 5

 6 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Debt securities 3.1 2.4 3.0 3.1 3.4 4.8 4.9 5.1 5.8 6.4 8

 9 Open market paper 0.0 0.1 0.1 0.1 0.1 0.2 0.3 0.3 0.4 0.6 9

 10 Treasury securities 2.6 2.1 2.7 2.8 2.9 4.3 4.3 4.5 5.0 5.5 10

 11 Treasury bills 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Other Treasury securities 2.6 2.1 2.7 2.8 2.9 4.3 4.3 4.5 5.0 5.5 12

 13 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 13

 14 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 U.S. corporate bonds (1) 0.5 0.2 0.3 0.2 0.3 0.3 0.3 0.4 0.4 0.4 15

 16 Loans to U.S. corporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 U.S. corporate equities 2.7 2.7 2.5 2.3 2.5 2.9 3.5 3.7 3.7 5.3 17

 18 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Trade receivables 0.5 0.5 0.5 0.4 0.4 0.4 0.5 0.5 0.4 0.4 19

 20 Foreign direct investment in U.S. (2) 2.5 2.5 2.6 2.8 2.9 3.4 3.7 3.9 4.3 4.6 20

 21 Total liabilities 13.7 16.2 23.0 26.0 27.5 28.7 30.6 32.9 35.4 37.2 21

 22 U.S. official reserve assets (3) 0.0 -0.2 0.9 1.3 1.5 1.4 1.4 1.5 1.4 1.2 22

 23 U.S. private deposits 0.0 0.1 0.1 0.0 0.0 0.1 0.1 0.1 0.1 0.2 23

 24 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Debt securities 2.9 2.8 2.8 2.9 2.9 3.1 3.4 3.4 3.3 3.3 25

 26 Commercial paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Bonds 2.9 2.8 2.8 2.9 2.9 3.1 3.4 3.4 3.3 3.3 27

 28 Loans 2.8 5.5 9.5 10.8 10.9 10.8 11.2 11.6 12.8 13.2 28

 29 Depository institution loans n.e.c. 0.5 0.8 1.0 1.2 0.9 0.7 0.8 0.9 0.7 1.2 29

 30 Other loans and advances 2.3 4.7 8.5 9.6 10.0 10.1 10.4 10.8 12.1 12.0 30

 31 Trade payables 0.4 0.4 0.4 0.5 0.4 0.4 0.5 0.5 0.5 0.6 31

 32 U.S. direct investment abroad (1,2) 7.2 7.2 8.4 9.6 10.7 11.8 13.0 14.7 16.3 17.6 32

 33 Miscellaneous liabilities 0.4 0.5 1.0 0.9 1.0 1.1 1.1 1.1 1.1 1.2 33

 34 U.S. equity in IBRD, etc. 0.0 0.3 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 34

 35 Nonofficial foreign currencies 0.4 0.2 0.3 0.2 0.4 0.4 0.4 0.4 0.4 0.5 35

 36 Investment by holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

 Memo:

 37 Market value of foreign equities 0.9 1.0 1.0 0.9 0.7 1.2 1.4 1.5 1.3 1.9 37

 held by U.S. residents (4)

(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) Does not include monetary gold.

(4) Includes American Depositary Receipts (ADRs).
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Historical Annuals, 1945-1954, March 10, 2016 103

L.200 U.S. Official Reserve Assets and SDR Allocations (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total liabilities 0.0 -0.2 0.9 1.3 1.5 1.4 1.4 1.5 1.4 1.2 1

 2 Federal government: SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Rest of the world 0.0 -0.2 0.9 1.3 1.5 1.4 1.4 1.5 1.4 1.2 3

 4 SDR holdings 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Reserve position in IMF 0.0 -0.2 0.9 1.3 1.5 1.4 1.4 1.5 1.4 1.2 5

 6 Other reserves 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Total assets 20.1 20.5 23.8 25.7 26.0 24.3 24.3 24.7 23.5 23.0 7

 8 Federal government 0.0 -0.1 1.3 1.7 1.9 1.6 1.6 1.6 1.5 1.3 8

 9 Monetary gold (2) 0.0 0.2 0.1 0.2 0.1 0.1 0.2 0.1 0.1 0.1 9

 10 SDR holdings 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Reserve position in IMF 0.0 -0.2 1.2 1.6 1.7 1.5 1.5 1.5 1.4 1.2 11

 12 Other reserves 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Rest of the world: SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Monetary authority 20.1 20.5 22.5 24.0 24.1 22.7 22.7 23.2 22.0 21.7 14

 15 Monetary gold (2) 20.1 20.5 22.8 24.2 24.4 22.7 22.7 23.2 22.0 21.7 15

 16 Reserve position in IMF 0.0 0.0 -0.3 -0.3 -0.3 -0.0 -0.0 -0.0 -0.0 -0.0 16

 17 Other reserves 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Discrepancy: monetary gold -20.1 -20.7 -22.9 -24.4 -24.6 -22.8 -22.9 -23.3 -22.1 -21.8 18

(1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest.

(2) By international accounting standards, monetary gold is a financial asset for which there is no corresponding liability.

L.201 Special Drawing Rights (SDRs) Certificates and Treasury Currency

Billions of dollars

 SDR certificates:

 1 Liab: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Asset: Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 Treasury currency:

 3 Liab: Federal government 2.3 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.5 2.5 3

 4 Asset: Monetary authority 4.2 4.4 4.4 4.4 4.4 4.5 4.6 4.7 4.7 4.8 4

 5 Discrepancy (seigniorage) -1.9 -2.0 -2.0 -2.0 -2.1 -2.1 -2.2 -2.2 -2.3 -2.3 5

L.202 U.S. Deposits in Foreign Countries

Billions of dollars

 1 Total rest of the world liability 0.0 0.1 0.1 0.0 0.0 0.1 0.1 0.1 0.1 0.2 1

 Held by:

 2 Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Nonfinancial corporate business 0.0 0.1 0.1 0.0 0.0 0.1 0.1 0.1 0.1 0.2 3

 4 Money market mutual funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Discrepancy--unallocated assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5
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104 Historical Annuals, 1945-1954, March 10, 2016

L.203 Net Interbank Transactions

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total liabilities 18.5 18.0 20.2 22.5 19.0 21.5 24.0 23.8 23.4 21.5 1

 2 Monetary authority 17.8 18.2 20.1 22.5 18.6 19.9 22.8 22.7 22.7 21.3 2

 3 U.S.-chartered depository institutions 1.0 0.1 0.2 0.1 0.2 1.3 0.9 0.7 0.4 -0.1 3

 4 Foreign banking offices in U.S. 0.1 0.1 0.2 0.4 0.6 0.7 0.9 1.1 1.1 1.2 4

 5 Banks in U.S.-affiliated areas -0.2 -0.2 -0.2 -0.2 -0.1 -0.1 -0.2 -0.2 -0.2 -0.2 5

 6 Credit unions -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.4 -0.5 -0.6 -0.8 6

 7 Total assets 19.0 19.0 21.0 23.5 20.0 22.4 25.6 25.6 25.3 23.9 7

 8 Monetary authority 0.8 0.6 0.6 0.6 0.5 1.4 1.2 1.1 0.9 0.8 8

 9 U.S.-chartered depository institutions 17.8 18.2 20.1 22.5 18.6 19.9 22.8 22.7 22.7 21.3 9

 10 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Rest of the world 0.4 0.2 0.3 0.5 0.8 1.1 1.7 1.8 1.7 1.7 12

 13 Discrepancy -0.5 -1.0 -0.9 -1.0 -0.9 -0.8 -1.6 -1.7 -1.9 -2.4 13

 Memo:

 Vault cash:

 14 Liab.: Monetary authority 1.9 2.0 2.2 2.0 2.0 2.2 2.7 2.8 2.5 2.5 14

 15 Asset: U.S.-chartered depository institutions 1.9 2.0 2.2 2.0 2.0 2.2 2.7 2.8 2.5 2.5 15

 16 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 Depository institution reserves:

 17 Liab.: Monetary authority 15.9 16.1 17.9 20.5 16.6 17.7 20.1 20.0 20.2 18.9 17

 18 Asset: U.S.-chartered depository institutions 15.9 16.1 17.9 20.5 16.6 17.7 20.1 20.0 20.2 18.9 18

 19 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 Other transactions with the monetary authority

 21 Liab: U.S.-chartered depository institutions 0.8 0.6 0.6 0.6 0.5 1.4 1.2 1.1 0.9 0.8 21

 22 Asset: Monetary authority 0.8 0.6 0.6 0.6 0.5 1.4 1.2 1.1 0.9 0.8 22

 23 Federal Reserve float 0.6 0.6 0.5 0.5 0.5 1.4 1.2 1.0 0.9 0.8 23

 24 Loans to member banks 0.2 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.0 0.0 24

 Transactions with banks in foreign countries (net):

 25 Liab.: U.S.-chartered depository institutions (net) 0.4 0.2 0.3 0.3 0.4 0.6 0.7 0.7 0.6 0.5 25

 26 Due to foreign affiliates 0.4 0.2 0.3 0.3 0.4 0.6 0.7 0.7 0.6 0.5 26

 27 - Due from foreign affiliates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 Foreign banking offices in U.S. (net) 0.1 0.1 0.2 0.4 0.6 0.8 1.0 1.2 1.2 1.4 28

 29 Due to foreign affiliates 0.1 0.2 0.3 0.5 0.7 0.9 1.2 1.4 1.4 1.7 29

 30 - Due from foreign affiliates 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.3 0.3 30

 31 Less: Deposits at foreign banks 0.0 0.1 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.1 31

 32 U.S.-chartered depository institutions 0.0 0.1 0.2 0.1 0.1 0.2 0.1 0.1 0.1 0.1 32

 33 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33

 34 Plus: Loans from foreign banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34

 35 U.S.-chartered depository institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

 36 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

 37 Asset: Rest of the world (1) 0.4 0.2 0.3 0.5 0.8 1.1 1.7 1.8 1.7 1.7 37

 Transactions between U.S. depository institutions (net) (2):

 38 U.S.-chartered depository institutions (net) -0.1 -0.6 -0.5 -0.6 -0.6 -0.4 -1.0 -1.0 -1.0 -1.3 38

 39 Due to (3): -0.1 -0.6 -0.5 -0.6 -0.5 -0.4 -0.9 -1.0 -1.0 -1.3 39

 40 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.2 40

 41 Banks in U.S.-affiliated areas 0.2 0.2 0.2 0.2 0.1 0.1 0.2 0.2 0.2 0.2 41

 42 Credit unions 0.2 0.2 0.2 0.2 0.2 0.2 0.4 0.5 0.6 0.8 42

 43 - Due from: Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 43

 44 Unallocated (2) -0.5 -1.0 -0.9 -1.0 -0.9 -0.8 -1.6 -1.7 -1.9 -2.4 44

(1) Sum of lines 25 and 28 less line 31 plus line 34.

(2) Interbank transactions between U.S. banks should net to zero and thus are not shown in lines 1 through 12 above. However, the unallocated amount (line 44), which is due to inconsistencies

 in source data, appears on line 13 as the discrepancy between liabilities and assets.

(3) Sum of lines 40, 41, 42, and 44.
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Historical Annuals, 1945-1954, March 10, 2016 105

L.204 Checkable Deposits and Currency

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total liabilities 133.7 119.1 120.2 119.6 119.6 124.9 132.1 138.7 138.7 143.3 1

 2 Monetary authority 31.1 30.4 29.3 29.4 28.5 28.2 28.6 29.9 29.8 29.9 2

 3 Federal government cash and deposits 3.3 2.7 2.2 2.4 2.1 2.0 1.5 1.7 1.1 1.4 3

 4 Due to government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Deposits due to foreign 1.2 0.8 0.4 0.7 0.8 0.6 0.5 0.6 0.4 0.5 5

 6 Currency outside banks 26.6 26.9 26.7 26.2 25.6 25.6 26.5 27.7 28.3 28.0 6

 7 U.S.-chartered depository institutions 101.4 87.7 89.9 89.4 90.2 95.7 102.4 107.5 107.6 112.1 7

 8 Federal government deposits 24.5 3.0 1.3 2.3 3.1 2.8 3.4 4.9 4.1 4.2 8

 9 Deposits due to foreign 1.4 1.4 1.2 1.5 1.1 1.3 1.1 1.3 0.9 1.1 9

 10 Private domestic deposits 75.5 83.3 87.4 85.5 86.0 91.6 98.0 101.3 102.6 106.8 10

 11 Foreign banking offices in U.S. 0.2 0.2 0.1 0.1 0.2 0.2 0.3 0.4 0.4 0.5 11

 12 Deposits due to foreign 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.1 0.1 0.1 12

 13 Private domestic deposits 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.3 0.3 13

 14 Banks in U.S.-affiliated areas 0.9 0.9 0.9 0.8 0.8 0.8 0.8 0.9 0.9 0.9 14

 15 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Total assets 133.7 119.1 120.2 119.6 119.6 124.9 132.1 138.7 138.7 143.3 16

 17 Household sector 55.4 60.6 60.4 58.1 56.3 58.9 63.3 65.5 66.8 68.9 17

 18 Nonfinancial business 36.1 37.3 39.4 39.3 40.2 41.7 43.9 44.2 43.9 46.1 18

 19 Corporate 19.1 19.7 21.6 22.0 23.0 24.4 26.0 26.8 26.7 28.5 19

 20 Noncorporate 17.0 17.6 17.8 17.3 17.1 17.4 17.9 17.4 17.2 17.6 20

 21 Federal government 26.9 4.2 3.7 4.8 5.2 4.9 5.1 7.4 5.9 5.6 21

 22 State and local governments 3.7 4.6 5.3 5.8 6.0 6.5 6.9 7.2 7.6 7.9 22

 23 Domestic financial sectors 2.7 3.1 3.4 3.4 3.6 4.1 4.3 4.5 4.7 4.7 23

 24 Property-casualty insurance companies 0.7 0.9 1.0 1.1 1.1 1.2 1.2 1.3 1.4 1.3 24

 25 Life insurance companies 0.8 0.8 1.0 0.9 0.9 1.0 1.1 1.1 1.2 1.2 25

 26 Private pension funds 0.1 0.1 0.1 0.2 0.2 0.3 0.3 0.3 0.4 0.4 26

 27 State and local govt. retirement funds 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 27

 28 Money market mutual funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 Government-sponsored enterprises 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 29

 30 Finance companies 0.5 0.5 0.4 0.6 0.6 0.8 0.9 0.9 0.9 0.9 30

 31 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 Brokers and dealers 0.5 0.7 0.6 0.6 0.5 0.6 0.6 0.5 0.5 0.6 32

 33 Rest of the world 2.7 2.3 1.7 2.2 2.0 2.0 1.7 2.0 1.5 1.7 33

 34 Checkable deposits 2.7 2.3 1.7 2.2 2.0 2.0 1.7 2.0 1.5 1.7 34

 35 Currency 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

 36 Mail float 6.2 7.1 6.3 6.0 6.3 6.7 6.9 7.9 8.3 8.4 36
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106 Historical Annuals, 1945-1954, March 10, 2016

L.205 Time and Savings Deposits 

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total liabilities 53.5 60.0 63.6 66.2 69.2 71.9 76.8 85.0 94.3 104.8 1

 2 Small time and savings deposits 50.3 56.6 60.0 62.2 64.9 67.3 72.3 80.2 88.5 97.8 2

 3 U.S.-chartered depository institutions 49.9 56.2 59.5 61.6 64.2 66.5 71.2 78.8 86.8 95.8 3

 4 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Banks in U.S.-affiliated areas 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Credit unions 0.4 0.4 0.5 0.6 0.7 0.9 1.1 1.4 1.7 2.0 6

 7 Large time deposits (1) 3.2 3.4 3.6 3.9 4.3 4.6 4.5 4.9 5.8 7.0 7

 8 U.S.-chartered depository institutions 3.2 3.3 3.5 3.9 4.2 4.5 4.4 4.7 5.6 6.8 8

 9 Foreign banking offices in U.S. 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.1 0.2 0.2 9

 10 Banks in U.S.-affiliated areas 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Total assets 53.5 60.0 63.6 66.2 69.2 71.9 76.8 85.0 94.3 104.8 12

 13 Household sector 50.2 56.6 60.0 62.2 64.8 67.2 72.2 79.7 87.9 97.2 13

 14 Nonfinancial business 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 1.1 14

 15 Corporate 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 1.1 15

 16 Noncorporate 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Federal government 0.1 0.1 0.1 0.1 0.2 0.2 0.3 0.4 0.3 0.4 17

 18 State and local governments 0.5 0.7 0.9 1.1 1.3 1.4 1.5 1.6 2.0 2.4 18

 19 Domestic financial sectors 0.2 0.2 0.1 0.2 0.2 0.3 0.3 0.7 0.8 0.8 19

 20 Private pension funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.5 0.6 20

 21 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Money market mutual funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Finance companies 0.2 0.2 0.1 0.2 0.2 0.3 0.3 0.3 0.3 0.3 24

 25 Holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Rest of the world 1.6 1.6 1.6 1.6 1.7 2.0 1.7 1.8 2.4 2.9 26

(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 Total assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Nonfinancial corporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Nonfinancial noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 State and local governments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Property-casualty insurance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Life insurance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Private pension funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11
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Historical Annuals, 1945-1954, March 10, 2016 107

L.207 Federal Funds and Security Repurchase Agreements (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 1

 2 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 U.S.-chartered depository institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Federal funds (2) ND ND ND ND ND ND ND ND ND ND 4

 5 Security repurchase agreements ND ND ND ND ND ND ND ND ND ND 5

 6 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Federal funds (2) ND ND ND ND ND ND ND ND ND ND 7

 8 Security repurchase agreements ND ND ND ND ND ND ND ND ND ND 8

 9 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Property-casualty insurance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Life insurance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Brokers and dealers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Total assets 0.0 0.0 0.1 0.1 0.1 0.1 0.2 1.1 1.0 0.4 17

 18 Nonfinancial corporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 State and local governments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.2 0.2 19

 20 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.1 0.2 0.7 0.6 0.0 20

 21 U.S.-chartered depository institutions 0.0 0.0 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 21

 22 Federal funds (2) ND ND ND ND ND ND ND ND ND ND 22

 23 Security repurchase agreements ND ND ND ND ND ND ND ND ND ND 23

 24 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Federal funds (2) ND ND ND ND ND ND ND ND ND ND 25

 26 Security repurchase agreements ND ND ND ND ND ND ND ND ND ND 26

 27 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 Federal funds ND ND ND ND ND ND ND ND ND ND 28

 29 Security repurchase agreements ND ND ND ND ND ND ND ND ND ND 29

 30 Property-casualty insurance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

 31 Life insurance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 Private pension funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 32

 33 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33

 34 Money market mutual funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34

 35 Mutual funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 35

 36 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

 37 Of which: FHLB federal funds (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 37

 38 Brokers and dealers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 38

 39 Holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

 40 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

 41 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 41

 42 Discrepancy 0.0 0.0 -0.1 -0.1 -0.1 -0.1 -0.2 -1.1 -0.9 -0.4 42

 Memo:

 43 Effective federal funds rate (percent) (4) ND ND ND ND ND ND ND ND ND 1.28 43

 Federal Reserve’s reverse repurchase agreement operations: (5)

 44 Liability: Monetary authority (6) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44

 45 Asset: Money market mutual funds (7) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 45

 46 Other financial institutions (8) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 46

(1) Detailed data on federal funds and security repurchase agreements are only available beginning 2012:Q1 for U.S.-chartered despository institutions, 2003:Q1 for foreign banking offices in U.S.,

 2010:Q4 for credit unions, and 2000:Q1 for FHLB.

(2) Excludes term federal funds.

(3) Includes term federal funds.

(4) The effective federal funds rate is a weighted average of rates on brokered trades. Annualized using a 360-day year.

(5) Reverse repurchase agreements (RRPs) conducted as part of the Federal Reserve’s Overnight RRP Operational Exercise (beginning 2013:Q3) and term RRP operations (beginning 2014:Q4).

(6) Included in line 2.

(7) Included in line 34.

(8) Includes banks (consolidated), government-sponsored enterprises, and primary dealers.
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108 Historical Annuals, 1945-1954, March 10, 2016

L.208 Debt Securities (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 By instrument

 1 Total debt securities 294.7 273.1 271.6 273.3 281.1 288.0 295.1 313.5 331.6 343.5 1

 2 Open market paper 0.3 0.6 0.8 0.9 1.1 1.3 1.8 2.2 2.6 2.9 2

 3 Treasury securities 254.1 231.2 224.8 219.1 222.6 222.9 223.3 229.2 235.1 237.9 3

 4 Agency- and GSE-backed securities 1.2 1.3 1.4 2.5 2.5 2.2 2.3 2.8 4.4 4.5 4

 5 Municipal securities 12.1 12.2 13.8 15.1 16.1 20.7 22.8 29.7 35.0 40.7 5

 6 Corporate and foreign bonds 26.9 27.9 30.8 35.6 38.8 40.9 44.9 49.6 54.4 57.6 6

 By sector

 7 Total liabilities 294.7 273.1 271.6 273.3 281.1 288.0 295.1 313.5 331.6 343.5 7

 8 Domestic nonfinancial sectors 290.5 268.5 266.6 267.3 274.8 280.6 286.3 304.3 320.8 332.9 8

 9 Household sector (nonprofits) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Nonfinancial corporate business 24.0 25.0 27.8 32.1 35.0 36.7 40.1 44.8 48.4 52.1 10

 11 Federal government 254.4 231.3 224.9 220.0 223.6 223.2 223.5 229.8 237.4 240.2 11

 12 State and local governments 12.1 12.2 13.8 15.1 16.1 20.7 22.8 29.7 35.0 40.7 12

 13 Domestic financial sectors 1.2 1.8 2.2 3.1 3.5 4.3 5.3 5.8 7.4 7.3 13

 14 U.S.-chartered depository institutions 0.1 0.2 0.2 0.2 0.2 0.3 0.4 0.4 0.5 0.7 14

 15 Foreign banking offices in U.S. 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 15

 16 Government-sponsored enterprises 0.9 1.2 1.3 1.6 1.4 1.8 2.1 2.1 2.1 2.1 16

 17 Agency- and GSE-backed mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 17

 18 ABS issuers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Finance companies 0.2 0.4 0.7 1.3 1.7 2.0 2.7 3.1 4.7 4.3 19

 20 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Brokers and dealers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Rest of the world 2.9 2.8 2.8 2.9 2.9 3.1 3.4 3.4 3.3 3.3 24

 25 Total assets: 294.7 273.1 271.6 273.3 281.1 288.0 295.1 313.5 331.6 343.5 25

 26 Domestic nonfinancial sectors 105.1 96.5 96.6 99.0 101.5 106.3 107.7 115.3 121.9 119.8 26

 27 Household sector 78.8 76.6 76.4 77.5 77.6 78.5 78.3 85.4 89.3 88.1 27

 28 Nonfinancial corporate business 18.8 13.1 12.8 13.5 15.4 18.7 19.6 18.7 20.4 18.8 28

 29 Nonfinancial noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

 31 State and local governments 7.5 6.8 7.4 8.0 8.4 9.1 9.8 11.2 12.2 12.9 31

 32 Domestic financial sectors 186.4 174.3 171.9 171.1 176.3 176.8 182.4 193.1 203.8 217.2 32

 33 Monetary authority 24.3 23.4 22.6 23.3 18.9 20.7 23.6 24.0 25.3 24.9 33

 34 U.S.-chartered depository institutions 112.4 98.1 93.7 87.8 93.4 89.5 89.1 92.5 95.0 102.4 34

 35 Foreign banking offices in U.S. 0.3 0.3 0.3 0.3 0.4 0.5 0.6 0.7 0.8 0.8 35

 36 Banks in U.S.-affiliated areas 0.6 0.6 0.5 0.4 0.4 0.4 0.3 0.3 0.3 0.4 36

 37 Credit unions 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 37

 38 Property-casualty insurance companies 3.4 4.0 4.8 5.7 6.3 7.1 7.7 8.6 9.7 10.7 38

 39 Life insurance companies 32.6 35.4 36.8 38.0 39.3 39.4 39.6 42.0 44.4 46.3 39

 40 Private pension funds 3.9 4.1 4.4 4.6 4.9 5.2 5.9 7.0 8.3 9.6 40

 41 Federal government retirement funds 2.9 3.3 4.1 4.9 6.0 6.7 7.5 8.4 8.9 9.4 41

 42 State and local govt. retirement funds 2.5 2.8 3.1 3.5 4.0 4.6 5.3 6.3 7.5 8.9 42

 43 Money market mutual funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 43

 44 Mutual funds 0.2 0.3 0.3 0.3 0.4 0.4 0.5 0.5 0.5 0.7 44

 45 Closed-end funds 0.2 0.2 0.3 0.3 0.3 0.4 0.4 0.5 0.6 0.6 45

 46 Exchange-traded funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 46

 47 Government-sponsored enterprises 0.4 0.4 0.3 0.5 0.5 0.4 0.4 0.5 0.6 0.8 47

 48 ABS issuers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 48

 49 Finance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 49

 50 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 50

 51 Brokers and dealers 2.7 1.6 0.9 1.5 1.5 1.4 1.2 1.5 1.6 1.6 51

 52 Holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 52

 53 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 53

 54 Rest of the world 3.1 2.4 3.0 3.1 3.4 4.8 4.9 5.1 5.8 6.4 54

(1) Sum of open market paper, Treasury securities, agency- and GSE-backed securities, municipal securities, and corporate and foreign bonds.
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Historical Annuals, 1945-1954, March 10, 2016 109

L.209 Open Market Paper

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total outstanding, all types 0.3 0.6 0.8 0.9 1.1 1.3 1.8 2.2 2.6 2.9 1

 2 Commercial paper 0.2 0.3 0.5 0.7 0.8 0.9 1.3 1.7 2.0 2.0 2

 3 Nonfinancial corporate business 0.1 0.1 0.2 0.2 0.2 0.2 0.3 0.3 0.4 0.5 3

 4 Foreign issues in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Nonfinancial 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Financial 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Financial business 0.1 0.2 0.3 0.5 0.7 0.7 1.1 1.4 1.6 1.5 7

 8 U.S.-chartered depository institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 ABS issuers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Finance companies 0.1 0.2 0.3 0.5 0.7 0.7 1.1 1.4 1.6 1.5 10

 11 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Bankers’ acceptances (1) 0.2 0.2 0.3 0.3 0.3 0.4 0.5 0.5 0.6 0.9 14

 15 U.S.-chartered depository institutions 0.1 0.2 0.2 0.2 0.2 0.3 0.4 0.4 0.5 0.7 15

 16 Foreign banking offices in U.S. 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 16

 17 Holdings, by sector 0.3 0.6 0.8 0.9 1.1 1.3 1.8 2.2 2.6 2.9 17

 18 Household sector 0.0 0.1 0.1 0.2 0.3 0.4 0.8 1.0 1.3 1.1 18

 19 Nonfinancial corporate business 0.0 0.0 0.1 0.2 0.3 0.1 0.1 0.2 0.2 0.3 19

 20 State and local governments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 U.S.-chartered depository institutions (1) 0.2 0.3 0.4 0.3 0.3 0.4 0.4 0.5 0.5 0.7 22

 23 Foreign banking offices in U.S. (1) 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 23

 24 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Property-casualty insurance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Life insurance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Private pension funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 Money market mutual funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Mutual funds 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 30

 31 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 Brokers and dealers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

 33 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 33

 34 Rest of the world 0.0 0.1 0.1 0.1 0.1 0.2 0.3 0.3 0.4 0.6 34

(1) Excludes banks’ holdings of own acceptances.
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110 Historical Annuals, 1945-1954, March 10, 2016

L.210 Treasury Securities (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total liabilities 254.1 231.2 224.8 219.1 222.6 222.9 223.3 229.2 235.1 237.9 1

 2 Marketable Treasury securities 208.2 183.8 174.5 166.3 167.4 166.6 166.7 171.6 176.8 178.5 2

 3 Treasury bills 55.2 47.0 36.4 38.7 42.0 19.0 47.2 38.4 45.9 48.0 3

 4 Other Treasury notes, bonds, and TIPS 153.0 136.8 138.1 127.6 125.4 147.6 119.5 133.2 130.9 130.6 4

 5 Held in the Civil Service Retirement Fund (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Nonmarketable Treasury securities 45.8 47.4 50.3 52.8 55.3 56.3 56.5 57.6 58.3 59.3 6

 7 U.S. savings securities 42.9 44.2 46.2 47.8 49.3 49.6 49.1 49.2 49.4 50.0 7

 8 State and local government series (SLGS) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Thrift Savings Plan G Fund 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Federal govt. defined benefit pension plans 2.9 3.3 4.1 4.9 6.0 6.7 7.5 8.4 8.9 9.4 10

 11 Other nonmarketable securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Total assets 254.1 231.2 224.8 219.1 222.6 222.9 223.3 229.2 235.1 237.9 12

 13 Household sector 66.5 65.1 65.1 65.8 67.3 66.5 65.4 67.4 68.0 66.1 13

 14 U.S. savings securities (line 7) 42.9 44.2 46.2 47.8 49.3 49.6 49.1 49.2 49.4 50.0 14

 15 Other Treasury securities 23.6 21.0 18.8 18.0 18.0 16.9 16.3 18.2 18.7 16.1 15

 16 Nonfinancial corporate business 18.5 12.8 12.3 12.9 14.7 17.9 18.7 17.6 19.2 17.5 16

 17 Nonfinancial noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 State and local governments 5.5 5.2 5.9 6.3 6.3 6.9 7.3 8.5 9.3 9.8 18

 19 SLGS (line 8) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Other Treasury securities 5.5 5.2 5.9 6.3 6.3 6.9 7.3 8.5 9.3 9.8 20

 21 Monetary authority 24.3 23.4 22.6 23.3 18.9 20.7 23.6 24.0 25.3 24.9 21

 22 Treasury bills 21.2 22.2 18.2 11.6 11.1 3.6 13.2 5.7 8.4 16.0 22

 23 Other Treasury securities 3.1 1.1 4.3 11.8 7.8 17.1 10.4 18.3 16.9 8.8 23

 24 U.S.-chartered depository institutions 103.7 88.6 82.9 75.6 79.9 74.4 73.0 74.6 74.6 79.8 24

 25 Foreign banking offices in U.S. 0.2 0.2 0.2 0.2 0.3 0.3 0.4 0.4 0.4 0.5 25

 26 Banks in U.S.-affiliated areas 0.6 0.5 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.3 26

 27 Credit unions 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 27

 28 Property-casualty insurance companies 2.7 3.3 3.9 4.4 4.8 5.3 5.4 5.8 6.0 6.1 28

 29 Treasury bills 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Other Treasury securities 2.7 3.3 3.9 4.4 4.8 5.3 5.4 5.8 6.0 6.1 30

 31 Life insurance companies 20.6 21.6 20.0 16.8 15.3 13.5 11.0 10.3 9.8 9.1 31

 32 Treasury bills 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

 33 Other Treasury securities 20.6 21.6 20.0 16.8 15.3 13.5 11.0 10.3 9.8 9.1 33

 34 Private pension funds 2.1 2.1 2.2 2.2 2.3 2.3 2.4 2.5 2.6 2.7 34

 35 Defined benefit plans 1.5 1.6 1.6 1.7 1.7 1.8 1.8 1.9 2.0 2.0 35

 36 Defined contribution plans 0.5 0.5 0.5 0.6 0.6 0.6 0.6 0.6 0.7 0.7 36

 37 Federal government retirement funds 2.9 3.3 4.1 4.9 6.0 6.7 7.5 8.4 8.9 9.4 37

 38 Defined benefit plans 2.9 3.3 4.1 4.9 6.0 6.7 7.5 8.4 8.9 9.4 38

 39 Defined contribution plans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

 40 State and local govt. retirement funds 1.5 1.7 1.9 2.1 2.3 2.5 2.9 3.4 3.9 4.4 40

 41 Defined benefit plans 1.5 1.7 1.9 2.1 2.3 2.5 2.9 3.4 3.9 4.4 41

 42 Defined contribution plans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42

 43 Money market mutual funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 43

 44 Treasury bills 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44

 45 Other Treasury securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 45

 46 Mutual funds 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.2 46

 47 Treasury bills 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47

 48 Other Treasury securities 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.2 48

 49 Closed-end funds 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 49

 50 Exchange-traded funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 50

 51 Government-sponsored enterprises 0.4 0.4 0.3 0.5 0.5 0.4 0.4 0.5 0.6 0.8 51

 52 ABS issuers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 52

 53 Brokers and dealers 1.9 0.9 0.3 0.8 0.7 0.6 0.3 0.7 0.6 0.7 53

 54 Holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54

 55 Rest of the world 2.6 2.1 2.7 2.8 2.9 4.3 4.3 4.5 5.0 5.5 55

 56 Treasury bills 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 56

 57 Other Treasury securities 2.6 2.1 2.7 2.8 2.9 4.3 4.3 4.5 5.0 5.5 57

(1) Includes marketable and nonmarketable Treasury securities held by the public (net of premiums and discounts) and Treasury securities held by federal government employee retirement funds.

 In the Financial Accounts, nonmarketable government securities held by federal government employee defined benefit retirement funds are considered part of the financial business sector as

 opposed to intragovernmental holdings as reported on the Monthly Statement of the Public Debt.

(2) Long-term marketable securities issued to the Civil Service Retirement Fund by the Federal Financing Bank. These securities are not currently traded in the market.
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Historical Annuals, 1945-1954, March 10, 2016 111

L.211 Agency- and GSE-Backed Securities (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total liabilities 1.2 1.3 1.4 2.5 2.5 2.2 2.3 2.8 4.4 4.5 1

 2 Budget agencies 0.3 0.1 0.1 0.9 1.0 0.4 0.2 0.6 2.3 2.3 2

 3 Government-sponsored enterprises 0.9 1.2 1.3 1.6 1.4 1.8 2.1 2.1 2.1 2.1 3

 4 Agency- and GSE-backed mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 4

 5 Total assets 1.2 1.3 1.4 2.5 2.5 2.2 2.3 2.8 4.4 4.5 5

 6 Household sector 0.1 0.1 0.1 0.1 0.0 0.1 0.1 -0.0 0.2 0.1 6

 7 Nonfinancial corporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 State and local governments 0.2 0.1 0.1 0.3 0.3 0.2 0.4 0.6 0.5 0.7 9

 10 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 U.S.-chartered depository institutions 0.9 1.0 1.1 2.0 2.1 1.9 1.8 2.2 3.7 3.6 11

 12 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Banks in U.S.-affiliated areas 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Property-casualty insurance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Life insurance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Private pension funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Federal government retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Money market mutual funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Mutual funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 ABS issuers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Brokers and dealers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

(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 Fannie Mae and FHLB;

 and agency- and GSE-backed mortgage pool securities issued by GNMA, Fannie Mae, Freddie Mac, 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 on table L.106, line 20.
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112 Historical Annuals, 1945-1954, March 10, 2016

L.212 Municipal Securities

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total liabilities 12.1 12.2 13.8 15.1 16.1 20.7 22.8 29.7 35.0 40.7 1

 2 State and local governments 12.1 12.2 13.8 15.1 16.1 20.7 22.8 29.7 35.0 40.7 2

 3 Short-term (1) 0.3 0.3 0.5 0.7 0.9 1.3 1.6 1.8 1.9 2.1 3

 4 Long-term 11.8 11.9 13.3 14.5 15.2 19.4 21.2 27.9 33.1 38.6 4

 5 Nonprofit organizations (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Nonfinancial corporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 (industrial revenue bonds)

 7 Total assets 12.1 12.2 13.8 15.1 16.1 20.7 22.8 29.7 35.0 40.7 7

 8 Household sector 3.9 3.8 4.5 4.6 3.7 5.5 5.7 11.0 13.9 16.0 8

 9 Nonfinancial corporate business 0.3 0.3 0.4 0.5 0.5 0.7 0.8 0.8 1.0 1.0 9

 10 Nonfinancial noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 State and local governments 1.8 1.5 1.4 1.4 1.7 2.0 2.1 2.1 2.3 2.5 11

 12 U.S.-chartered depository institutions 4.1 4.5 5.3 5.7 6.6 8.2 9.3 10.5 11.2 13.2 12

 13 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 13

 14 Banks in U.S.-affiliated areas 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 14

 15 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Property-casualty insurance companies 0.2 0.2 0.3 0.5 0.8 1.1 1.4 1.9 2.6 3.4 16

 17 Life insurance companies 0.7 0.6 0.6 0.9 1.1 1.2 1.1 1.2 1.3 1.8 17

 18 Private pension funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 State and local govt. retirement funds 0.8 0.9 1.0 1.2 1.3 1.5 1.7 1.9 2.1 2.4 19

 20 Money market mutual funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Mutual funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Closed-end funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Exchange-traded funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Brokers and dealers 0.3 0.3 0.2 0.3 0.3 0.4 0.4 0.2 0.4 0.3 25

 26 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

(1) Debt with original maturity of 13 months or less.

(2) Liability of the households and nonprofit organizations sector (tables F.101 and L.101).
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Historical Annuals, 1945-1954, March 10, 2016 113

L.213 Corporate and Foreign Bonds

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total liabilities 26.9 27.9 30.8 35.6 38.8 40.9 44.9 49.6 54.4 57.6 1

 2 Nonfinancial corporate business 23.9 24.9 27.7 32.0 34.9 36.5 39.8 44.5 48.0 51.5 2

 3 Domestic financial sectors 0.1 0.2 0.3 0.8 1.1 1.3 1.7 1.7 3.1 2.8 3

 4 U.S.-chartered depository institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 ABS issuers (net) (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Finance companies 0.1 0.2 0.3 0.8 1.1 1.3 1.7 1.7 3.1 2.8 6

 7 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Brokers and dealers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Rest of the world (2) 2.9 2.8 2.8 2.9 2.9 3.1 3.4 3.4 3.3 3.3 11

 12 Total assets (3) 26.9 27.9 30.8 35.6 38.8 40.9 44.9 49.6 54.4 57.6 12

 13 Household sector 8.4 7.5 6.6 6.7 6.3 6.0 6.3 6.0 6.0 4.9 13

 14 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 State and local governments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 U.S.-chartered depository institutions 3.5 3.7 4.0 4.1 4.5 4.6 4.6 4.8 5.0 5.1 16

 17 MBS and other ABS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Other 3.5 3.7 4.0 4.1 4.5 4.6 4.6 4.8 5.0 5.1 18

 19 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 19

 20 Banks in U.S.-affiliated areas 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 MBS and other ABS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Property-casualty insurance companies 0.5 0.5 0.6 0.7 0.7 0.7 0.8 1.0 1.1 1.1 24

 25 MBS and other ABS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Other 0.5 0.5 0.6 0.7 0.7 0.7 0.8 1.0 1.1 1.1 26

 27 Life insurance companies 11.3 13.1 16.1 20.4 22.9 24.8 27.5 30.6 33.3 35.4 27

 28 MBS and other ABS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 Other 11.3 13.1 16.1 20.4 22.9 24.8 27.5 30.6 33.3 35.4 29

 30 Private pension funds 1.8 2.0 2.2 2.4 2.6 2.8 3.5 4.5 5.6 6.9 30

 31 Federal government retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 State and local govt. retirement funds 0.1 0.2 0.2 0.3 0.4 0.6 0.7 1.0 1.5 2.1 32

 33 Money market mutual funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33

 34 Mutual funds 0.1 0.2 0.1 0.2 0.2 0.2 0.3 0.3 0.3 0.4 34

 35 Closed-end funds 0.1 0.2 0.2 0.2 0.3 0.3 0.3 0.4 0.4 0.5 35

 36 Exchange-traded funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

 37 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 37

 38 MBS and other ABS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 38

 39 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

 40 Finance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

 41 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 41

 42 Brokers and dealers 0.5 0.4 0.4 0.4 0.6 0.4 0.5 0.5 0.5 0.7 42

 43 Holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 43

 44 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44

 45 Rest of the world (4) 0.5 0.2 0.3 0.2 0.3 0.3 0.3 0.4 0.4 0.4 45

 46 MBS and other ABS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 46

 47 Other 0.5 0.2 0.3 0.2 0.3 0.3 0.3 0.4 0.4 0.4 47

(1) Liabilities net of assets.

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

(3) For some sectors, holdings of MBS and other ABS are shown separately. MBS and other ABS include privately issued mortgage-backed securities and other privately issued asset-backed bonds.

(4) Holdings of U.S. issues by foreign residents.
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114 Historical Annuals, 1945-1954, March 10, 2016

L.214 Loans (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 By instrument

 1 Total loans 69.1 84.4 102.7 116.9 126.1 148.8 166.0 184.4 199.6 215.1 1

 2 Depository institution loans n.e.c. 14.6 18.1 21.6 23.6 22.3 28.0 33.1 35.9 35.0 35.8 2

 3 Other loans and advances 11.9 14.4 18.6 20.4 21.4 23.6 24.9 26.4 28.6 29.8 3

 4 Mortgages 35.9 42.0 49.2 56.6 63.0 73.2 82.6 91.6 101.4 113.6 4

 5 Home 18.7 23.1 28.3 33.4 37.8 45.3 51.8 58.5 66.0 75.4 5

 6 Multifamily residential 4.9 5.3 5.8 6.7 7.8 9.3 10.6 11.5 12.1 12.7 6

 7 Commercial 7.5 8.8 10.1 11.2 11.9 12.5 13.5 14.4 15.6 17.3 7

 8 Farm 4.8 4.9 5.1 5.3 5.6 6.1 6.7 7.2 7.7 8.2 8

 9 Consumer credit 6.8 9.8 13.3 16.3 19.4 23.9 25.4 30.5 34.6 36.0 9

 By sector

 10 Total liabilities 69.1 84.4 102.7 116.9 126.1 148.8 166.0 184.4 199.6 215.1 10

 11 Domestic nonfinancial sectors 61.9 75.5 90.1 101.8 110.0 130.9 148.0 164.5 178.2 192.6 11

 12 Household sector 29.4 36.1 44.9 53.4 61.6 74.9 83.4 95.7 108.2 120.5 12

 13 Nonfinancial corporate business 20.7 24.9 28.9 30.7 29.4 33.7 38.8 40.3 40.8 40.8 13

 14 Nonfinancial noncorporate business 11.3 14.0 15.8 17.2 18.5 21.6 24.9 27.4 28.4 30.9 14

 15 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 State and local governments 0.5 0.5 0.5 0.6 0.5 0.6 0.8 1.1 0.8 0.4 16

 17 Domestic financial sectors 4.5 3.4 3.1 4.2 5.1 7.1 6.8 8.3 8.6 9.4 17

 18 U.S.-chartered depository institutions 0.2 0.3 0.4 0.5 0.4 0.8 0.9 0.9 1.0 0.9 18

 19 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Property-casualty insurance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Life insurance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Finance companies 0.3 0.8 1.0 1.6 2.1 3.3 3.2 4.4 4.2 4.0 23

 24 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Brokers and dealers 4.0 2.4 1.6 2.1 2.6 3.0 2.7 3.1 3.4 4.5 25

 26 Holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 Rest of the world 2.8 5.5 9.5 10.8 10.9 10.8 11.2 11.6 12.8 13.2 28

 29 Total assets 69.1 84.4 102.7 116.9 126.1 148.8 166.0 184.4 199.6 215.1 29

 30 Domestic nonfinancial sectors 22.1 27.1 33.3 36.8 39.5 42.5 45.4 48.9 52.3 53.9 30

 31 Household sector 12.9 14.4 15.7 16.9 17.7 18.7 19.5 20.0 21.0 22.4 31

 32 Nonfinancial corporate business 2.8 3.3 4.1 4.9 5.5 6.6 7.2 7.1 7.3 7.7 32

 33 Nonfinancial noncorporate business 0.6 0.7 0.8 0.9 1.0 1.1 1.3 2.7 2.8 2.8 33

 34 Federal government 5.8 8.6 12.6 13.9 15.1 15.9 17.1 18.7 20.7 20.4 34

 35 State and local governments 0.0 0.0 0.1 0.1 0.2 0.2 0.3 0.4 0.5 0.6 35

 36 Domestic financial sectors 47.0 57.3 69.4 80.1 86.6 106.2 120.6 135.5 147.3 161.2 36

 37 Monetary authority 0.0 0.1 0.1 0.2 0.1 0.0 0.0 0.0 0.0 0.1 37

 38 U.S.-chartered depository institutions 31.4 41.0 50.4 57.3 60.1 73.6 83.5 93.6 100.6 109.4 38

 39 Foreign banking offices in U.S. 0.1 0.2 0.3 0.3 0.5 0.6 0.8 0.9 1.0 1.2 39

 40 Banks in U.S.-affiliated areas 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.2 0.2 40

 41 Credit unions 0.1 0.2 0.3 0.4 0.5 0.7 0.7 0.9 1.3 1.5 41

 42 Property-casualty insurance companies 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 42

 43 Life insurance companies 8.6 9.0 10.6 12.9 15.1 18.5 21.9 24.0 26.2 29.1 43

 44 Private pension funds 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.2 0.2 44

 45 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.2 0.2 45

 46 Mutual funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 46

 47 Government-sponsored enterprises 1.7 1.8 2.0 2.2 2.2 2.7 3.1 3.2 3.1 3.2 47

 48 Agency- and GSE-backed mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 48

 49 ABS issuers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 49

 50 Finance companies 3.6 4.3 5.0 5.9 6.8 8.2 8.7 10.8 12.5 13.2 50

 51 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 51

 52 Brokers and dealers 1.3 0.6 0.6 0.6 1.0 1.5 1.4 1.5 1.9 2.7 52

 53 Holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 53

 54 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54

 55 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 55

(1) Sum of depository institution loans not elsewhere classified, other loans and advances, total mortgages, and consumer credit.
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Historical Annuals, 1945-1954, March 10, 2016 115

L.215 Depository Institution Loans Not Elsewhere Classified (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total liabilities 14.6 18.1 21.6 23.6 22.3 28.0 33.1 35.9 35.0 35.8 1

 2 Household sector 0.3 0.2 0.2 0.2 0.2 0.3 0.6 0.4 0.5 0.7 2

 3 Corporate business 8.9 12.5 15.6 16.2 14.3 18.0 22.2 23.0 22.4 21.8 3

 4 Noncorporate business 1.3 2.2 2.9 3.0 2.8 3.8 4.6 4.9 4.4 4.7 4

 5 Domestic financial sectors 3.6 2.4 2.0 3.0 4.0 5.3 5.0 6.7 6.9 7.5 5

 6 Finance companies 0.3 0.8 1.0 1.6 2.1 3.3 3.2 4.4 4.2 4.0 6

 7 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Brokers and dealers 3.3 1.6 0.9 1.4 1.9 2.0 1.8 2.3 2.7 3.4 8

 9 Holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Rest of the world 0.5 0.8 1.0 1.2 0.9 0.7 0.8 0.9 0.7 1.2 11

 12 Foreign official institutions 0.0 0.0 0.1 0.1 0.1 0.2 0.3 0.3 0.2 0.4 12

 13 Foreign banks 0.1 0.5 0.4 0.6 0.3 0.3 0.4 0.3 0.3 0.4 13

 14 Other foreign 0.3 0.3 0.5 0.6 0.5 0.2 0.1 0.3 0.2 0.3 14

 15 Total assets 14.6 18.1 21.6 23.6 22.3 28.0 33.1 35.9 35.0 35.8 15

 16 Monetary authority (2) 0.0 0.1 0.1 0.2 0.1 0.0 0.0 0.0 0.0 0.1 16

 17 U.S.-chartered depository institutions 14.5 17.8 21.3 23.1 21.8 27.5 32.4 35.0 34.1 34.6 17

 18 Foreign banking offices in U.S. 0.1 0.2 0.2 0.3 0.4 0.5 0.7 0.8 0.9 1.0 18

 19 Banks in U.S.-affiliated areas 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

(1) Excludes depository institution lending in the form of open market paper, mortgages, and consumer credit which are shown on other instrument tables.

(2) Loans from Federal Reserve banks to the household, rest of the world, broker and dealer, and funding corporation sectors. See loan details on table L.109.
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116 Historical Annuals, 1945-1954, March 10, 2016

L.216 Other Loans and Advances

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total other loans and advances 11.9 14.4 18.6 20.4 21.4 23.6 24.9 26.4 28.6 29.8 1

 2 U.S. government loans 4.3 7.5 11.5 12.8 13.5 13.9 14.6 15.6 17.1 16.7 2

 3 Liab.: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Nonfinancial corporate business 0.7 0.5 0.5 0.5 0.6 0.6 0.6 0.7 1.0 0.8 4

 5 Nonfinancial noncorporate business 0.9 1.8 2.1 2.2 2.5 2.7 3.0 3.2 3.5 3.7 5

 6 State and local governments 0.5 0.5 0.5 0.6 0.5 0.6 0.8 1.1 0.8 0.4 6

 7 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Finance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Rest of the world 2.2 4.6 8.4 9.5 9.9 10.0 10.2 10.6 11.9 11.7 10

 11 Foreign loans to U.S. corporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Liab.: Nonfinancial corporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 Customers’ liability on acceptances outstanding

 13 Asset: U.S.-chartered depository institutions 0.1 0.2 0.2 0.2 0.2 0.3 0.4 0.4 0.5 0.7 13

 14 Foreign banking offices in U.S. 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 14

 15 Liab.: Nonfinancial corporate business 0.1 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.4 0.6 15

 16 Rest of the world 0.0 0.0 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.3 16

 17 Holding company loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Liab.: Nonfinancial corporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Policy loans (Household liability) 2.1 2.0 2.1 2.2 2.4 2.6 2.8 2.9 3.1 3.4 20

 21 Asset: Federal government 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 21

 22 Life insurance companies 2.0 1.9 1.9 2.1 2.2 2.4 2.6 2.7 2.9 3.1 22

 23 Federal Home Loan Banks advances (1) 0.2 0.3 0.4 0.5 0.4 0.8 0.9 0.9 1.0 0.9 23

 24 Liab.: U.S.-chartered depository institutions 0.2 0.3 0.4 0.5 0.4 0.8 0.9 0.9 1.0 0.9 24

 25 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Property-casualty insurance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Life insurance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 Finance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 Real estate investment trusts 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Government-sponsored enterprise (GSE) loans (2) 0.5 0.5 0.7 0.8 0.9 1.0 1.2 1.2 1.0 1.0 30

 31 Liab.: Household sector (SLMA) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 Nonfinancial corporate business (FCS) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

 33 Nonfinancial noncorporate business (FCS) 0.5 0.5 0.7 0.8 0.9 1.0 1.2 1.2 1.0 1.0 33

 34 U.S.-chartered depository inst. (SLMA) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34

 35 Securitized loans held by ABS issuers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

 36 Liab.: Nonfinancial corporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

 37 Finance company loans to business 2.7 2.6 2.4 2.5 2.2 2.5 2.7 3.1 3.3 3.3 37

 38 Liab.: Nonfinancial corporate business 2.4 2.4 2.1 2.2 2.0 2.2 2.4 2.8 2.9 2.9 38

 39 Nonfinancial noncorporate business 0.3 0.3 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.3 39

 40 Margin accounts at brokers and dealers 1.3 0.6 0.6 0.6 1.0 1.5 1.4 1.5 1.9 2.7 40

 41 Liab.: Household sector 1.3 0.6 0.6 0.6 1.0 1.5 1.4 1.5 1.9 2.7 41

 42 Cash accounts at brokers and dealers 0.7 0.7 0.7 0.7 0.7 1.0 0.9 0.7 0.7 1.0 42

 43 Asset: Household sector 0.7 0.7 0.7 0.7 0.7 1.0 0.9 0.7 0.7 1.0 43

 44 Loans to nonfinancial corporate business (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44

 45 Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 45

 46 Life insurance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 46

 47 Mutual funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47

 48 ABS issuers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 48

 49 Brokers and dealers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 49

 50 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 50

(1) The Federal Home Loan Banks are included in the governmnet-sponsored enterprises sector. Finance companies and real estate investment trusts receive advances through

 affiliated captive insurance companies.

(2) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Federal Home Loan Bank advances are shown separately on line 23.

(3) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere.
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Historical Annuals, 1945-1954, March 10, 2016 117

L.217 Total Mortgages (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total mortgages 35.9 42.0 49.2 56.6 63.0 73.2 82.6 91.6 101.4 113.6 1

 2 Home 18.7 23.1 28.3 33.4 37.8 45.3 51.8 58.5 66.0 75.4 2

 3 Multifamily residential 4.9 5.3 5.8 6.7 7.8 9.3 10.6 11.5 12.1 12.7 3

 4 Commercial 7.5 8.8 10.1 11.2 11.9 12.5 13.5 14.4 15.6 17.3 4

 5 Farm 4.8 4.9 5.1 5.3 5.6 6.1 6.7 7.2 7.7 8.2 5

 6 Total liabilities 35.9 42.0 49.2 56.6 63.0 73.2 82.6 91.6 101.4 113.6 6

 7 Household sector 19.0 23.5 28.8 34.1 38.7 46.6 53.4 60.3 68.1 77.8 7

 8 Nonfinancial business 16.8 18.5 20.4 22.4 24.3 26.6 29.2 31.3 33.3 35.8 8

 9 Corporate 8.5 9.3 10.5 11.5 12.2 12.6 13.2 13.5 14.1 14.6 9

 10 Noncorporate 8.3 9.2 9.9 10.9 12.1 14.0 16.0 17.8 19.1 21.2 10

 11 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Total assets 35.9 42.0 49.2 56.6 63.0 73.2 82.6 91.6 101.4 113.6 13

 14 Household sector 12.2 13.7 15.1 16.3 17.0 17.7 18.6 19.3 20.3 21.4 14

 15 Nonfinancial corporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Nonfinancial noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Federal government 1.4 1.0 0.9 1.0 1.5 1.8 2.3 2.9 3.3 3.4 17

 18 State and local governments 0.0 0.0 0.1 0.1 0.2 0.2 0.3 0.4 0.5 0.6 18

 19 U.S.-chartered depository institutions 14.3 18.7 22.9 26.7 29.6 35.1 39.7 45.0 51.1 58.7 19

 20 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Banks in U.S.-affiliated areas 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.2 0.2 21

 22 Credit unions 0.1 0.2 0.2 0.3 0.3 0.4 0.4 0.4 0.4 0.4 22

 23 Property-casualty insurance companies 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 23

 24 Life insurance companies 6.6 7.2 8.7 10.8 12.9 16.1 19.3 21.3 23.3 26.0 24

 25 Private pension funds 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.2 0.2 25

 26 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.2 0.2 26

 27 Government-sponsored enterprises (1) 1.0 1.0 0.9 0.9 0.9 1.0 1.0 1.1 1.2 1.3 27

 28 Agency- and GSE-backed mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 28

 29 ABS issuers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Finance companies 0.1 0.2 0.2 0.2 0.3 0.5 0.4 0.6 0.6 0.8 30

 31 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

(1) Sum of home mortgages, multifamily residential mortgages, commercial mortgages, and farm mortgages.
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118 Historical Annuals, 1945-1954, March 10, 2016

L.218 Home Mortgages (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total liabilities 18.7 23.1 28.3 33.4 37.8 45.3 51.8 58.5 66.0 75.4 1

 2 Household sector 18.7 23.1 28.3 33.4 37.8 45.3 51.8 58.5 66.0 75.4 2

 3 Nonfinancial corporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Nonfinancial noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Total assets 18.7 23.1 28.3 33.4 37.8 45.3 51.8 58.5 66.0 75.4 5

 6 Household sector 5.4 6.2 6.8 7.3 7.5 7.7 8.0 8.0 8.3 8.5 6

 7 Nonfinancial corporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Nonfinancial noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Federal government 0.9 0.7 0.6 0.7 1.2 1.5 2.0 2.5 2.8 2.8 9

 10 State and local governments 0.0 0.0 0.1 0.1 0.2 0.2 0.3 0.4 0.4 0.5 10

 11 U.S.-chartered depository institutions 9.9 13.3 16.9 19.8 22.1 26.5 30.0 34.7 40.1 46.9 11

 12 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Banks in U.S.-affiliated areas 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 13

 14 Credit unions 0.1 0.2 0.2 0.3 0.3 0.4 0.4 0.4 0.4 0.4 14

 15 Life insurance companies 2.3 2.5 3.5 4.9 6.1 8.5 10.6 11.8 13.2 15.2 15

 16 Private pension funds 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 16

 17 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 17

 18 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Agency- and GSE-backed mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 ABS issuers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Finance companies 0.1 0.1 0.2 0.2 0.2 0.4 0.3 0.5 0.5 0.7 21

 22 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 Memo:

 23 Home equity loans included above (2) ND ND ND ND ND ND ND ND ND ND 23

 24 U.S.-chartered depository institutions ND ND ND ND ND ND ND ND ND ND 24

 25 Foreign banking offices in U.S. ND ND ND ND ND ND ND ND ND ND 25

 26 Credit unions ND ND ND ND ND ND ND ND ND ND 26

 27 ABS issuers ND ND ND ND ND ND ND ND ND ND 27

 28 Finance companies ND ND ND ND ND ND ND ND ND ND 28

(1) Mortgages on 1-4 family properties including mortgages on farm houses.

(2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals.

L.219 Multifamily Residential Mortgages

Billions of dollars

 1 Total liabilities 4.9 5.3 5.8 6.7 7.8 9.3 10.6 11.5 12.1 12.7 1

 2 Nonfinancial corporate business 0.2 0.3 0.3 0.3 0.4 0.5 0.5 0.6 0.6 0.6 2

 3 Nonfinancial noncorporate business 4.7 5.0 5.5 6.3 7.4 8.8 10.1 10.9 11.5 12.0 3

 4 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Total assets 4.9 5.3 5.8 6.7 7.8 9.3 10.6 11.5 12.1 12.7 6

 7 Household sector 1.4 1.5 1.7 2.0 2.3 2.6 2.9 3.2 3.4 3.7 7

 8 Nonfinancial corporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Nonfinancial noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.2 0.3 10

 11 State and local governments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 U.S.-chartered depository institutions 2.1 2.3 2.4 2.8 3.1 3.9 4.6 4.8 5.0 5.1 12

 13 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Life insurance companies 1.4 1.5 1.6 1.8 2.3 2.6 3.0 3.3 3.4 3.4 14

 15 Private pension funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 15

 16 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 16

 17 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Agency- and GSE-backed mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 ABS issuers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Finance companies 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.1 0.1 20

 21 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21
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Historical Annuals, 1945-1954, March 10, 2016 119

L.220 Commercial Mortgages

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total liabilities 7.5 8.8 10.1 11.2 11.9 12.5 13.5 14.4 15.6 17.3 1

 2 Household sector 0.3 0.4 0.5 0.7 1.0 1.3 1.6 1.8 2.1 2.4 2

 3 Nonfinancial corporate business 8.2 9.0 10.1 11.1 11.7 12.0 12.6 12.7 13.4 13.8 3

 4 Nonfinancial noncorporate business -1.0 -0.6 -0.5 -0.6 -0.8 -0.8 -0.6 -0.2 0.1 1.1 4

 5 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Total assets 7.5 8.8 10.1 11.2 11.9 12.5 13.5 14.4 15.6 17.3 6

 7 Household sector 3.5 3.9 4.5 4.8 4.9 4.9 5.0 5.2 5.5 6.0 7

 8 Nonfinancial corporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Nonfinancial noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 State and local governments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 U.S.-chartered depository institutions 1.8 2.4 2.8 3.2 3.4 3.7 4.1 4.5 4.9 5.6 12

 13 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Banks in U.S.-affiliated areas 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Property-casualty insurance companies 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 15

 16 Life insurance companies 2.2 2.3 2.7 3.1 3.4 3.7 4.1 4.5 4.9 5.4 16

 17 Private pension funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 17

 18 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Agency- and GSE-backed mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 ABS issuers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Finance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

L.221 Farm Mortgages (1)

Billions of dollars

 1 Total liabilities 4.8 4.9 5.1 5.3 5.6 6.1 6.7 7.2 7.7 8.2 1

 2 Nonfinancial corporate business 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 2

 3 Nonfinancial noncorporate business 4.7 4.8 5.0 5.2 5.5 5.9 6.5 7.1 7.6 8.1 3

 4 Total assets 4.8 4.9 5.1 5.3 5.6 6.1 6.7 7.2 7.7 8.2 4

 5 Household sector 2.0 2.1 2.1 2.3 2.4 2.5 2.8 2.9 3.1 3.2 5

 6 Nonfinancial noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Federal government 0.5 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 7

 8 State and local governments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 8

 9 U.S.-chartered depository institutions 0.5 0.7 0.8 0.9 0.9 1.0 1.0 1.1 1.1 1.2 9

 10 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Life insurance companies 0.8 0.8 0.9 1.0 1.1 1.3 1.5 1.7 1.9 2.0 11

 12 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Government-sponsored enterprises 1.0 1.0 0.9 0.9 0.9 1.0 1.0 1.1 1.2 1.3 13

 14 Agency- and GSE-backed mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 14

(1) Excludes mortgages on farm houses.
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120 Historical Annuals, 1945-1954, March 10, 2016

L.222 Consumer Credit

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total liabilities (Households) 6.8 9.8 13.3 16.3 19.4 23.9 25.4 30.5 34.6 36.0 1

 2 Total assets 6.8 9.8 13.3 16.3 19.4 23.9 25.4 30.5 34.6 36.0 2

 3 Households (nonprofit organizations) (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Nonfinancial corporate business 2.8 3.3 4.1 4.9 5.5 6.6 7.2 7.1 7.3 7.7 4

 5 Nonfinancial noncorporate business 0.6 0.7 0.8 0.9 1.0 1.1 1.3 2.7 2.8 2.8 5

 6 Federal government (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 U.S.-chartered depository institutions 2.5 4.3 6.0 7.2 8.5 10.6 11.0 13.2 15.0 15.4 7

 8 Credit unions 0.0 0.0 0.1 0.1 0.2 0.3 0.3 0.6 0.9 1.1 8

 9 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 ABS issuers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Finance companies 0.9 1.5 2.4 3.2 4.3 5.3 5.6 7.1 8.6 9.1 11

 Memo:

 12 Credit card loans (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Auto loans 0.4 1.0 1.9 3.0 4.5 6.0 6.0 7.6 9.7 9.7 13

 14 Student loans (4) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Other consumer credit (5) 6.4 8.8 11.4 13.4 14.9 17.9 19.4 22.9 24.9 26.2 15

(1) Student loans originated under the Federal Family Education Loan Program.

(2) Includes loans originated by the Department of Education under the Federal Direct Loan Program and Perkins Loans, as well as Federal Family Education Loan Program

 loans that the government purchased from depository institutions, finance companies, and nonprofit and educational institutions, and loans in default.

(3) Revolving credit that also includes overdraft plans on checking accounts and other loans without a fixed repayment schedule.

(4) Includes student loans held by nonprofit organizations (line 3), the federal government (line 6), depository institutions (part of lines 7 and 8), and

 finance companies (part of line 11). Data begin in 2006:Q1.

(5) Includes student loans before 2006:Q1.
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Historical Annuals, 1945-1954, March 10, 2016 121

L.223 Corporate Equities (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Issues at market value 117.7 109.7 107.6 106.5 116.9 142.7 166.5 168.6 164.6 224.3 1

 2 Domestic sectors 116.8 108.7 106.6 105.5 116.2 141.5 165.1 167.1 163.3 222.4 2

 3 Nonfinancial corporate business 103.7 97.3 95.1 94.1 103.8 126.7 147.6 146.6 144.1 194.8 3

 4 Publicly traded (2) 103.7 97.3 95.1 94.1 103.8 126.7 147.6 146.6 144.1 194.8 4

 5 Closely held 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Financial corporations 13.1 11.4 11.5 11.4 12.4 14.8 17.5 20.5 19.2 27.6 6

 7 Publicly traded (3) 13.1 11.4 11.5 11.4 12.4 14.8 17.5 20.5 19.2 27.6 7

 8 Closely held 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Rest of the world (4) 0.9 1.0 1.0 0.9 0.7 1.2 1.4 1.5 1.3 1.9 9

 10 Holdings at market value 117.7 109.7 107.6 106.5 116.9 142.7 166.5 168.6 164.6 224.3 10

 11 Household sector 109.7 101.6 99.2 98.0 105.6 129.8 152.1 151.0 145.8 198.8 11

 12 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 State and local governments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 U.S.-chartered depository institutions 0.2 0.2 0.1 0.2 0.2 0.2 0.2 0.3 0.4 0.6 15

 16 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Property-casualty insurance companies 1.8 1.7 1.7 1.8 2.2 2.6 2.9 3.2 3.3 4.5 17

 18 Life insurance companies 1.0 1.2 1.4 1.4 1.7 2.1 2.2 2.4 2.6 3.3 18

 19 Private pension funds 0.0 0.0 0.0 0.0 0.0 0.0 0.3 1.8 2.4 3.2 19

 20 Federal government retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 21

 22 Mutual funds 1.0 1.0 1.2 1.2 2.7 2.9 2.9 3.3 3.5 5.4 22

 23 Closed-end funds 0.8 0.8 1.0 1.1 1.4 1.6 1.8 2.0 2.2 2.5 23

 24 Exchange-traded funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Brokers and dealers 0.6 0.5 0.5 0.5 0.6 0.5 0.6 0.6 0.6 0.7 25

 26 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Rest of the world (5) 2.7 2.7 2.5 2.3 2.5 2.9 3.5 3.7 3.7 5.3 27

 Memo:

 28 Publicly traded equity at market value (6) 116.8 108.7 106.6 105.5 116.2 141.5 165.1 167.1 163.3 222.4 28

 29 Closely held equity at market value (7) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 S corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

 31 C corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 Percent change in Dow Jones U.S. Total Market Index (8) ND ND ND ND ND ND ND ND ND ND 32

(1) Excludes mutual fund shares shown on table L.224.

(2) Excludes intercorporate holdings.

(3) Includes corporate equities issued by financial corporations under the federal financial stabilization programs.

(4) Holdings of foreign corporate equities and investment fund shares by U.S. residents; includes American Depositary Receipts (ADRs).

(5) Holdings of U.S. issues by foreign residents.

(6) Equal to the sum of lines 4 and 7.

(7) Equal to the sum of lines 5 and 8.

(8) Annual figures calculated from year-end to year-end.

L.224 Mutual Fund Shares (1)

Billions of dollars

 1 Shares at market value 1.2 1.3 1.4 1.5 3.1 3.3 3.5 3.9 4.1 6.1 1

 2 Holdings at market value 1.2 1.3 1.4 1.5 3.1 3.3 3.5 3.9 4.1 6.1 2

 3 Household sector 1.2 1.3 1.4 1.5 3.1 3.3 3.5 3.9 4.1 6.1 3

 4 Nonfinancial corporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 State and local governments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 U.S.-chartered depository institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Property-casualty insurance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Life insurance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Private pension funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

(1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities.
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122 Historical Annuals, 1945-1954, March 10, 2016

L.225 Trade Credit

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total trade payables 21.5 27.6 31.4 34.4 34.6 45.1 46.9 49.0 49.5 53.8 1

 2 Household sector 0.5 0.7 0.8 0.9 0.9 1.0 1.0 1.1 1.2 1.3 2

 3 Nonfinancial corporate business 13.7 20.1 23.4 25.0 24.8 32.7 32.4 33.1 32.9 34.9 3

 4 Nonfinancial noncorporate business 3.6 5.1 6.1 7.2 7.5 8.7 9.0 9.6 10.0 11.7 4

 5 Federal government 2.7 0.7 0.0 0.0 0.0 1.1 2.7 2.8 2.6 2.4 5

 6 State and local governments 0.6 0.8 0.6 0.8 1.0 1.1 1.2 1.6 2.2 2.7 6

 7 Brokers and dealers 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.2 0.2 0.2 7

 8 Rest of the world 0.4 0.4 0.4 0.5 0.4 0.4 0.5 0.5 0.5 0.6 8

 9 Total trade receivables 27.2 30.4 35.9 38.1 37.2 49.1 53.7 59.6 59.1 62.9 9

 10 Nonfinancial corporate business 19.8 22.6 27.6 29.6 28.6 38.6 42.0 45.9 45.0 48.4 10

 11 Nonfinancial noncorporate business 4.5 5.6 5.9 5.9 6.0 7.1 7.0 7.8 8.2 8.2 11

 12 Federal government 0.9 0.1 0.0 0.0 0.0 0.4 1.3 2.3 2.2 2.4 12

 13 State and local governments 1.0 1.2 1.4 1.5 1.4 1.9 2.1 2.2 2.2 2.4 13

 14 Property-casualty insurance companies 0.4 0.5 0.6 0.7 0.7 0.7 0.9 0.9 1.0 1.1 14

 15 ABS issuers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Rest of the world 0.5 0.5 0.5 0.4 0.4 0.4 0.5 0.5 0.4 0.4 16

 17 Discrepancy -5.7 -2.8 -4.5 -3.7 -2.6 -4.0 -6.8 -10.6 -9.6 -9.1 17

L.226 Life Insurance Reserves

Billions of dollars

 1 Total liabilities 39.6 43.4 46.5 49.4 52.1 55.0 57.8 60.7 63.6 66.3 1

 2 Federal government 3.6 4.8 5.4 5.6 5.7 6.0 6.1 6.2 6.3 6.0 2

 3 Life insurance companies 36.0 38.6 41.1 43.8 46.4 49.1 51.6 54.5 57.4 60.4 3

 4 Net change in assets 39.6 43.4 46.5 49.4 52.1 55.0 57.8 60.7 63.6 66.3 4

 5 Households 39.6 43.4 46.5 49.4 52.1 55.0 57.8 60.7 63.6 66.3 5

 6 U.S.-chartered depository institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7
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Historical Annuals, 1945-1954, March 10, 2016 123

L.227 Pension Entitlements

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total liabilities 57.0 64.5 71.9 79.3 87.1 95.2 108.8 124.4 140.6 156.6 1

 2 Life insurance companies (1) 2.7 3.1 3.6 4.2 4.8 5.6 6.6 7.7 8.8 10.0 2

 3 Private pension funds (2) 20.7 22.1 23.6 25.0 26.2 27.2 32.1 36.9 42.3 46.7 3

 4 Federal government retirement funds (3) 24.1 28.2 31.6 35.1 39.0 43.3 49.3 56.4 63.8 71.2 4

 5 State and local govt. retirement funds 9.6 11.2 13.1 15.0 17.0 19.1 20.9 23.4 25.7 28.7 5

 6 Total assets (Households) (4) 57.0 64.5 71.9 79.3 87.1 95.2 108.8 124.4 140.6 156.6 6

 Memo:

 7 Individual Retirement Accounts (IRAs) at: (5) ND ND ND ND ND ND ND ND ND ND 7

 8 U.S.-chartered depository institutions ND ND ND ND ND ND ND ND ND ND 8

 9 Credit unions ND ND ND ND ND ND ND ND ND ND 9

 10 Life insurance companies ND ND ND ND ND ND ND ND ND ND 10

 11 Money market mutual funds ND ND ND ND ND ND ND ND ND ND 11

 12 Mutual funds ND ND ND ND ND ND ND ND ND ND 12

 13 Other self-directed accounts ND ND ND ND ND ND ND ND ND ND 13

(1) Annuities, including those in IRAs.

(2) Includes unallocated insurance company contracts beginning 1985:Q4.

(3) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds.

(4) Excludes all individual retirement accounts (IRAs), except those at life insurance companies.

(5) Assets of the household sector (L.101). Figures for depositories (lines 8 and 9) include Keogh accounts. Variable annuities in IRAs are included in the life insurance sector (line 10)

 and excluded from the money market mutual fund and mutual fund sectors (lines 11 and 12).

L.228 Taxes Payable by Businesses

Billions of dollars

 1 Total taxes payable by all businesses 10.5 8.6 10.7 11.6 9.5 16.9 21.6 18.8 19.9 16.4 1

 2 Nonfinancial corporate business 10.1 8.1 10.3 11.1 8.8 16.1 20.5 17.4 18.0 14.8 2

 3 Nonfinancial noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 U.S.-chartered depository institutions 0.3 0.4 0.2 0.3 0.3 0.5 0.6 0.8 1.0 0.9 4

 5 Property-casualty insurance companies 0.0 0.0 0.0 0.1 0.2 0.2 0.1 0.2 0.4 0.2 5

 6 Life insurance companies 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.2 0.2 6

 7 Finance companies 0.0 0.0 0.1 0.1 0.1 0.2 0.2 0.2 0.3 0.2 7

 8 Brokers and dealers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Total business taxes receivable 10.1 8.7 11.1 11.9 9.6 17.0 22.1 9.8 7.8 5.0 9

 10 Federal government 9.6 8.2 10.6 11.4 9.1 16.5 21.6 9.3 7.4 4.5 10

 11 State and local governments 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 11

 12 Discrepancy 0.4 -0.1 -0.4 -0.3 -0.1 -0.1 -0.5 9.0 12.1 11.4 12

L.229 Proprietors’ Equity in Noncorporate Business

Billions of dollars

 1 Total household equity 197.4 234.2 267.4 283.1 284.8 301.7 328.5 330.7 330.2 333.8 1

 2 Nonfinancial noncorporate business 197.4 234.2 267.4 283.1 284.8 301.7 328.5 330.7 330.2 333.8 2

 3 Brokers and dealers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3
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124 Historical Annuals, 1945-1954, March 10, 2016

L.230 Direct Investment

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 U.S. direct investment abroad:

 1 Liab.: Rest of the world (1) 7.2 7.2 8.4 9.6 10.7 11.8 13.0 14.7 16.3 17.6 1

 2 Equity ND ND ND ND ND ND ND ND ND ND 2

 3 Intercompany debt (2) ND ND ND ND ND ND ND ND ND ND 3

 4 U.S. parents’ claims ND ND ND ND ND ND ND ND ND ND 4

 5 Less: U.S. parents’ liabilities ND ND ND ND ND ND ND ND ND ND 5

 6 Asset: Nonfinancial corporate business 7.0 7.0 8.1 9.3 10.4 11.4 12.6 14.3 15.7 17.0 6

 7 U.S.-chartered depository institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 7

 8 Property-casualty insurance companies 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 8

 9 Life insurance companies 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 9

 10 Finance companies 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 10

 11 Brokers and dealers 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 11

 Foreign direct investment in U.S.:

 12 Liab.: Nonfinancial corporate business 1.5 1.5 1.6 1.7 1.9 2.3 2.6 2.8 3.1 3.3 12

 13 Nonfinancial noncorporate business 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 13

 14 Foreign banking offices in U.S. 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 14

 15 Property-casualty insurance companies 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 15

 16 Life insurance companies 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 16

 17 Finance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Brokers and dealers 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 18

 19 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Asset: Rest of the world (1) 2.5 2.5 2.6 2.8 2.9 3.4 3.7 3.9 4.3 4.6 20

 21 Equity ND ND ND ND ND ND ND ND ND ND 21

 22 Intercompany debt ND ND ND ND ND ND ND ND ND ND 22

 23 U.S. affiliates’ liabilities ND ND ND ND ND ND ND ND ND ND 23

 24 Less: U.S. affiliates’ claims ND ND ND ND ND ND ND ND ND ND 24

 Memo:

 Direct investment, asset/liability presentation:

 25 Direct investment assets ND ND ND ND ND ND ND ND ND ND 25

 26 Equity (line 2) ND ND ND ND ND ND ND ND ND ND 26

 27 Intercompany debt ND ND ND ND ND ND ND ND ND ND 27

 28 U.S. parents’ claims (line 4) ND ND ND ND ND ND ND ND ND ND 28

 29 U.S. affiliates’ claims (line 24) ND ND ND ND ND ND ND ND ND ND 29

 30 Direct investment liabilities ND ND ND ND ND ND ND ND ND ND 30

 31 Equity (line 21) ND ND ND ND ND ND ND ND ND ND 31

 32 Intercompany debt ND ND ND ND ND ND ND ND ND ND 32

 33 U.S. parents’ liabilities (line 5) ND ND ND ND ND ND ND ND ND ND 33

 34 U.S. affiliates’ liabilities (line 23) ND ND ND ND ND ND ND ND ND ND 34

 Alternative valuations of direct investment assets:

 U.S. direct investment abroad:

 35 Market value ND ND ND ND ND ND ND ND ND ND 35

 36 Equity ND ND ND ND ND ND ND ND ND ND 36

 37 Intercompany debt ND ND ND ND ND ND ND ND ND ND 37

 38 Historical cost ND ND ND ND ND ND ND ND ND ND 38

 39 Equity ND ND ND ND ND ND ND ND ND ND 39

 40 Intercompany debt ND ND ND ND ND ND ND ND ND ND 40

 Foreign direct investment in U.S.:

 41 Market value ND ND ND ND ND ND ND ND ND ND 41

 42 Equity ND ND ND ND ND ND ND ND ND ND 42

 43 Intercompany debt ND ND ND ND ND ND ND ND ND ND 43

 44 Historical cost ND ND ND ND ND ND ND ND ND ND 44

 45 Equity ND ND ND ND ND ND ND ND ND ND 45

 46 Intercompany debt ND ND ND ND ND ND ND ND ND ND 46

(1) Direct investment is valued on a current-cost basis and presented on a directional basis.

(2) Through 1992:Q4, U.S. direct investment abroad excludes net inflows from corporate bonds issued by Netherlands Antillean financial subsidiaries.
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L.231 Total Miscellaneous Financial Claims

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total liabilities 44.0 50.8 57.4 63.0 68.9 76.5 83.9 94.4 104.2 116.1 1

 2 Household sector 0.6 0.7 0.8 0.8 0.9 1.0 1.1 1.2 1.3 1.3 2

 3 Nonfinancial corporate business 0.4 0.7 1.1 1.4 1.5 2.3 2.4 3.1 3.2 3.8 3

 4 Nonfinancial noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Federal government 25.8 29.5 31.8 34.2 36.6 39.8 45.1 50.9 57.5 64.4 5

 6 State and local governments 7.0 8.3 9.9 11.4 12.9 14.3 15.3 16.7 17.8 19.2 6

 7 Monetary authority 0.1 0.1 0.3 0.3 0.5 0.9 0.4 0.5 0.6 0.5 7

 8 U.S.-chartered depository institutions 0.6 1.0 1.1 1.6 1.8 2.3 2.4 2.8 2.9 3.5 8

 9 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.2 -0.2 -0.3 9

 10 Banks in U.S.-affiliated areas 0.2 0.2 0.2 0.1 0.1 0.1 0.2 0.2 0.2 0.2 10

 11 Credit unions -0.0 -0.0 -0.0 -0.0 0.0 0.0 0.1 0.1 0.1 0.2 11

 12 Property-casualty insurance companies 3.6 4.3 5.1 5.9 6.5 7.0 7.9 8.9 9.7 10.3 12

 13 Life insurance companies 2.6 2.9 3.3 3.5 3.9 4.2 4.6 5.2 5.7 6.3 13

 14 Government-sponsored enterprises 1.2 1.0 1.0 1.1 1.1 1.2 1.4 1.4 1.6 2.0 14

 15 Finance companies 0.5 0.6 0.9 0.9 1.0 1.3 1.2 1.7 1.8 2.5 15

 16 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Brokers and dealers 1.0 1.0 1.0 1.0 1.0 1.0 0.9 0.9 0.9 0.8 17

 18 Holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 19

 20 Rest of the world 0.4 0.5 1.0 0.9 1.0 1.1 1.1 1.1 1.1 1.2 20

 21 Total assets 60.4 65.7 72.4 78.3 84.7 91.6 102.5 114.9 128.1 141.2 21

 22 Household sector 6.3 7.1 7.6 8.0 8.4 8.7 9.3 10.6 11.3 11.7 22

 23 Nonfinancial corporate business 0.5 0.7 1.0 1.3 1.5 1.6 1.9 2.0 2.5 2.6 23

 24 Nonfinancial noncorporate business 1.5 1.7 1.9 2.1 2.3 2.4 2.6 2.9 3.2 3.5 24

 25 Federal government 0.8 0.9 1.3 1.2 1.4 1.4 1.3 1.3 1.3 1.5 25

 26 State and local governments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.4 0.3 26

 27 Monetary authority 0.1 0.1 0.2 0.2 0.1 0.2 0.2 0.2 0.2 0.2 27

 28 U.S.-chartered depository institutions 5.2 2.9 2.6 2.3 2.5 2.8 2.6 3.2 3.6 4.7 28

 29 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 -0.0 29

 30 Banks in U.S.-affiliated areas 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 30

 31 Credit unions -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 31

 32 Property-casualty insurance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

 33 Life insurance companies 0.9 0.9 1.0 1.1 1.2 1.5 1.7 1.8 1.9 2.1 33

 34 Private pension funds 16.7 17.8 19.0 20.1 21.0 21.6 25.4 27.0 30.4 32.6 34

 35 Federal government retirement funds 21.2 24.9 27.5 30.2 33.0 36.5 41.8 48.0 54.8 61.9 35

 36 State and local govt. retirement funds 7.0 8.3 9.9 11.4 12.9 14.3 15.3 16.7 17.8 19.2 36

 37 Money market mutual funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 37

 38 Mutual funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 38

 39 Government-sponsored enterprises 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.3 39

 40 ABS issuers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

 41 Finance companies 0.0 0.1 0.2 0.1 0.2 0.3 0.2 0.5 0.5 0.7 41

 42 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42

 43 Brokers and dealers -0.0 -0.0 -0.0 -0.0 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 43

 44 Holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44

 45 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 45

 46 Discrepancy -16.4 -14.9 -15.0 -15.2 -15.8 -15.1 -18.5 -20.5 -23.8 -25.1 46
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126 Historical Annuals, 1945-1954, March 10, 2016

L.232 Identified Miscellaneous Financial Claims - Part I

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 Federal government equity in IBRD, etc.:

 1 Liab.: Rest of the world 0.0 0.3 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 1

 2 Asset: Federal government 0.0 0.3 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 2

 Federal Reserve Bank stock:

 3 Liab.: Monetary authority 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 3

 4 Asset: U.S.-chartered depository institutions 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 4

 Equity in government-sponsored enterprises:

 5 Liab.: Government-sponsored enterprises 0.7 0.6 0.6 0.6 0.6 0.6 0.6 0.7 0.8 0.9 5

 6 Asset: Nonfin. corporate business (Fannie Mae and FCS) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Nonfinancial noncorporate (FCS) 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 7

 8 Federal government 0.4 0.4 0.4 0.4 0.3 0.3 0.2 0.2 0.2 0.3 8

 9 U.S.-chartered depository institutions (FHLB) 0.1 0.1 0.1 0.1 0.1 0.2 0.3 0.3 0.4 0.4 9

 10 Credit unions (FHLB) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Property-casualty insurance companies (FHLB) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Life insurance companies (FHLB) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Finance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Real estate investment trusts (FHLB) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 Holding company net transactions with subsidiaries:

 15 Liab.: U.S.-chartered depository institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Property-casualty insurance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Life insurance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Finance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Brokers and dealers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Asset: Holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 NFC investment in finance company subsidiaries:

 22 Liab.: Finance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Asset: Nonfinancial corporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 Funding corporations’ investment in subsidiaries:

 24 Liab.: Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Brokers and dealers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Asset: Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 Equity investment under Public-Private Inv. Program:

 27 Liab.: Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 Asset: Households (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

(1) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP).
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Historical Annuals, 1945-1954, March 10, 2016 127

L.233 Identified Miscellaneous Financial Claims - Part II

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 0.4 0.2 0.3 0.2 0.4 0.4 0.4 0.4 0.4 0.5 1

 2 Asset: Federal government 0.4 0.2 0.3 0.2 0.4 0.4 0.4 0.4 0.4 0.5 2

 3 Monetary authority (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 Postal Savings System deposits:

 4 Liab.: Federal government 3.0 3.4 3.5 3.4 3.3 3.0 2.8 2.7 2.5 2.2 4

 5 Asset: Household sector 3.0 3.4 3.5 3.4 3.3 3.0 2.8 2.7 2.5 2.2 5

 Deposits at Federal Home Loan Banks:

 6 Liab.: Government-sponsored enterprises 0.0 0.1 0.1 0.1 0.3 0.2 0.3 0.4 0.6 0.8 6

 7 Asset: U.S.-chartered depository institutions 0.0 0.1 0.1 0.1 0.3 0.2 0.3 0.4 0.6 0.8 7

 Funding agreements backing securities (2):

 8 Liab.: Life insurance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Asset: ABS issuers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 Deferred and unpaid life insurance premiums:

 10 Liab.: Household sector 0.6 0.7 0.8 0.8 0.9 1.0 1.1 1.2 1.3 1.3 10

 11 Asset: Life insurance companies 0.6 0.7 0.8 0.8 0.9 1.0 1.1 1.2 1.3 1.3 11

 Life insurance company reserves:

 12 Liab.: Life insurance companies 1.4 1.6 1.7 1.9 2.1 2.4 2.6 3.6 4.0 4.3 12

 13 Accident and health 0.1 0.1 0.1 0.2 0.2 0.3 0.3 0.4 0.5 0.5 13

 14 Policy dividend accumulation 1.3 1.5 1.6 1.7 1.9 2.1 2.3 2.5 2.8 3.1 14

 15 Contract claims 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.6 0.7 0.7 15

 16 Asset: Household sector 1.4 1.6 1.7 1.9 2.1 2.4 2.6 3.6 4.0 4.3 16

 Policy payables:

 17 Liab.: Property-casualty insurance companies 3.6 4.3 5.1 5.9 6.5 7.0 7.9 8.9 9.7 10.3 17

 18 Asset: Household sector 1.9 2.1 2.4 2.6 2.9 3.3 3.8 4.4 4.9 5.1 18

 19 Nonfinancial corporate business 0.4 0.7 1.0 1.2 1.4 1.4 1.6 1.7 1.8 1.9 19

 20 Nonfinancial noncorporate business 1.3 1.5 1.8 2.0 2.2 2.3 2.5 2.8 3.1 3.3 20

 Unallocated insurance company contracts:

 21 Liab.: Life insurance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Asset: Private pension funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 State and local government retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 Pension fund contributions payable:

 24 Liab.: Nonfinancial corporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.2 0.2 24

 25 Asset: Private pension funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.2 0.2 25

 Securities borrowed (net):

 26 Liab.: Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Asset: Brokers and dealers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 Retiree health care funds (3):

 28 Liab.: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 Claims of pension fund on sponsor:

 30 Liab.: Nonfinancial corporate business 16.9 18.1 19.1 19.9 20.7 21.2 24.9 26.2 29.5 31.6 30

 31 Federal government 21.2 24.9 27.5 30.2 33.0 36.5 41.8 48.0 54.8 61.9 31

 32 State and local governments 7.0 8.3 9.9 11.4 12.9 14.3 15.3 16.7 17.8 19.2 32

 33 Asset: Private pension funds 16.9 18.1 19.1 19.9 20.7 21.2 24.9 26.2 29.5 31.6 33

 34 Federal government retirement funds 21.2 24.9 27.5 30.2 33.0 36.5 41.8 48.0 54.8 61.9 34

 35 State and local govt. retirement funds 7.0 8.3 9.9 11.4 12.9 14.3 15.3 16.7 17.8 19.2 35

(1) Reciprocal currency arrangements (swap lines) with foreign central banks.

(2) Equal to funding agreement-backed securities (FABS) issued by domestic issuers of asset-backed securities. Funding agreement-backed securities issued by foreign entities

 are included in foreign direct investment in the U.S. See tables L.132 and L.230.

(3) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund.
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128 Historical Annuals, 1945-1954, March 10, 2016

L.234 Unidentified Miscellaneous Financial Claims

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total liabilities -11.0 -11.9 -12.1 -12.3 -12.7 -11.1 -14.8 -15.4 -18.1 -18.2 1

 2 Nonfinancial corporate business -16.5 -17.3 -18.0 -18.6 -19.2 -18.9 -22.6 -23.3 -26.5 -28.0 2

 3 Nonfinancial noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Federal government 1.6 1.2 0.8 0.6 0.3 0.3 0.5 0.3 0.2 0.2 4

 5 Monetary authority -0.0 -0.1 0.1 0.1 0.3 0.6 0.2 0.3 0.3 0.3 5

 6 U.S.-chartered depository institutions 0.6 1.0 1.1 1.6 1.8 2.3 2.4 2.8 2.9 3.5 6

 7 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.2 -0.2 -0.3 7

 8 Banks in U.S.-affiliated areas 0.2 0.2 0.2 0.1 0.1 0.1 0.2 0.2 0.2 0.2 8

 9 Credit unions -0.0 -0.0 -0.0 -0.0 0.0 0.0 0.1 0.1 0.1 0.2 9

 10 Life insurance companies 1.2 1.3 1.6 1.6 1.8 1.8 2.0 1.6 1.8 2.0 10

 11 Government-sponsored enterprises 0.5 0.3 0.3 0.3 0.3 0.4 0.4 0.3 0.3 0.3 11

 12 Finance companies 0.5 0.6 0.9 0.9 1.0 1.3 1.2 1.7 1.8 2.5 12

 13 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Brokers and dealers 1.0 1.0 1.0 1.0 1.0 1.0 0.9 0.9 0.9 0.8 14

 15 Holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 16

 17 Total assets 5.4 3.0 3.0 2.9 3.1 3.9 3.8 5.1 5.7 6.9 17

 18 Nonfinancial corporate business 0.1 0.0 0.0 0.1 0.1 0.2 0.3 0.4 0.6 0.7 18

 19 Nonfinancial noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 State and local governments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.4 0.3 21

 22 Monetary authority 0.1 0.1 0.2 0.2 0.1 0.2 0.2 0.2 0.2 0.2 22

 23 U.S.-chartered depository institutions 4.9 2.6 2.2 1.8 1.8 2.1 1.8 2.2 2.4 3.1 23

 24 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 -0.0 24

 25 Banks in U.S.-affiliated areas 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 25

 26 Credit unions -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 26

 27 Life insurance companies 0.2 0.2 0.2 0.3 0.3 0.5 0.6 0.6 0.7 0.8 27

 28 Private pension funds -0.1 -0.2 -0.0 0.2 0.3 0.4 0.4 0.7 0.7 0.7 28

 29 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Mutual funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

 31 Money market mutual funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 Government-sponsored enterprises 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.3 32

 33 Finance companies 0.0 0.1 0.2 0.1 0.2 0.3 0.2 0.5 0.5 0.7 33

 34 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34

 35 Brokers and dealers -0.0 -0.0 -0.0 -0.0 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 35

 36 Holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

 37 Discrepancy -16.4 -14.9 -15.0 -15.2 -15.8 -15.1 -18.5 -20.5 -23.8 -25.1 37
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Historical Annuals, 1945-1954, March 10, 2016 129

B.101 Balance Sheet of Households and Nonprofit Organizations (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Assets 797.8 880.8 987.4 1047.6 1097.5 1204.5 1324.3 1395.8 1454.1 1570.9 1

 2 Nonfinancial assets 189.3 220.7 280.8 313.7 340.1 387.3 430.9 464.0 493.4 520.9 2

 3 Real estate 134.6 158.1 206.4 229.4 246.9 278.1 309.0 334.9 355.9 379.6 3

 4 Households (2,3) 116.0 133.4 177.5 199.3 216.5 243.3 270.9 294.8 315.1 337.6 4

 5 Nonprofit organizations 18.6 24.7 28.9 30.0 30.4 34.8 38.1 40.1 40.9 42.0 5

 6 Equipment (nonprofits) (4) 0.4 0.6 0.8 0.9 1.0 1.3 1.6 1.7 2.0 2.2 6

 7 Intellectual property products (nonprofits) (4) 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 7

 8 Consumer durable goods (4) 54.0 61.8 73.4 83.1 91.8 107.5 120.0 127.0 135.1 138.7 8

 9 Financial assets 608.5 660.1 706.6 733.9 757.5 817.2 893.4 931.8 960.7 1050.0 9

 10 Deposits 105.6 117.1 120.5 120.3 121.2 126.1 135.5 145.2 154.7 166.1 10

 11 Foreign deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Checkable deposits and currency 55.4 60.6 60.4 58.1 56.3 58.9 63.3 65.5 66.8 68.9 12

 13 Time and savings deposits 50.2 56.6 60.0 62.2 64.8 67.2 72.2 79.7 87.9 97.2 13

 14 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Debt securities 78.8 76.6 76.4 77.5 77.6 78.5 78.3 85.4 89.3 88.1 15

 16 Open market paper 0.0 0.1 0.1 0.2 0.3 0.4 0.8 1.0 1.3 1.1 16

 17 Treasury securities 66.5 65.1 65.1 65.8 67.3 66.5 65.4 67.4 68.0 66.1 17

 18 Agency- and GSE-backed securities 0.1 0.1 0.1 0.1 0.0 0.1 0.1 -0.0 0.2 0.1 18

 19 Municipal securities 3.9 3.8 4.5 4.6 3.7 5.5 5.7 11.0 13.9 16.0 19

 20 Corporate and foreign bonds 8.4 7.5 6.6 6.7 6.3 6.0 6.3 6.0 6.0 4.9 20

 21 Loans 12.9 14.4 15.7 16.9 17.7 18.7 19.5 20.0 21.0 22.4 21

 22 Other loans and advances (5) 0.7 0.7 0.7 0.7 0.7 1.0 0.9 0.7 0.7 1.0 22

 23 Mortgages 12.2 13.7 15.1 16.3 17.0 17.7 18.6 19.3 20.3 21.4 23

 24 Consumer credit (student loans) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Corporate equities (2) 109.7 101.6 99.2 98.0 105.6 129.8 152.1 151.0 145.8 198.8 25

 26 Mutual fund shares (6) 1.2 1.3 1.4 1.5 3.1 3.3 3.5 3.9 4.1 6.1 26

 27 Life insurance reserves 39.6 43.4 46.5 49.4 52.1 55.0 57.8 60.7 63.6 66.3 27

 28 Pension entitlements (7) 57.0 64.5 71.9 79.3 87.1 95.2 108.8 124.4 140.6 156.6 28

 29 Equity in noncorporate business (8) 197.4 234.2 267.4 283.1 284.8 301.7 328.5 330.7 330.2 333.8 29

 30 Miscellaneous assets 6.3 7.1 7.6 8.0 8.4 8.7 9.3 10.6 11.3 11.7 30

 31 Liabilities 30.6 37.4 46.5 55.1 63.4 76.9 85.6 98.0 110.7 123.1 31

 32 Debt securities (municipal securities) (10) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

 33 Loans 29.4 36.1 44.9 53.4 61.6 74.9 83.4 95.7 108.2 120.5 33

 34 Home mortgages (9) 18.7 23.1 28.3 33.4 37.8 45.3 51.8 58.5 66.0 75.4 34

 35 Consumer credit 6.8 9.8 13.3 16.3 19.4 23.9 25.4 30.5 34.6 36.0 35

 36 Depository institution loans n.e.c. 0.3 0.2 0.2 0.2 0.2 0.3 0.6 0.4 0.5 0.7 36

 37 Other loans and advances 3.3 2.6 2.7 2.8 3.4 4.1 4.2 4.4 5.0 6.0 37

 38 Commercial mortgages (10) 0.3 0.4 0.5 0.7 1.0 1.3 1.6 1.8 2.1 2.4 38

 39 Trade payables (10) 0.5 0.7 0.8 0.9 0.9 1.0 1.0 1.1 1.2 1.3 39

 40 Deferred and unpaid life insurance premiums 0.6 0.7 0.8 0.8 0.9 1.0 1.1 1.2 1.3 1.3 40

 41 Net worth 767.3 843.4 940.9 992.5 1034.1 1127.6 1238.7 1297.9 1343.4 1447.8 41

 Memo:

 42 Assets held in IRAs (11) ND ND ND ND ND ND ND ND ND ND 42

 43 Assets held in 529 college plans (11) ND ND ND ND ND ND ND ND ND ND 43

 44 College savings plans ND ND ND ND ND ND ND ND ND ND 44

 45 Prepaid tuition plans ND ND ND ND ND ND ND ND ND ND 45

 Replacement-cost value of structures:

 46 Residential 107.9 134.9 161.8 177.5 189.2 216.8 239.1 254.7 267.6 285.7 46

 47 Households 102.9 129.0 155.0 170.5 182.1 209.1 230.9 246.4 259.3 277.1 47

 48 Nonprofit organizations 4.9 5.9 6.7 7.0 7.2 7.7 8.1 8.3 8.3 8.5 48

 49 Nonresidential (nonprofits) 9.8 13.3 16.2 16.8 16.7 19.5 21.7 22.9 23.2 24.1 49

 50 Disposable personal income (DPI) (SAAR) ND 165.5 174.8 194.5 194.5 215.0 237.4 250.6 266.3 272.4 50

 51 Net worth/DPI (percent) (line 41/line 50) ND 509.73 538.20 510.40 531.66 524.47 521.79 517.81 504.44 531.45 51

 52 Owners’ equity in real estate (line 4 less line 34) 97.3 110.3 149.2 165.9 178.8 198.0 219.1 236.3 249.1 262.2 52

 53 Owners’ equity/real estate (percent) (line 52/line 4) 83.88 82.69 84.07 83.23 82.56 81.36 80.88 80.16 79.05 77.68 53

(1) Sector includes domestic hedge funds, private equity funds, and personal trusts.

(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) Includes cash accounts at brokers and dealers and syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds.

(6) Value based on the market values of equities held and the book value of other assets held by mutual funds.

(7) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs and at life insurance companies. Excludes social security.

(8) Net worth of nonfinancial noncorporate business (table B.104, line 35) and owners’ equity in unincorporated security brokers and dealers.

(9) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 23.

(10) Liabilities of nonprofit organizations.

(11) Included in assets shown on the household balance sheet.
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130 Historical Annuals, 1945-1954, March 10, 2016

B.103 Balance Sheet of Nonfinancial Corporate Business

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 With nonfinancial assets stated at either market value or replacement cost:

 1 Assets 286.3 312.4 362.9 396.2 405.6 452.4 500.8 524.4 545.7 560.2 1

 2 Nonfinancial assets 217.4 245.0 286.8 314.6 320.2 350.1 390.6 408.8 426.9 436.0 2

 3 Real estate (1) 142.8 159.4 187.7 199.5 203.9 220.7 240.6 251.4 259.1 265.0 3

 4 Equipment (2) 32.4 39.3 47.2 57.1 59.2 68.4 75.3 79.7 86.8 90.1 4

 5 Intellectual property products (2) 5.8 6.7 7.8 8.4 8.6 9.5 10.1 11.0 12.4 13.6 5

 6 Inventories (2) 36.3 39.7 44.1 49.7 48.4 51.5 64.5 66.7 68.6 67.2 6

 7 Financial assets 68.9 67.3 76.1 81.5 85.4 102.2 110.2 115.7 118.7 124.2 7

 8 Foreign deposits 0.0 0.1 0.1 0.0 0.0 0.1 0.1 0.1 0.1 0.2 8

 9 Checkable deposits and currency 19.1 19.7 21.6 22.0 23.0 24.4 26.0 26.8 26.7 28.5 9

 10 Time and savings deposits 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 1.1 10

 11 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Debt securities 18.8 13.1 12.8 13.5 15.4 18.7 19.6 18.7 20.4 18.8 13

 14 Commercial paper 0.0 0.0 0.1 0.2 0.3 0.1 0.1 0.2 0.2 0.3 14

 15 Treasury securities 18.5 12.8 12.3 12.9 14.7 17.9 18.7 17.6 19.2 17.5 15

 16 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 16

 17 Municipal securities 0.3 0.3 0.4 0.5 0.5 0.7 0.8 0.8 1.0 1.0 17

 18 Loans 2.8 3.3 4.1 4.9 5.5 6.6 7.2 7.1 7.3 7.7 18

 19 Mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Consumer credit 2.8 3.3 4.1 4.9 5.5 6.6 7.2 7.1 7.3 7.7 20

 21 Mutual fund shares (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Trade receivables 19.8 22.6 27.6 29.6 28.6 38.6 42.0 45.9 45.0 48.4 22

 23 U.S. direct investment abroad (3) 7.0 7.0 8.1 9.3 10.4 11.4 12.6 14.3 15.7 17.0 23

 24 Miscellaneous assets 0.5 0.7 1.0 1.3 1.5 1.6 1.9 2.0 2.5 2.6 24

 25 Liabilities 70.3 80.3 93.2 102.0 101.3 123.9 136.7 141.5 146.4 149.6 25

 26 Debt securities 24.0 25.0 27.8 32.1 35.0 36.7 40.1 44.8 48.4 52.1 26

 27 Commercial paper 0.1 0.1 0.2 0.2 0.2 0.2 0.3 0.3 0.4 0.5 27

 28 Municipal securities (4) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 Corporate bonds (3) 23.9 24.9 27.7 32.0 34.9 36.5 39.8 44.5 48.0 51.5 29

 30 Loans 20.7 24.9 28.9 30.7 29.4 33.7 38.8 40.3 40.8 40.8 30

 31 Depository institution loans n.e.c. 8.9 12.5 15.6 16.2 14.3 18.0 22.2 23.0 22.4 21.8 31

 32 Other loans and advances 3.2 3.1 2.9 3.0 2.9 3.1 3.4 3.8 4.3 4.4 32

 33 Mortgages 8.5 9.3 10.5 11.5 12.2 12.6 13.2 13.5 14.1 14.6 33

 34 Trade payables 13.7 20.1 23.4 25.0 24.8 32.7 32.4 33.1 32.9 34.9 34

 35 Taxes payable 10.1 8.1 10.3 11.1 8.8 16.1 20.5 17.4 18.0 14.8 35

 36 Foreign direct investment in U.S. 1.5 1.5 1.6 1.7 1.9 2.3 2.6 2.8 3.1 3.3 36

 37 Miscellaneous liabilities 0.4 0.7 1.1 1.4 1.5 2.3 2.4 3.1 3.2 3.8 37

 38 Net worth (market value) 216.0 232.0 269.7 294.1 304.3 328.5 364.1 382.9 399.2 410.6 38

 Memo:

 Replacement-cost value of structures:

 39 Residential 2.2 2.6 3.0 3.1 3.2 3.5 3.7 3.7 3.8 3.9 39

 40 Nonresidential 93.2 112.7 134.2 141.9 144.2 160.0 172.4 182.8 188.9 193.8 40

 41 Market value of equities outstanding 103.7 97.3 95.1 94.1 103.8 126.7 147.6 146.6 144.1 194.8 41

 42 Debt/net worth (percent) (lines 26+30/line 38) 20.67 21.50 21.05 21.36 21.16 21.45 21.66 22.22 22.35 22.61 42

 43 Debt/equities (percent) (lines 26+30/line 41) 43.06 51.27 59.70 66.72 62.02 55.60 53.42 58.04 61.94 47.65 43

 44 Equities/net worth (percent) (line 41/line 38) 48.01 41.94 35.26 32.01 34.12 38.57 40.55 38.29 36.09 47.46 44

 With nonfinancial assets stated at historical cost:

 45 Assets (sum of lines 7 and 46) 193.3 211.0 237.3 258.5 267.6 304.0 334.6 354.2 373.7 390.2 45

 46 Nonfinancial assets 124.4 143.6 161.3 177.0 182.2 201.8 224.3 238.5 254.9 265.9 46

 47 Real estate 66.5 70.2 74.1 79.0 83.2 88.1 94.6 100.7 108.4 115.1 47

 48 Equipment 26.9 30.5 36.5 42.4 46.4 50.8 56.6 62.4 68.4 73.3 48

 49 Intellectual property products 4.7 5.4 6.1 6.7 7.1 7.7 8.3 9.3 10.7 12.0 49

 50 Inventories 26.3 37.5 44.6 48.9 45.3 55.1 64.8 66.0 67.4 65.5 50

 51 Net worth (historical cost) (line 45 less line 25) 123.0 130.6 144.2 156.5 166.3 180.1 197.9 212.6 227.2 240.5 51

 Memo:

 Historical-cost value of structures:

 52 Residential 1.1 1.1 1.2 1.2 1.3 1.4 1.4 1.5 1.5 1.6 52

 53 Nonresidential 57.9 60.8 64.3 68.8 72.9 77.4 83.5 89.9 96.9 103.5 53

 54 Debt/net worth (percent) (lines 26+30/line 49) 36.31 38.19 39.39 40.13 38.72 39.11 39.86 40.02 39.28 38.60 54

(1) At market value.

(2) At replacement (current) cost.

(3) 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.

(4) 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.
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Historical Annuals, 1945-1954, March 10, 2016 131

B.104 Balance Sheet of Nonfinancial Noncorporate Business

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Assets 212.3 253.3 289.3 307.5 310.9 332.2 362.6 367.8 368.7 376.6 1

 2 Nonfinancial assets 188.7 227.8 263.0 281.2 284.5 304.1 333.8 337.0 337.2 344.5 2

 3 Real estate (1) 151.7 179.7 206.3 218.5 223.6 236.6 255.8 262.6 264.2 271.3 3

 4 Residential 75.2 88.7 100.9 106.0 109.2 118.0 124.5 128.5 131.0 134.4 4

 5 Nonresidential 76.5 91.0 105.3 112.5 114.5 118.6 131.3 134.1 133.2 136.9 5

 6 Equipment (2) 11.0 13.1 17.1 21.7 23.7 28.4 31.4 32.7 34.7 35.0 6

 7 Residential (3) 0.4 0.6 0.8 1.0 1.0 1.2 1.4 1.5 1.6 1.6 7

 8 Nonresidential 10.5 12.5 16.3 20.8 22.7 27.2 30.0 31.3 33.1 33.5 8

 9 Intellectual property products (2) 1.9 2.2 2.5 2.7 2.8 3.0 3.1 3.2 3.4 3.6 9

 10 Inventories (2) 24.1 32.9 37.1 38.4 34.3 36.1 43.5 38.4 34.9 34.6 10

 11 Financial assets 23.6 25.5 26.3 26.3 26.4 28.1 28.8 30.9 31.4 32.1 11

 12 Checkable deposits and currency 17.0 17.6 17.8 17.3 17.1 17.4 17.9 17.4 17.2 17.6 12

 13 Time and savings deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Debt securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Treasury securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Loans 0.6 0.7 0.8 0.9 1.0 1.1 1.3 2.7 2.8 2.8 18

 19 Mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Consumer credit 0.6 0.7 0.8 0.9 1.0 1.1 1.3 2.7 2.8 2.8 20

 21 Trade receivables 4.5 5.6 5.9 5.9 6.0 7.1 7.0 7.8 8.2 8.2 21

 22 Miscellaneous assets 1.5 1.7 1.9 2.1 2.3 2.4 2.6 2.9 3.2 3.5 22

 23 Insurance receivables 1.3 1.5 1.8 2.0 2.2 2.3 2.5 2.8 3.1 3.3 23

 24 Equity investment in GSEs (4) 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 24

 25 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Liabilities 14.9 19.1 21.9 24.4 26.1 30.4 34.1 37.1 38.4 42.7 26

 27 Loans 11.3 14.0 15.8 17.2 18.5 21.6 24.9 27.4 28.4 30.9 27

 28 Depository institution loans n.e.c. 1.3 2.2 2.9 3.0 2.8 3.8 4.6 4.9 4.4 4.7 28

 29 Other loans and advances 1.7 2.6 3.0 3.3 3.6 3.9 4.4 4.7 4.8 5.1 29

 30 Mortgages 8.3 9.2 9.9 10.9 12.1 14.0 16.0 17.8 19.1 21.2 30

 31 Trade payables 3.6 5.1 6.1 7.2 7.5 8.7 9.0 9.6 10.0 11.7 31

 32 Taxes payable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

 33 Foreign direct investment in U.S. 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 33

 34 Miscellaneous liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34

 35 Net worth (5) 197.4 234.2 267.4 283.1 284.8 301.7 328.5 330.7 330.2 333.8 35

 Memo:

 Replacement-cost value of structures:

 36 Residential 62.2 74.7 85.2 88.8 90.8 98.2 103.4 105.5 106.4 108.9 36

 37 Nonresidential 20.2 26.3 31.9 33.4 32.6 37.1 40.6 42.0 41.9 42.2 37

 38 Debt/net worth (percent) (line 27/line 35) 5.72 5.99 5.90 6.06 6.51 7.17 7.59 8.30 8.59 9.26 38

(1) At market value.

(2) At replacement (current) cost.

(3) Durable goods in rental properties.

(4) Equity in the Farm Credit System.

(5) Included in table B.101, line 29.
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132 Historical Annuals, 1945-1954, March 10, 2016

R.101 Change in Net Worth of Households and Nonprofit Organizations

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Change in net worth (1) ND 76.1 97.5 51.6 41.6 93.4 111.1 59.2 45.6 104.4 1

 2 Net investment ND 27.1 23.0 28.2 24.9 34.8 42.6 46.8 48.1 38.9 2

 3 Net physical investment ND 10.3 16.0 18.7 18.7 27.3 20.7 19.2 22.5 21.4 3

 4 Capital expenditures ND 23.3 31.6 37.4 38.9 50.1 47.9 47.5 52.0 53.4 4

 5 - Consumption of fixed capital ND 13.0 15.6 18.8 20.3 22.8 27.2 28.3 29.5 32.0 5

 6 Net lending (+) or net borrowing (-) ND 16.9 7.0 9.5 6.2 7.5 21.9 27.7 25.6 17.5 6

 7 Net acquisition of financial assets ND 23.7 16.1 18.1 14.5 21.0 30.6 40.1 38.4 29.9 7

 8 - Net increase in liabilities ND 6.9 9.0 8.6 8.3 13.5 8.7 12.4 12.7 12.4 8

 Holding gains on assets

 9 at market value (2) ND 46.3 69.9 21.0 16.4 56.6 63.7 11.6 -1.9 67.8 9

 10 Real estate ND 18.5 40.4 12.2 7.7 18.3 17.7 13.0 7.7 8.8 10

 11 Corporate equities ND -9.2 -3.5 -2.1 7.1 23.5 21.0 -0.9 -5.8 53.1 11

 12 Mutual fund shares ND -0.1 -0.0 -0.0 1.3 0.1 -0.1 -0.1 -0.2 1.5 12

 13 Equity in noncorporate business ND 37.1 33.1 11.0 0.3 14.8 25.1 -0.4 -3.4 4.7 13

 14 Life insurance reserves ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Pension entitlements ND 0.0 0.0 0.0 0.0 0.0 0.0 -0.2 -0.2 -0.3 15

 16 Equity investment under PPIP ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 Holding gains on assets

 17 at current cost (2) ND 2.7 3.9 2.2 0.2 4.0 5.3 0.9 -0.7 -2.5 17

 18 Consumer durable goods ND 2.6 3.8 2.1 0.2 3.8 5.3 1.0 -0.7 -2.5 18

 19 Equipment ND 0.1 0.1 0.0 -0.0 0.1 0.0 -0.0 0.0 0.0 19

 20 Intellectual property products ND 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 20

 21 Other volume changes (3) ND -0.0 0.7 0.2 0.2 -1.9 -0.5 -0.2 -0.0 0.2 21

 Memo:

 22 Net worth outstanding (4) 767.3 843.4 940.9 992.5 1034.1 1127.6 1238.7 1297.9 1343.4 1447.8 22

 23 Disposable personal income ND 165.5 174.8 194.5 194.5 215.0 237.4 250.6 266.3 272.4 23

(1) Sum of net investment (line 2), holding gains (lines 9 and 17), and other volume changes (line 21).

(2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets.

(3) Consists of statistical discontinuities and disaster-related losses to fixed assets. Also includes the difference between series for consumption of fixed capital published by BEA.

(4) Table B.101, line 41.
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Historical Annuals, 1945-1954, March 10, 2016 133

R.103 Change in Net Worth of Nonfinancial Corporate Business

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Change in net worth (1) ND 16.0 37.7 24.4 10.2 24.2 35.6 18.8 16.3 11.3 1

 2 Net investment ND 5.0 10.5 9.3 5.5 10.6 12.6 10.2 10.5 9.1 2

 3 Net physical investment ND 16.7 14.8 12.9 1.2 16.3 17.5 9.6 12.0 6.8 3

 4 Capital expenditures ND 19.2 18.3 21.9 15.1 24.2 31.0 26.2 27.7 24.2 4

 5 - Consumption of fixed capital ND 7.8 9.5 11.1 12.0 12.8 14.6 15.6 16.7 17.7 5

 6 - Inventory valuation adjustment ND -5.3 -5.9 -2.2 1.9 -5.0 -1.2 1.0 -1.0 -0.3 6

 7 Net lending (+) or net borrowing (-) ND -12.7 -5.4 -4.6 3.1 -7.1 -7.0 -1.7 -3.3 0.7 7

 8 Net acquisition of financial assets ND -1.6 8.8 5.4 3.9 16.8 8.0 5.4 3.0 5.5 8

 9 - Net increase in liabilities ND 11.1 14.1 10.1 0.8 23.8 15.0 7.1 6.3 4.8 9

 10 Net corporate equity issues ND 1.0 1.1 1.0 1.2 1.3 2.1 2.3 1.8 1.6 10

 Holding gains on assets

 11 at market value (2) ND 14.0 25.9 8.8 2.1 13.8 15.7 6.9 2.5 1.4 11

 12 Real estate ND 14.0 25.9 8.8 2.1 13.8 15.7 6.9 2.5 1.4 12

 13 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 Holding gains on assets less

 14 liabilities at current cost (2) ND -3.8 1.4 6.3 2.4 -0.6 7.1 2.4 3.5 1.1 14

 15 Equipment ND 3.9 3.1 5.2 -0.5 6.2 3.0 0.4 2.8 0.0 15

 16 Intellectual property products ND 0.3 0.7 0.2 -0.0 0.5 0.3 0.1 0.2 0.2 16

 17 Inventories (3) ND -7.8 -2.6 0.5 2.6 -7.4 3.3 1.1 -0.2 0.3 17

 18 Direct investment abroad ND -0.2 0.4 0.5 0.4 0.5 0.7 0.9 0.8 0.7 18

 19 - Foreign direct investment in U.S. ND 0.0 0.1 0.1 0.1 0.4 0.2 0.1 0.2 0.2 19

 20 Other volume changes (4) ND 0.8 -0.1 0.1 0.1 0.4 0.2 -0.7 -0.0 -0.3 20

 Memo:

 21 Net worth outstanding (5) 216.0 232.0 269.7 294.1 304.3 328.5 364.1 382.9 399.2 410.6 21

(1) Sum of net investment (line 2), holding gains (lines 11 and 14), and other volume changes (line 20).

(2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets.

(3) Before inventory valuation adjustment.

(4) Consists of statistical discontinuities and disaster-related losses to fixed assets.

(5) Table B.103, line 38.
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134 Historical Annuals, 1945-1954, March 10, 2016

R.104 Change in Net Worth of Nonfinancial Noncorporate Business

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Change in net worth (1) ND 36.8 33.2 15.7 1.7 16.9 26.8 2.2 -0.4 3.6 1

 2 Net capital transfers paid ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Net investment ND 0.6 0.1 4.8 1.4 2.1 1.7 2.5 2.9 -1.1 3

 4 Net physical investment ND 2.0 2.0 7.3 2.9 4.8 4.6 3.5 3.6 2.6 4

 5 Capital expenditures ND 5.9 6.9 13.1 9.3 11.8 12.5 11.9 12.2 11.5 5

 6 - Consumption of fixed capital ND 3.9 4.9 5.8 6.4 7.0 7.9 8.3 8.6 8.9 6

 7 Net lending (+) or net borrowing (-) ND -2.0 -2.0 -7.3 -2.9 -4.8 -4.6 -3.5 -3.6 -2.6 7

 8 Net acquisition of financial assets ND 1.9 0.8 -0.1 0.2 1.6 0.7 2.1 0.6 0.6 8

 9 - Net increase in liabilities ND 3.9 2.8 7.3 3.1 6.5 5.3 5.6 4.2 3.2 9

 10 Proprietor’s net investment (2) ND 0.6 0.1 4.8 1.4 2.1 1.7 2.5 2.9 -1.1 10

 11 Holding gains on real estate (3) ND 26.6 25.0 10.4 3.6 10.9 17.9 5.7 0.1 5.3 11

 12 Residential ND 13.8 12.1 4.5 2.6 7.7 6.0 3.5 1.9 2.6 12

 13 Nonresidential ND 12.8 12.9 5.9 1.1 3.2 11.9 2.2 -1.8 2.7 13

 14 Holding gains on assets at current cost (3) ND 10.5 8.1 0.6 -3.3 3.9 7.2 -6.1 -3.5 -0.6 14

 15 Residential equipment ND -0.1 0.0 0.0 -0.1 0.1 0.0 -0.0 0.0 -0.1 15

 16 Nonresidential equipment ND 1.8 2.0 2.0 0.1 2.1 1.1 0.5 0.7 -0.2 16

 17 Intellectual property products ND 0.1 0.2 0.1 -0.0 0.1 0.1 0.1 0.1 0.1 17

 18 Inventories ND 8.7 5.9 -1.5 -3.4 1.6 6.0 -6.6 -4.3 -0.4 18

 19 - Foreign direct investment in U.S. ND -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Other volume changes (4) ND -0.9 0.0 -0.1 0.0 0.0 0.0 0.0 0.0 -0.0 20

 Memo:

 21 Net worth outstanding (5) 197.4 234.2 267.4 283.1 284.8 301.7 328.5 330.7 330.2 333.8 21

(1) Sum of net capital transfers paid (line 2), net investment (line 3), holding gains (lines 11 and 14), and other volume changes (line 20).

(2) Shown on table F.104, line 32.

(3) Calculated as change in amount outstanding less net investment during period less disaster-related losses to fixed assets.

(4) Consists of statistical discontinuities and disaster-related losses to fixed assets.

(5) Table B.104, line 35.
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Historical Annuals, 1945-1954, March 10, 2016 135

B.101.e Balance Sheet of Households and Nonprofit Organizations with Equity Detail

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Assets 797.8 880.8 987.4 1047.6 1097.5 1204.5 1324.3 1395.8 1454.1 1570.9 1

 2 Nonfinancial assets 189.3 220.7 280.8 313.7 340.1 387.3 430.9 464.0 493.4 520.9 2

 3 Financial assets 608.5 660.1 706.6 733.9 757.5 817.2 893.4 931.8 960.7 1050.0 3

 4 Deposits 105.6 117.1 120.5 120.3 121.2 126.1 135.5 145.2 154.7 166.1 4

 5 Debt securities 78.8 76.6 76.4 77.5 77.6 78.5 78.3 85.4 89.3 88.1 5

 6 Loans 12.9 14.4 15.7 16.9 17.7 18.7 19.5 20.0 21.0 22.4 6

 7 Equity shares at market value 110.8 102.6 100.3 99.2 108.3 132.7 155.4 154.7 149.8 204.8 7

 8 Directly held 109.7 101.6 99.2 98.0 105.6 129.8 152.1 151.0 145.8 198.8 8

 9 Indirectly held 1.0 1.0 1.2 1.2 2.7 2.9 3.2 3.7 4.0 6.0 9

 10 Life insurance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Private pension funds (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.4 0.5 0.6 11

 12 Federal govt. retirement funds (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 State and local govt. retirement funds (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Mutual funds 1.0 1.0 1.2 1.2 2.7 2.9 2.9 3.3 3.5 5.4 14

 15 Other 300.4 349.4 393.6 420.0 432.7 461.1 504.6 526.6 545.9 568.6 15

 16 Liabilities 30.6 37.4 46.5 55.1 63.4 76.9 85.6 98.0 110.7 123.1 16

 17 Net worth 767.3 843.4 940.9 992.5 1034.1 1127.6 1238.7 1297.9 1343.4 1447.8 17

 Memo:

 Equity shares (line 7) as a percent of

 18 Total assets (line 1) 13.88 11.65 10.16 9.47 9.87 11.02 11.73 11.08 10.30 13.04 18

 19 Financial assets (line 3) 18.20 15.54 14.20 13.51 14.30 16.24 17.39 16.60 15.59 19.51 19

(1) Defined contribution plans. Assets held by defined benefit pension funds are not considered assets of the household sector. Defined benefit pension entitlements are included in line 15.
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136 Historical Annuals, 1945-1954, March 10, 2016

S.1.a Total Economy - Current Account

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Gross value added ND ND ND ND ND ND ND ND ND ND 1

 (income approach)

 2 Less: Consumption of fixed capital ND 25.8 29.2 31.4 32.3 33.4 37.8 40.6 43.5 46.0 2

 3 Equals: Net value added ND 200.8 217.9 243.7 238.8 265.5 306.1 324.5 342.5 342.3 3

 4 Compensation of employees (paid) ND 122.6 132.4 144.4 144.5 158.4 185.9 201.3 215.5 214.5 4

 5 Wages and salaries ND 112.0 123.0 135.5 134.7 147.2 171.6 185.6 199.0 197.3 5

 6 Employers’ social contributions ND 10.6 9.4 8.9 9.8 11.2 14.3 15.7 16.5 17.2 6

 7 Taxes on production and imports less subsidies ND 15.5 17.7 19.2 20.4 22.1 23.7 26.4 28.6 28.6 7

 8 Operating surplus, net ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Plus: Income receipts from the rest of the world ND 1.1 1.6 2.0 1.9 2.2 2.8 2.9 2.8 3.0 9

10 Less: Income payments to the rest of the world ND 0.4 0.5 0.6 0.7 0.7 0.9 0.9 0.9 0.9 10

11 Equals: Net national income/Balance of primary incomes, net ND 201.5 219.0 245.1 240.0 267.0 308.0 326.5 344.4 344.4 11

12 Operating surplus, net ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Compensation of employees (received) ND 122.6 132.5 144.5 144.5 158.5 185.9 201.3 215.5 214.4 13

14 Wages and salaries ND 112.0 123.1 135.6 134.7 147.3 171.6 185.6 199.0 197.3 14

15 Employers’ social contributions ND 10.6 9.4 8.9 9.8 11.2 14.3 15.7 16.5 17.2 15

16 Taxes on production and imports, receivable ND 16.8 18.1 19.7 20.9 23.0 24.7 27.1 29.1 28.9 16

17 Subsidies paid ND -1.7 -0.7 -0.8 -0.8 -1.2 -1.4 -1.2 -1.0 -0.9 17

18 Property income (received) ND ND ND ND ND ND ND ND ND ND 18

19 Interest ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Distributed income of corporations ND ND ND ND ND ND ND ND ND ND 20

21 Dividends ND 0.0 0.0 0.0 0.0 0.0 0.0 12.3 12.7 13.3 21

22 Withdrawals from income of quasi-corporations ND 39.7 38.7 43.8 39.1 42.3 47.7 48.2 47.3 47.7 22

23 Reinvested earnings on U.S. direct investment abroad ND 0.0 0.0 0.6 0.4 0.5 0.8 0.9 0.8 0.7 23

24 Rents on land and natural resources ND 0.0 0.1 0.2 0.2 0.2 0.3 0.3 0.3 0.4 24

25 Less: Uses of property income (paid) ND ND ND ND ND ND ND ND ND ND 25

26 Interest ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

27 Distributed income of corporations ND ND ND ND ND ND ND ND ND ND 27

28 Dividends ND 7.4 8.4 9.4 9.6 11.6 11.3 11.2 11.6 11.8 28

29 Withdrawals from income of quasi-corporations ND 39.7 38.7 43.8 39.1 42.3 47.7 48.2 47.3 47.7 29

30 Reinvested earnings on foreign direct investment ND 0.0 0.0 0.2 0.1 0.2 0.2 0.1 0.2 0.2 30

31 Rents on land and natural resources ND 0.0 0.1 0.2 0.2 0.2 0.3 0.3 0.3 0.4 31

32 Net national income/Balance of primary incomes, net ND 201.5 219.0 245.1 240.0 267.0 308.0 326.5 344.4 344.4 32

33 Plus: Current taxes on income, wealth, etc. (received) ND 26.3 31.1 31.6 26.9 36.8 49.6 51.4 53.5 47.8 33

34 Less: Current taxes on income, wealth, etc. (paid) ND ND ND ND ND ND ND ND ND ND 34

35 Plus: Social benefits (received) ND 16.7 16.0 14.5 15.7 18.9 17.2 17.9 18.8 21.8 35

36 Less: Social contributions (paid) ND 16.7 16.0 14.5 15.7 18.9 17.2 17.9 18.8 21.8 36

37 Plus: Other current transfers (received) ND 1.8 1.9 2.4 2.8 3.0 3.5 3.6 3.8 3.6 37

38 Less: Other current transfers (paid) ND ND ND ND ND ND ND ND ND ND 38

39 Equals: Disposable income, net ND ND ND ND ND ND ND ND ND ND 39

40 Less: Final consumption expenditures ND 182.8 196.3 210.5 217.2 231.5 262.5 284.7 303.4 307.3 40

41 Equals: Net saving ND 15.8 20.1 30.1 17.2 31.5 42.0 39.3 38.5 34.8 41

 Addendum:

42 Gross value added (line 1) ND ND ND ND ND ND ND ND ND ND 42

43 Plus statistical discrepancy (NIPA) ND 1.2 2.9 -0.3 1.7 1.2 3.4 2.6 3.8 2.9 43

44 Equals: GDP (NIPA, expenditure approach) ND 227.8 249.9 274.8 272.8 300.2 347.3 367.7 389.7 391.1 44

45 Average of GDP and GDI ND 0.2 0.2 0.3 0.3 0.3 0.3 366.4 387.9 389.7 45

46 Statistical discrepancy as a percentage of GDP ND 0.54 1.14 -0.10 0.63 0.42 0.98 0.70 0.97 0.74 46
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Historical Annuals, 1945-1954, March 10, 2016 137

S.2.a Selected Aggregates for Total Economy and Sectors 

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Gross value added ND ND ND ND ND ND ND ND ND ND 1

 2 Households and nonprofit institutions serving households ND ND ND 14.9 16.2 18.0 20.2 22.5 25.0 27.2 2

 3 Nonfinancial noncorporate business ND ND ND ND ND ND ND ND ND ND 3

 4 Nonfinancial corporate business ND 100.8 122.2 140.0 136.3 154.9 177.6 185.9 199.0 196.2 4

 5 Financial business ND ND ND ND ND ND ND ND ND ND 5

 6 Federal government ND 27.6 21.4 21.5 22.0 22.4 29.9 34.4 35.2 35.2 6

 7 State and local government ND 8.5 10.1 12.2 13.3 14.1 15.7 17.2 18.6 20.2 7

 8 Net saving ND 15.8 20.1 30.1 17.2 31.5 42.0 39.3 38.5 34.8 8

 9 Households and nonprofit institutions serving households ND 19.6 11.0 17.2 13.6 20.0 25.9 27.8 29.2 28.2 9

10 Nonfinancial corporate business ND 2.6 5.9 10.6 10.0 8.1 8.6 9.9 9.1 10.5 10

11 Financial business ND 0.9 0.7 1.3 1.6 1.2 1.4 1.8 2.0 2.0 11

12 Federal government ND -8.2 2.4 0.9 -8.5 1.8 4.5 -2.1 -4.2 -8.0 12

13 State and local government ND 0.8 0.1 0.1 0.5 0.3 1.5 1.9 2.3 2.0 13

 Net capital transfers

14 Households and nonprofit institutions serving households ND 0.9 1.0 1.1 0.9 0.8 0.9 1.1 1.1 1.2 14

15 Nonfinancial noncorporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 Nonfinancial corporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Financial business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 Federal government ND -0.6 -0.7 -0.6 -0.4 -0.2 -0.3 -0.3 -0.4 -0.3 18

19 State and local government ND -0.2 -0.3 -0.4 -0.5 -0.6 -0.7 -0.7 -0.8 -0.8 19

20 Rest of the world ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

21 Gross fixed capital formation ND 31.8 43.4 53.2 53.1 62.2 72.4 78.4 85.1 85.4 21

22 Households and nonprofit institutions serving households ND 7.4 11.1 14.5 13.8 19.4 18.0 18.1 18.9 20.8 22

23 Nonfinancial noncorporate business ND 5.8 8.6 10.4 10.0 11.6 11.1 10.4 11.5 11.4 23

24 Nonfinancial corporate business ND 13.4 17.3 19.1 17.3 18.9 22.7 24.4 26.9 26.6 24

25 Financial business (nonresidential) ND 0.6 0.6 0.7 0.8 0.9 1.0 0.9 1.2 1.2 25

26 Federal government ND 3.1 2.8 4.4 5.9 5.5 12.5 17.2 18.7 16.1 26

27 State and local government ND 1.6 2.9 4.1 5.4 5.9 7.0 7.4 8.0 9.3 27

28 Consumption of fixed capital ND 25.8 29.2 31.4 32.3 33.4 37.8 40.6 43.5 46.0 28

29 Households and nonprofit institutions serving households ND 2.3 3.0 3.4 3.7 4.0 4.6 5.0 5.3 5.6 29

30 Nonfinancial noncorporate business ND 3.9 4.9 5.8 6.4 7.0 7.9 8.4 8.7 8.9 30

31 Nonfinancial corporate business ND 7.8 9.5 11.1 12.0 12.8 14.6 15.6 16.7 17.7 31

32 Financial business (nonresidential) ND 0.3 0.4 0.4 0.5 0.5 0.6 0.6 0.7 0.7 32

33 Federal government ND 10.0 9.6 8.4 7.6 6.9 7.4 8.3 9.2 10.1 33

34 State and local government ND 1.6 1.9 2.1 2.2 2.2 2.6 2.8 2.9 3.0 34

35 Change in inventories ND 6.0 -0.6 5.7 -2.7 5.8 9.9 3.5 1.9 -1.9 35

36 Nonfinancial noncorporate business ND 0.1 -1.7 2.8 -0.7 0.2 1.4 1.5 0.8 0.1 36

37 Nonfinancial corporate business ND 5.9 1.1 2.9 -2.0 5.6 8.5 2.1 1.2 -2.0 37

38 Net lending (+) or net borrowing (-) (capital account) ND 3.7 6.4 2.7 -0.8 -3.1 -2.6 -2.0 -5.1 -2.7 38

39 Households and nonprofit institutions serving households ND 13.6 1.9 5.1 2.6 3.8 11.6 13.7 14.5 11.8 39

40 Nonfinancial noncorporate business ND -2.0 -2.0 -7.3 -2.9 -4.8 -4.6 -3.5 -3.6 -2.6 40

41 Nonfinancial corporate business ND -8.8 -3.0 -0.1 6.9 -3.3 -7.7 -0.7 -1.9 4.0 41

42 Financial business ND 0.7 0.4 1.0 1.4 0.9 1.0 1.5 1.5 1.5 42

43 Federal government ND -0.7 9.9 5.6 -6.5 3.4 -0.4 -10.7 -13.2 -13.7 43

44 State and local government ND 0.9 -0.7 -1.5 -2.4 -3.1 -2.5 -2.3 -2.3 -3.8 44

 Addendum:

45 Statistical discrepancy (NIPA) ND 1.2 2.9 -0.3 1.7 1.2 3.4 2.6 3.8 2.9 45

46 Rest of the world ND -4.9 -9.3 -2.4 -0.9 1.8 -0.9 -0.6 1.3 -0.2 46

47 Net lending (+) or net borrowing (-) (financial account) ND 7.2 19.2 11.4 7.8 5.6 17.7 16.3 10.9 10.1 47

48 Households and nonprofit institutions serving households ND 16.9 7.0 9.5 6.2 7.5 21.9 27.7 25.6 17.5 48

49 Nonfinancial noncorporate business ND -2.0 -2.0 -7.3 -2.9 -4.8 -4.6 -3.5 -3.6 -2.6 49

50 Nonfinancial corporate business ND -12.7 -5.4 -4.6 3.1 -7.1 -7.0 -1.7 -3.3 0.7 50

51 Financial business ND 0.9 1.2 1.5 1.5 2.4 1.0 1.4 1.6 3.1 51

52 Federal government ND 4.6 18.8 13.3 1.1 11.5 8.4 -1.5 -4.5 -3.6 52

53 State and local government ND -0.4 -0.5 -1.0 -1.3 -4.0 -2.0 -6.2 -4.9 -5.1 53

 Addendum:

54 Rest of the world ND -4.8 -8.6 -3.2 -0.8 3.2 -0.8 -0.6 1.2 0.9 54

 Total other volume changes

55 Households and nonprofit institutions serving households ND 8.4 13.7 12.3 12.4 13.7 17.1 19.9 20.0 12.1 55

56 Nonfinancial noncorporate business ND -0.3 0.1 4.7 1.4 2.1 1.7 2.5 2.9 -1.1 56

57 Nonfinancial corporate business ND 2.1 3.4 -2.3 -5.5 1.6 2.1 -2.7 -0.5 -3.3 57

58 Financial business ND 0.6 0.4 -0.1 -0.4 0.9 -0.6 -0.0 0.1 1.3 58

59 Federal government ND -1.4 1.8 0.3 0.1 0.2 0.4 -8.9 -2.6 1.3 59

60 State and local government ND -2.1 -0.7 -0.1 0.5 -1.6 0.3 -4.5 -2.9 -2.1 60

61 Rest of the world ND 0.1 0.7 -0.8 0.0 1.4 0.1 -0.0 -0.1 1.1 61

 Holding gains/losses

62 Households and nonprofit institutions serving households ND 49.0 73.8 23.2 16.5 60.6 69.1 12.5 -2.5 65.3 62

63 Nonfinancial noncorporate business ND 37.1 33.1 11.0 0.3 14.8 25.1 -0.4 -3.4 4.7 63

64 Nonfinancial corporate business ND 17.7 30.6 17.0 -4.0 -8.4 4.0 12.6 10.2 -46.7 64

65 Financial business ND 3.1 1.4 0.7 -1.2 -1.0 -1.0 -2.0 1.5 -6.6 65

66 Federal government ND 10.9 5.8 -3.7 -7.0 0.5 9.0 0.6 -0.3 4.1 66

67 State and local government ND 8.3 14.5 6.3 -7.8 8.6 9.2 2.7 -6.5 -0.6 67

68 Rest of the world ND 0.9 1.8 1.1 0.4 -2.1 -0.5 -0.4 -2.7 0.1 68
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138 Historical Annuals, 1945-1954, March 10, 2016

S.2.a Selected Aggregates for Total Economy and Sectors 

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 Change in net worth

69 Households and nonprofit institutions serving households ND 76.1 97.5 51.6 41.6 93.4 111.1 59.2 45.6 104.4 69

70 Nonfinancial noncorporate business ND 36.8 33.2 15.7 1.7 16.9 26.8 2.2 -0.4 3.6 70

71 Nonfinancial corporate business ND 22.4 39.9 25.4 0.5 1.3 14.7 19.8 18.9 -39.5 71

72 Financial business ND 4.6 2.4 1.8 0.0 1.1 -0.2 -0.2 3.5 -3.3 72

73 Federal government ND 2.0 10.6 -1.8 -15.1 2.7 14.1 -10.1 -6.7 -2.2 73

74 State and local government ND 7.3 14.2 6.7 -6.3 8.0 11.7 0.7 -6.3 0.2 74

75 Rest of the world ND -3.9 -6.7 -2.2 -0.5 1.1 -1.3 -1.0 -1.5 1.1 75

 Net worth

76 Households and nonprofit institutions serving households 767.3 843.4 940.9 992.5 1034.1 1127.6 1238.7 1297.9 1343.4 1447.8 76

77 Nonfinancial noncorporate business 197.4 234.2 267.4 283.1 284.8 301.7 328.5 330.7 330.2 333.8 77

78 Nonfinancial corporate business 112.3 134.7 174.6 200.0 200.5 201.8 216.5 236.3 255.2 215.7 78

79 Financial business 11.6 16.1 18.6 20.4 20.4 21.5 21.4 21.2 24.7 21.4 79

80 Federal government -122.7 -120.7 -110.0 -111.8 -126.9 -124.2 -110.1 -120.2 -126.9 -129.2 80

81 State and local government 62.5 69.8 84.0 90.7 84.4 92.3 104.1 104.8 98.5 98.7 81

82 Rest of the world -1.2 -5.0 -11.8 -13.9 -14.4 -13.3 -14.5 -15.5 -17.0 -16.0 82
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Historical Annuals, 1945-1954, March 10, 2016 139

S.3.a Households and Nonprofit Institutions Serving Households

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 Current account

 1 Gross value added ND ND ND 14.9 16.2 18.0 20.2 22.5 25.0 27.2 1

 2 Less: Consumption of fixed capital ND 2.3 3.0 3.4 3.7 4.0 4.6 5.0 5.3 5.6 2

 3 Equals: Net value added ND ND ND 11.5 12.6 14.0 15.6 17.5 19.7 21.6 3

 4 Compensation paid by households and NPISHs ND ND ND 5.6 5.9 6.5 6.9 7.2 7.8 8.1 4

 5 Wages and salaries ND 4.5 5.1 5.5 5.9 6.4 6.8 7.1 7.6 7.9 5

 6 Employers’ social contributions ND ND ND 0.1 0.1 0.1 0.1 0.1 0.2 0.2 6

 7 Taxes on production and imports less subsidies ND 1.3 1.4 1.5 1.8 1.9 2.1 2.4 2.6 2.9 7

 8 Operating surplus, net ND 3.9 3.9 4.3 4.9 5.7 6.6 7.9 9.3 10.6 8

 9 Net national income/Balance of primary incomes, net ND 178.1 188.4 206.7 203.3 223.4 257.4 275.1 291.0 292.9 9

10 Operating surplus, net ND 3.9 3.9 4.3 4.9 5.7 6.6 7.9 9.3 10.6 10

11 Compensation of employees (received) ND 122.6 132.5 144.5 144.5 158.5 185.9 201.3 215.5 214.4 11

12 Wages and salaries ND 112.0 123.1 135.6 134.7 147.3 171.6 185.6 199.0 197.3 12

13 Employers’ social contributions ND 10.6 9.4 8.9 9.8 11.2 14.3 15.7 16.5 17.2 13

14 Property income (received) ND 53.3 54.1 60.6 57.0 63.0 69.1 70.8 71.9 74.3 14

15 Interest ND 8.0 9.1 9.8 10.7 11.8 12.9 14.0 15.7 17.3 15

16 Distributed income of corporations ND 45.2 45.0 50.8 46.3 51.1 56.2 56.8 56.2 57.0 16

17 Dividends ND 5.6 6.3 7.0 7.2 8.8 8.6 8.6 8.9 9.3 17

18 Withdrawals from income of quasi-corporations (1) ND 39.7 38.7 43.8 39.1 42.3 47.7 48.2 47.3 47.7 18

19 Less: Uses of property income (interest paid) ND 1.7 2.1 2.6 3.1 3.7 4.2 4.9 5.8 6.4 19

20 Net national income/Balance of primary incomes, net ND 178.1 188.4 206.7 203.3 223.4 257.4 275.1 291.0 292.9 20

21 Less: Current taxes on income, wealth, etc. (paid) ND 17.2 19.8 19.2 16.7 18.9 27.1 32.0 33.2 30.2 21

22 Plus: Social benefits (received) ND 10.1 10.4 9.9 10.9 13.4 10.5 11.0 11.7 13.7 22

23 Less: Social contributions (paid) ND 6.6 5.6 4.6 4.9 5.5 6.6 6.9 7.1 8.1 23

24 Plus: Other current transfers (received) ND 0.4 0.4 0.4 0.4 0.6 0.9 0.9 0.8 0.6 24

25 Less: Other current transfers (paid) ND 0.9 0.9 1.0 0.8 0.8 0.7 0.8 0.9 0.9 25

26 Equals: Disposable income, net ND 163.9 173.0 192.2 192.1 212.2 234.4 247.3 262.2 268.1 26

27 Less: Final consumption expenditures ND 144.3 162.0 175.0 178.5 192.2 208.5 219.5 233.0 239.9 27

28 Equals: Net saving ND 19.6 11.0 17.2 13.6 20.0 25.9 27.8 29.2 28.2 28

 Capital account

29 Net saving less capital transfers ND 18.7 10.0 16.1 12.7 19.2 25.0 26.8 28.1 27.0 29

30 Net saving ND 19.6 11.0 17.2 13.6 20.0 25.9 27.8 29.2 28.2 30

31 Less: Capital transfers paid (net) ND 0.9 1.0 1.1 0.9 0.8 0.9 1.1 1.1 1.2 31

32 Capital formation, net ND 5.1 8.2 11.1 10.1 15.4 13.4 13.1 13.6 15.2 32

33 Gross fixed capital formation, excluding consumer durables ND 7.4 11.1 14.5 13.8 19.4 18.0 18.1 18.9 20.8 33

34 Residential ND 6.8 10.4 13.4 12.5 17.7 16.1 16.3 17.0 18.5 34

35 Nonresidential (nonprofit organizations) ND 0.6 0.7 1.1 1.3 1.7 1.9 1.8 1.9 2.3 35

36 Less: Consumption of fixed capital ND 2.3 3.0 3.4 3.7 4.0 4.6 5.0 5.3 5.6 36

37 Acquisition of nonproduced nonfinancial assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 37

38 Net lending (+) or borrowing (-), capital account (lines 29-32) ND 13.6 1.9 5.1 2.6 3.8 11.6 13.7 14.5 11.8 38

 Financial account

39 Net lending (+) or borrowing (-) (line 38) ND 13.6 1.9 5.1 2.6 3.8 11.6 13.7 14.5 11.8 39

40 Net acquisition of financial assets ND 23.7 16.1 18.1 14.5 21.0 30.6 40.1 38.4 29.9 40

41 Currency and deposits ND 11.9 3.5 -0.2 0.7 4.7 9.2 9.5 9.4 11.1 41

42 Currency and transferable deposits ND 5.2 -0.1 -2.4 -1.8 2.6 4.4 2.2 1.3 2.1 42

43 Time and savings deposits ND 6.3 3.5 2.2 2.6 2.4 5.0 7.5 8.2 9.3 43

44 Foreign deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44

45 Postal savings system deposits ND 0.4 0.1 -0.1 -0.1 -0.3 -0.2 -0.2 -0.2 -0.2 45

46 Debt securities ND -2.3 -0.2 1.0 0.1 0.9 -0.2 7.1 4.0 -1.2 46

47 Open market paper ND 0.1 0.0 0.1 0.1 0.1 0.3 0.2 0.3 -0.2 47

48 Treasury securities ND -1.4 -0.1 0.8 1.4 -0.8 -1.1 2.0 0.6 -2.0 48

49 Agency- and GSE-backed securities (2) ND 0.0 0.1 -0.1 -0.1 0.1 -0.0 -0.1 0.2 -0.0 49

50 Municipal securities ND -0.1 0.6 0.2 -0.9 1.7 0.3 5.2 2.9 2.1 50

51 Corporate and foreign bonds ND -0.9 -0.8 0.0 -0.4 -0.3 0.3 -0.3 -0.0 -1.1 51

52 Loans ND 1.6 1.3 1.2 0.8 1.0 0.9 0.5 1.0 1.5 52

53 Short term ND 0.0 -0.1 -0.0 0.0 0.3 -0.1 -0.2 -0.0 0.3 53

54 Long term (mortgages) ND 1.5 1.4 1.2 0.7 0.7 0.9 0.7 1.0 1.1 54
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S.3.a Households and Nonprofit Institutions Serving Households

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

55 Equity and investment fund shares ND 1.8 1.3 5.9 2.2 3.1 3.5 3.8 3.9 -0.7 55

56 Corporate equities ND 1.0 1.1 0.9 0.6 0.8 1.5 0.8 0.6 -0.0 56

57 Mutual fund shares ND 0.2 0.2 0.1 0.3 0.2 0.3 0.5 0.4 0.4 57

58 Money market fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 58

59 Equity in noncorporate business ND 0.6 0.1 4.8 1.4 2.1 1.7 2.5 2.9 -1.1 59

60 Equity investment under Public-Private Inv. Program (3) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 60

61 Insurance, pension and standardized guarantee schemes ND 10.8 10.1 10.3 10.7 11.3 17.2 19.2 20.2 19.2 61

62 Insurance receivables due from property-casualty insurance companies ND 0.2 0.3 0.3 0.3 0.4 0.5 0.6 0.4 0.2 62

63 Life insurance reserves ND 3.8 3.2 2.8 2.8 2.9 2.7 2.9 3.0 2.7 63

64 Pension entitlements (4) ND 6.6 6.6 6.9 7.4 7.8 13.7 15.4 16.4 15.9 64

65 Non-life insurance reserves at life insurance companies ND 0.2 0.1 0.2 0.2 0.2 0.3 0.3 0.4 0.4 65

66 Retiree Health Care Funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 66

67 Net incurrence of liabilities ND 6.9 9.0 8.6 8.3 13.5 8.7 12.4 12.7 12.4 67

68 Debt securities (municipals) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 68

69 Loans ND 6.6 8.8 8.5 8.2 13.3 8.5 12.2 12.6 12.2 69

70 Short term ND 2.1 3.6 3.1 3.6 5.4 1.8 5.3 4.7 2.6 70

71 Consumer credit ND 3.0 3.5 3.0 3.0 4.6 1.4 5.2 4.1 1.3 71

72 Depository institution loans n.e.c. ND -0.1 -0.0 0.0 0.0 0.1 0.2 -0.1 0.1 0.2 72

73 Other loans and advances ND -0.7 0.1 0.1 0.6 0.7 0.1 0.2 0.6 1.1 73

74 Long term (mortgages) ND 4.5 5.3 5.4 4.6 7.9 6.7 7.0 7.8 9.6 74

75 Insurance, pension and standardized guarantee schemes ND 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 75

76 Other accounts payable (trade debt) ND 0.2 0.1 0.1 0.0 0.1 0.1 0.1 0.1 0.1 76

 Addendum:

77 Net lending (+) or borrowing (-), financial account (lines 40-67) ND 16.9 7.0 9.5 6.2 7.5 21.9 27.7 25.6 17.5 77

 Other changes in volume account

78 Total other volume changes ND 8.4 13.7 12.3 12.4 13.7 17.1 19.9 20.0 12.1 78

79 Net investment in consumer durable goods ND 5.1 7.8 7.6 8.5 11.9 7.2 6.0 8.8 6.1 79

80 Disaster losses ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 80

81 Other volume changes ND -0.0 0.7 0.3 0.2 -1.9 -0.5 -0.1 -0.0 0.3 81

82 Less: Statistical discrepancy (lines 38-77) (5) ND -3.3 -5.2 -4.4 -3.6 -3.7 -10.3 -14.0 -11.2 -5.7 82

 Revaluation account

83 Nonfinancial assets ND 21.3 44.2 14.4 7.8 22.3 23.1 14.0 7.0 6.3 83

84 Real estate ND 18.5 40.4 12.2 7.7 18.3 17.7 13.0 7.7 8.8 84

85 Consumer durable goods ND 2.6 3.8 2.1 0.2 3.8 5.3 1.0 -0.7 -2.5 85

86 Equipment ND 0.1 0.1 0.0 -0.0 0.1 0.0 -0.0 0.0 0.0 86

87 Intellectual property products ND 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 87

88 Financial assets ND 27.8 29.6 8.8 8.7 38.3 46.0 -1.5 -9.6 59.0 88

89 Corporate equities ND -9.2 -3.5 -2.1 7.1 23.5 21.0 -0.9 -5.8 53.1 89

90 Mutual fund shares ND -0.1 -0.0 -0.0 1.3 0.1 -0.1 -0.1 -0.2 1.5 90

91 Equity in noncorporate business ND 37.1 33.1 11.0 0.3 14.8 25.1 -0.4 -3.4 4.7 91

92 Equity investment under Public-Private Inv. Program ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 92

93 Insurance, pension and standardized guarantee schemes ND 0.0 0.0 0.0 0.0 0.0 0.0 -0.2 -0.2 -0.3 93

94 Changes in net worth due to nominal holding gains/losses ND 49.0 73.8 23.2 16.5 60.6 69.1 12.5 -2.5 65.3 94

 Changes in balance sheet account

95 Change in net worth (lines 32+38+78+94) ND 76.1 97.5 51.6 41.6 93.4 111.1 59.2 45.6 104.4 95

 Balance sheet account (end of period)

96 Total assets 797.8 880.8 987.4 1047.6 1097.5 1204.5 1324.3 1395.8 1454.1 1570.9 96

97 Nonfinancial assets 189.3 220.7 280.8 313.7 340.1 387.3 430.9 464.0 493.4 520.9 97

98 Real estate 134.6 158.1 206.4 229.4 246.9 278.1 309.0 334.9 355.9 379.6 98

99 Consumer durable goods 54.0 61.8 73.4 83.1 91.8 107.5 120.0 127.0 135.1 138.7 99

100 Equipment 0.4 0.6 0.8 0.9 1.0 1.3 1.6 1.7 2.0 2.2 100

101 Intellectual property products 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 101

102 Financial assets 608.5 660.1 706.6 733.9 757.5 817.2 893.4 931.8 960.7 1050.0 102

103 Currency and deposits 108.6 120.5 124.0 123.8 124.5 129.1 138.3 147.8 157.2 168.3 103

104 Currency and transferable deposits 55.4 60.6 60.4 58.1 56.3 58.9 63.3 65.5 66.8 68.9 104

105 Foreign deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 105

106 Time and savings deposits 50.2 56.6 60.0 62.2 64.8 67.2 72.2 79.7 87.9 97.2 106

107 Postal savings system deposits 3.0 3.4 3.5 3.4 3.3 3.0 2.8 2.7 2.5 2.2 107
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Historical Annuals, 1945-1954, March 10, 2016 141

S.3.a Households and Nonprofit Institutions Serving Households

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

108 Debt securities 78.8 76.6 76.4 77.5 77.6 78.5 78.3 85.4 89.3 88.1 108

109 Open market paper 0.0 0.1 0.1 0.2 0.3 0.4 0.8 1.0 1.3 1.1 109

110 Treasury securities 66.5 65.1 65.1 65.8 67.3 66.5 65.4 67.4 68.0 66.1 110

111 Agency- and GSE-backed securities (2) 0.1 0.1 0.1 0.1 0.0 0.1 0.1 -0.0 0.2 0.1 111

112 Municipal securities 3.9 3.8 4.5 4.6 3.7 5.5 5.7 11.0 13.9 16.0 112

113 Corporate and foreign bonds 8.4 7.5 6.6 6.7 6.3 6.0 6.3 6.0 6.0 4.9 113

114 Loans 12.9 14.4 15.7 16.9 17.7 18.7 19.5 20.0 21.0 22.4 114

115 Short term 0.7 0.7 0.7 0.7 0.7 1.0 0.9 0.7 0.7 1.0 115

116 Long term (mortgages) 12.2 13.7 15.1 16.3 17.0 17.7 18.6 19.3 20.3 21.4 116

117 Equity and investment fund shares 308.4 337.0 368.0 382.6 393.5 434.9 484.1 485.6 480.1 538.8 117

118 Corporate equities 109.7 101.6 99.2 98.0 105.6 129.8 152.1 151.0 145.8 198.8 118

119 Mutual fund shares 1.2 1.3 1.4 1.5 3.1 3.3 3.5 3.9 4.1 6.1 119

120 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 120

121 Equity in noncorporate business 197.4 234.2 267.4 283.1 284.8 301.7 328.5 330.7 330.2 333.8 121

122 Equity investment under Public-Private Inv. Program (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 122

123 Insurance, pension and standardized guarantee schemes 99.8 111.5 122.5 133.2 144.2 156.0 173.0 193.1 213.1 232.4 123

124 Insurance receivables due from property-casualty insurance companies 1.9 2.1 2.4 2.6 2.9 3.3 3.8 4.4 4.9 5.1 124

125 Life insurance reserves 39.6 43.4 46.5 49.4 52.1 55.0 57.8 60.7 63.6 66.3 125

126 Pension entitlements (4) 57.0 64.5 71.9 79.3 87.1 95.2 108.8 124.4 140.6 156.6 126

127 Non-life insurance reserves at life insurance companies 1.4 1.6 1.7 1.9 2.1 2.4 2.6 3.6 4.0 4.3 127

128 Retiree Health Care Funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 128

129 Total liabilities and net worth 797.8 880.8 987.4 1047.6 1097.5 1204.5 1324.3 1395.8 1454.1 1570.9 129

130 Liabilities 30.6 37.4 46.5 55.1 63.4 76.9 85.6 98.0 110.7 123.1 130

131 Debt securities (municipals) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 131

132 Loans 29.4 36.1 44.9 53.4 61.6 74.9 83.4 95.7 108.2 120.5 132

133 Short term 10.4 12.6 16.1 19.3 22.9 28.3 30.1 35.3 40.1 42.7 133

134 Consumer credit 6.8 9.8 13.3 16.3 19.4 23.9 25.4 30.5 34.6 36.0 134

135 Depository institution loans n.e.c. 0.3 0.2 0.2 0.2 0.2 0.3 0.6 0.4 0.5 0.7 135

136 Other loans and advances 3.3 2.6 2.7 2.8 3.4 4.1 4.2 4.4 5.0 6.0 136

137 Long term (mortgages) 19.0 23.5 28.8 34.1 38.7 46.6 53.4 60.3 68.1 77.8 137

138 Insurance, pension and standardized guarantee schemes 0.6 0.7 0.8 0.8 0.9 1.0 1.1 1.2 1.3 1.3 138

139 Other accounts payable (trade debt) 0.5 0.7 0.8 0.9 0.9 1.0 1.0 1.1 1.2 1.3 139

140 Net worth 767.3 843.4 940.9 992.5 1034.1 1127.6 1238.7 1297.9 1343.4 1447.8 140

(1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations;

 they primarily cover their operating costs through sales, and they keep a complete set of financial records.

(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

 the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(3) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP).

(4) Includes variable annuities, including those in IRAs, at life insurance companies.

(5) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

 reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.

NPISHs Nonprofit institutions serving households

n.e.c. Not elsewhere classified
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142 Historical Annuals, 1945-1954, March 10, 2016

S.4.a Nonfinancial Noncorporate Business

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 Current account

 1 Gross value added ND ND ND ND ND ND ND ND ND ND 1

 2 Less: Consumption of fixed capital ND 3.9 4.9 5.8 6.4 7.0 7.9 8.4 8.7 8.9 2

 3 Equals: Net value added ND ND ND ND ND ND ND ND ND ND 3

 4 Compensation of employees (paid) ND ND ND 24.4 24.0 25.7 28.7 30.4 32.0 31.6 4

 5 Wages and salaries ND ND ND 23.6 23.2 24.7 27.5 29.1 30.6 30.2 5

 6 Employers’ social contributions ND ND ND 0.8 0.8 1.0 1.2 1.3 1.3 1.4 6

 7 Taxes on production and imports less subsidies ND ND ND ND ND ND ND ND ND ND 7

 8 Operating surplus, net ND ND ND ND ND ND ND ND ND ND 8

 9 Net national income/Balance of primary incomes, net ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Operating surplus, net ND ND ND ND ND ND ND ND ND ND 10

11 Property income (interest received) ND ND ND ND ND ND ND ND ND ND 11

12 Less: Uses of property income (paid) ND ND ND ND ND ND ND ND ND ND 12

13 Interest ND ND ND ND ND ND ND ND ND ND 13

14 Withdrawals from income of quasi-corporations (1) ND ND ND ND ND ND ND ND ND ND 14

15 Reinvested earnings on foreign direct investment ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 Rents on land and natural resources ND ND ND ND ND ND ND ND ND ND 16

17 Net national income/Balance of primary incomes, net ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 Less: Other current transfers (paid) ND ND ND ND ND ND ND ND ND ND 18

19 Equals: Disposable income, net ND ND ND ND ND ND ND ND ND ND 19

20 Equals: Net saving ND ND ND ND ND ND ND ND ND ND 20

 Capital account

21 Net saving less capital transfers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Net saving ND ND ND ND ND ND ND ND ND ND 22

23 Less: Capital transfers paid (net) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 Capital formation, net ND 2.0 2.0 7.3 2.9 4.8 4.6 3.5 3.6 2.6 24

25 Gross fixed capital formation ND 5.8 8.6 10.4 10.0 11.6 11.1 10.4 11.5 11.4 25

26 Nonresidential ND 4.7 6.9 8.1 7.7 8.7 8.7 7.9 8.8 8.6 26

27 Residential ND 1.1 1.7 2.3 2.3 2.9 2.4 2.5 2.6 2.8 27

28 Less: Consumption of fixed capital ND 3.9 4.9 5.8 6.4 7.0 7.9 8.4 8.7 8.9 28

29 Change in private inventories ND 0.1 -1.7 2.8 -0.7 0.2 1.4 1.5 0.8 0.1 29

30 Net lending (+) or borrowing (-), capital account (lines 21-24) ND -2.0 -2.0 -7.3 -2.9 -4.8 -4.6 -3.5 -3.6 -2.6 30

 Financial account

31 Net lending (+) or borrowing (-) (line 30) ND -2.0 -2.0 -7.3 -2.9 -4.8 -4.6 -3.5 -3.6 -2.6 31

32 Net acquisition of financial assets ND 1.9 0.8 -0.1 0.2 1.6 0.7 2.1 0.6 0.6 32

33 Currency and deposits ND 0.6 0.2 -0.5 -0.1 0.2 0.5 -0.5 -0.2 0.4 33

34 Currency and transferable deposits ND 0.6 0.2 -0.5 -0.1 0.2 0.5 -0.5 -0.2 0.4 34

35 Time and savings deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

36 Debt securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

37 Treasury securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 37

38 Municipal securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 38

39 Loans ND 0.1 0.1 0.1 0.1 0.2 0.1 1.4 0.1 0.0 39

40 Short term (consumer credit) ND 0.1 0.1 0.1 0.1 0.2 0.1 1.4 0.1 0.0 40

41 Long term (mortgages) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 41

42 Equity and investment fund shares ND -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42

43 Money market mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 43

44 Equity in government-sponsored enterprises (2) ND -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44

45 Insurance, pension and standardized guarantee schemes (3) ND 0.2 0.3 0.2 0.2 0.1 0.2 0.3 0.3 0.3 45

46 Other accounts receivable ND 1.0 0.3 0.1 0.1 1.1 -0.1 0.9 0.4 -0.1 46

47 Trade receivables ND 1.0 0.3 0.1 0.1 1.1 -0.1 0.9 0.4 -0.1 47

48 Other (miscellaneous assets) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 48

49 Net incurrence of liabilities ND 3.9 2.8 7.3 3.1 6.5 5.3 5.6 4.2 3.2 49

50 Loans ND 1.9 1.7 1.3 1.4 3.1 3.3 2.5 0.9 2.6 50

51 Short term ND 1.0 1.0 0.3 0.1 1.3 1.3 0.7 -0.4 0.5 51

52 Depository institution loans n.e.c. ND 0.8 0.6 0.0 -0.1 0.9 0.8 0.4 -0.5 0.2 52

53 Other loans and advances ND 0.1 0.4 0.3 0.3 0.4 0.5 0.3 0.1 0.3 53

54 Long term (mortgages) ND 0.9 0.7 1.0 1.2 1.8 2.0 1.8 1.3 2.0 54
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Historical Annuals, 1945-1954, March 10, 2016 143

S.4.a Nonfinancial Noncorporate Business

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

55 Equity and investment fund shares ND 0.6 0.1 4.8 1.4 2.1 1.7 2.5 2.9 -1.1 55

56 Equity in noncorporate business ND 0.6 0.1 4.8 1.4 2.1 1.7 2.5 2.9 -1.1 56

57 Foreign direct investment in the United States ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 57

58 Other accounts payable ND 1.5 1.0 1.1 0.3 1.3 0.3 0.6 0.4 1.7 58

59 Trade payables ND 1.5 1.0 1.1 0.3 1.3 0.3 0.6 0.4 1.7 59

60 Taxes payable ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 60

61 Other (miscellaneous liabilities) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 61

 Addendum:

62 Net lending (+) or borrowing (-), financial account (lines 32-49) ND -2.0 -2.0 -7.3 -2.9 -4.8 -4.6 -3.5 -3.6 -2.6 62

 Other changes in volume account

63 Total other volume changes ND -0.3 0.1 4.7 1.4 2.1 1.7 2.5 2.9 -1.1 63

64 Disaster losses ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 64

65 Other volume changes ND -0.3 0.1 4.7 1.4 2.1 1.7 2.5 2.9 -1.1 65

 Revaluation account

66 Nonfinancial assets ND 37.1 33.1 11.0 0.3 14.8 25.1 -0.4 -3.4 4.7 66

67 Real estate ND 26.6 25.0 10.4 3.6 10.9 17.9 5.7 0.1 5.3 67

68 Residential ND 13.8 12.1 4.5 2.6 7.7 6.0 3.5 1.9 2.6 68

69 Nonresidential ND 12.8 12.9 5.9 1.1 3.2 11.9 2.2 -1.8 2.7 69

70 Equipment ND 1.7 2.0 2.0 0.1 2.2 1.1 0.5 0.7 -0.2 70

71 Residential ND -0.1 0.0 0.0 -0.1 0.1 0.0 -0.0 0.0 -0.1 71

72 Nonresidential ND 1.8 2.0 2.0 0.1 2.1 1.1 0.5 0.7 -0.2 72

73 Intellectual property products ND 0.1 0.2 0.1 -0.0 0.1 0.1 0.1 0.1 0.1 73

74 Inventories ND 8.7 5.9 -1.5 -3.4 1.6 6.0 -6.6 -4.3 -0.4 74

75 Liabilities (direct investment in the U.S.) ND -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 75

76 Changes in net worth due to nominal holding gains/losses ND 37.1 33.1 11.0 0.3 14.8 25.1 -0.4 -3.4 4.7 76

 Changes in balance sheet account

77 Change in net worth (lines 24+30+63+76) ND 36.8 33.2 15.7 1.7 16.9 26.8 2.2 -0.4 3.6 77

 Balance sheet account (end of period)

78 Total assets 212.3 253.3 289.3 307.5 310.9 332.2 362.6 367.8 368.7 376.6 78

79 Nonfinancial assets 188.7 227.8 263.0 281.2 284.5 304.1 333.8 337.0 337.2 344.5 79

80 Real estate 151.7 179.7 206.3 218.5 223.6 236.6 255.8 262.6 264.2 271.3 80

81 Residential (4) 75.2 88.7 100.9 106.0 109.2 118.0 124.5 128.5 131.0 134.4 81

82 Nonresidential 76.5 91.0 105.3 112.5 114.5 118.6 131.3 134.1 133.2 136.9 82

83 Equipment 11.0 13.1 17.1 21.7 23.7 28.4 31.4 32.7 34.7 35.0 83

84 Residential 0.4 0.6 0.8 1.0 1.0 1.2 1.4 1.5 1.6 1.6 84

85 Nonresidential 10.5 12.5 16.3 20.8 22.7 27.2 30.0 31.3 33.1 33.5 85

86 Intellectual property products 1.9 2.2 2.5 2.7 2.8 3.0 3.1 3.2 3.4 3.6 86

87 Inventories 24.1 32.9 37.1 38.4 34.3 36.1 43.5 38.4 34.9 34.6 87

88 Financial assets 23.6 25.5 26.3 26.3 26.4 28.1 28.8 30.9 31.4 32.1 88

89 Currency and deposits 17.0 17.6 17.8 17.3 17.1 17.4 17.9 17.4 17.2 17.6 89

90 Currency and transferable deposits 17.0 17.6 17.8 17.3 17.1 17.4 17.9 17.4 17.2 17.6 90

91 Time and savings deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 91

92 Debt securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 92

93 Treasury securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 93

94 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 94

95 Loans 0.6 0.7 0.8 0.9 1.0 1.1 1.3 2.7 2.8 2.8 95

96 Short term (consumer credit) 0.6 0.7 0.8 0.9 1.0 1.1 1.3 2.7 2.8 2.8 96

97 Long term (mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 97

98 Equity and investment fund shares 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 98

99 Money market mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 99

100 Equity in government-sponsored enterprises (2) 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 100

101 Insurance, pension and standardized guarantee schemes (3) 1.3 1.5 1.8 2.0 2.2 2.3 2.5 2.8 3.1 3.3 101

102 Other accounts receivable 4.5 5.6 5.9 5.9 6.0 7.1 7.0 7.8 8.2 8.2 102

103 Trade receivables 4.5 5.6 5.9 5.9 6.0 7.1 7.0 7.8 8.2 8.2 103

104 Other (miscellaneous assets) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 104
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144 Historical Annuals, 1945-1954, March 10, 2016

S.4.a Nonfinancial Noncorporate Business

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

105 Total liabilities and net worth 212.3 253.3 289.3 307.5 310.9 332.2 362.6 367.8 368.7 376.6 105

106 Liabilities 14.9 19.1 21.9 24.4 26.1 30.4 34.1 37.1 38.4 42.7 106

107 Loans 11.3 14.0 15.8 17.2 18.5 21.6 24.9 27.4 28.4 30.9 107

108 Short term 3.0 4.8 5.9 6.3 6.4 7.7 9.0 9.6 9.2 9.7 108

109 Depository institution loans n.e.c. 1.3 2.2 2.9 3.0 2.8 3.8 4.6 4.9 4.4 4.7 109

110 Other loans and advances 1.7 2.6 3.0 3.3 3.6 3.9 4.4 4.7 4.8 5.1 110

111 Long term (mortgages) 8.3 9.2 9.9 10.9 12.1 14.0 16.0 17.8 19.1 21.2 111

112 Equity and investment fund shares (direct investment in the U.S.) 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 112

113 Other accounts payable 3.6 5.1 6.1 7.2 7.5 8.7 9.0 9.6 10.0 11.7 113

114 Trade payables 3.6 5.1 6.1 7.2 7.5 8.7 9.0 9.6 10.0 11.7 114

115 Taxes payable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 115

116 Other (miscellaneous liabilities) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 116

117 Net worth 197.4 234.2 267.4 283.1 284.8 301.7 328.5 330.7 330.2 333.8 117

Notes. Nonfinancial noncorporate business includes noncorporate farms that are excluded from the nonfinancial noncorporate business sector in the Financial Accounts of the United States.

 Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System.

(1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations;

 they primarily cover their operating costs through sales, and they keep a complete set of financial records.

(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

 the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(3) Net equity in reserves of property-casualty insurance companies.

(4) Farm houses are included in the household sector.

n.e.c. Not elsewhere classified
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Historical Annuals, 1945-1954, March 10, 2016 145

S.5.a Nonfinancial Corporate Business

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 Current account

 1 Gross value added ND 100.8 122.2 140.0 136.3 154.9 177.6 185.9 199.0 196.2 1

 2 Less: Consumption of fixed capital ND 7.8 9.5 11.1 12.0 12.8 14.6 15.6 16.7 17.7 2

 3 Equals: Net value added ND 93.0 112.7 128.9 124.3 142.0 163.0 170.3 182.3 178.4 3

 4 Compensation of employees (paid) ND 66.9 78.8 87.5 84.9 94.4 109.8 117.8 128.2 125.9 4

 5 Wages and salaries ND 63.6 74.8 83.4 80.7 88.9 103.1 110.5 120.4 117.7 5

 6 Employers’ social contributions ND 3.2 4.0 4.0 4.2 5.4 6.8 7.2 7.8 8.2 6

 7 Taxes on production and imports less subsidies ND 9.5 11.2 12.4 13.0 14.4 15.4 16.8 17.9 17.3 7

 8 Operating surplus, net ND 16.6 22.8 29.1 26.4 33.3 37.8 35.7 36.2 35.2 8

 9 Net national income/Balance of primary incomes, net ND 11.7 17.2 22.9 19.8 25.4 30.5 28.4 28.5 26.9 9

10 Operating surplus, net ND 16.6 22.8 29.1 26.4 33.3 37.8 35.7 36.2 35.2 10

11 Property income (received) ND 3.1 3.3 3.8 3.7 4.3 4.8 5.1 5.2 5.1 11

12 Interest ND 1.0 1.0 1.1 1.2 1.3 1.5 1.6 1.7 1.7 12

13 Distributed income of corporations (dividends) ND 1.5 1.8 2.2 2.2 2.5 2.6 2.6 2.6 2.7 13

14 Reinvested earnings on U.S. direct investment abroad ND 0.5 0.5 0.6 0.4 0.5 0.7 0.9 0.8 0.7 14

15 Less: Uses of property income (paid) ND 8.0 8.9 9.9 10.3 12.1 12.1 12.4 12.9 13.4 15

16 Interest ND 1.6 1.7 1.8 1.9 2.0 2.3 2.6 2.7 3.0 16

17 Distributed income of corporations (dividends) ND 6.2 7.0 7.9 8.1 9.7 9.5 9.4 9.7 9.9 17

18 Reinvested earnings on foreign direct investment ND 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 18

19 Rent ND 0.1 0.1 0.2 0.2 0.2 0.3 0.3 0.3 0.4 19

20 Net national income/Balance of primary incomes, net ND 11.7 17.2 22.9 19.8 25.4 30.5 28.4 28.5 26.9 20

21 Less: Current taxes on income, wealth, etc. (paid) ND 8.6 10.8 11.7 9.3 16.8 21.1 17.7 18.4 15.5 21

22 Less: Other current transfers (paid) ND 0.5 0.6 0.6 0.6 0.6 0.7 0.8 1.0 0.9 22

23 Equals: Disposable income, net ND 2.6 5.9 10.6 10.0 8.1 8.6 9.9 9.1 10.5 23

24 Equals: Net saving ND 2.6 5.9 10.6 10.0 8.1 8.6 9.9 9.1 10.5 24

 Capital account

25 Net saving less capital transfers ND 2.6 5.9 10.6 10.0 8.1 8.6 9.9 9.1 10.5 25

26 Net saving ND 2.6 5.9 10.6 10.0 8.1 8.6 9.9 9.1 10.5 26

27 Less: Capital transfers paid (net) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

28 Capital formation, net ND 11.4 8.9 10.7 3.0 11.4 16.3 10.6 11.0 6.5 28

 Gross fixed capital formation (acquisition of

29 produced nonfinancial assets) ND 13.4 17.3 19.1 17.3 18.9 22.7 24.4 26.9 26.6 29

30 Less: Consumption of fixed capital ND 7.8 9.5 11.1 12.0 12.8 14.6 15.6 16.7 17.7 30

31 Acquisition of nonproduced nonfinancial assets ND -0.1 -0.1 -0.1 -0.2 -0.3 -0.3 -0.3 -0.3 -0.4 31

32 Change in private inventories ND 5.9 1.1 2.9 -2.0 5.6 8.5 2.1 1.2 -2.0 32

33 Net lending (+) or borrowing (-), capital account (lines 25-28) ND -8.8 -3.0 -0.1 6.9 -3.3 -7.7 -0.7 -1.9 4.0 33

 Financial account

34 Net lending (+) or borrowing (-) (line 33) ND -8.8 -3.0 -0.1 6.9 -3.3 -7.7 -0.7 -1.9 4.0 34

35 Net acquisition of financial assets ND -1.6 8.8 5.4 3.9 16.8 8.0 5.4 3.0 5.5 35

36 Currency and deposits ND 0.6 1.9 0.4 1.0 1.4 1.7 0.8 -0.0 2.0 36

37 Currency and transferable deposits ND 0.6 2.0 0.4 1.0 1.3 1.6 0.8 -0.1 1.8 37

38 Time and savings deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 38

39 Foreign deposits ND 0.0 -0.0 -0.0 0.0 0.0 0.0 -0.0 0.0 0.0 39

40 Debt securities ND -5.6 -0.4 0.7 2.0 3.2 0.9 -0.9 1.8 -1.7 40

41 Open market paper ND 0.0 0.1 0.1 0.1 -0.1 -0.1 0.1 0.0 0.1 41

42 Treasury securities ND -5.7 -0.5 0.6 1.8 3.2 0.8 -1.0 1.6 -1.7 42

43 Agency- and GSE-backed securities (1) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 43

44 Municipal securities ND 0.1 0.0 0.1 0.0 0.2 0.2 -0.0 0.2 -0.0 44

45 Loans ND 0.5 0.8 0.8 0.6 1.1 0.6 -0.2 0.3 0.3 45

46 Short term (security repos and consumer credit) ND 0.5 0.8 0.8 0.6 1.1 0.6 -0.2 0.3 0.3 46

47 Long term (mortgages) ND 0.0 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 47

48 Equity and investment fund shares ND 0.2 0.7 0.7 0.6 0.6 0.5 0.8 0.7 0.6 48

49 Money market fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 49

50 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 50

51 U.S. direct investment abroad ND 0.2 0.7 0.7 0.6 0.6 0.5 0.8 0.7 0.6 51

52 Equity in government-sponsored enterprises (1) ND -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 52

53 Investment in finance company subsidiaries ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 53

54 Insurance, pension and standardized guarantee schemes (2) ND 0.3 0.3 0.2 0.2 0.0 0.1 0.1 0.1 0.1 54
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146 Historical Annuals, 1945-1954, March 10, 2016

S.5.a Nonfinancial Corporate Business

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

55 Other accounts receivable ND 2.5 5.4 2.6 -0.5 10.5 4.2 4.8 0.2 4.1 55

56 Trade receivables ND 2.8 5.0 2.0 -1.0 9.9 3.4 3.9 -0.8 3.4 56

57 Other (miscellaneous assets) ND -0.3 0.4 0.6 0.5 0.5 0.8 0.9 1.1 0.7 57

58 Net incurrence of liabilities ND 11.1 14.1 10.1 0.8 23.8 15.0 7.1 6.3 4.8 58

59 Debt securities ND 1.0 2.8 4.3 2.9 1.7 3.4 4.8 3.6 3.7 59

60 Open market paper ND 0.0 0.0 -0.0 -0.0 0.0 0.1 0.1 0.1 0.1 60

61 Municipal securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 61

62 Corporate bonds ND 1.0 2.8 4.3 2.9 1.6 3.3 4.7 3.5 3.5 62

63 Loans ND 4.3 4.1 1.8 -1.3 4.4 5.1 1.5 0.3 -0.1 63

64 Short term ND 3.5 2.9 0.8 -2.0 3.9 4.5 1.2 -0.4 -0.6 64

65 Depository institution loans n.e.c. ND 3.7 3.1 0.7 -1.9 3.7 4.2 0.8 -0.6 -0.7 65

66 Other loans and advances ND -0.1 -0.2 0.1 -0.1 0.2 0.3 0.4 0.2 0.1 66

67 Long term (mortgages) ND 0.8 1.2 1.0 0.6 0.5 0.6 0.2 0.7 0.5 67

68 Equity and investment fund shares ND 1.0 1.1 1.0 1.3 1.4 2.2 2.4 1.9 1.7 68

69 Corporate equities ND 1.0 1.1 1.0 1.2 1.3 2.1 2.3 1.8 1.6 69

70 Foreign direct investment in the United States ND -0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 70

71 Insurance, pension and standardized guarantee schemes ND 1.2 1.0 0.9 0.8 0.8 3.7 2.6 3.3 2.2 71

72 Pension fund contributions payable ND 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.0 0.0 72

73 Claim of pension fund on sponsor ND 1.2 1.0 0.9 0.8 0.8 3.7 2.4 3.3 2.2 73

74 Other accounts payable ND 3.7 5.1 2.1 -2.9 15.6 0.7 -4.1 -2.7 -2.7 74

75 Trade payables ND 6.4 3.4 1.6 -0.3 8.0 -0.4 0.8 -0.3 2.0 75

76 Taxes payable ND -2.0 2.2 0.8 -2.3 7.3 4.5 -3.2 0.6 -3.2 76

77 Miscellaneous liabilities ND -0.7 -0.5 -0.3 -0.3 0.4 -3.4 -1.7 -3.0 -1.5 77

 Addendum:

78 Net lending (+) or borrowing (-), financial account (lines 35-58) ND -12.7 -5.4 -4.6 3.1 -7.1 -7.0 -1.7 -3.3 0.7 78

 Other changes in volume account

79 Total other volume changes ND 2.1 3.4 -2.3 -5.5 1.6 2.1 -2.7 -0.5 -3.3 79

80 Disaster losses ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 80

81 Other volume changes ND 0.8 -0.1 0.1 0.1 0.4 0.2 -0.7 -0.0 -0.3 81

82 Less: Statistical discrepancy (lines 33-78) (3) ND 4.0 2.4 4.5 3.8 3.7 -0.7 1.0 1.4 3.3 82

83 Less: Inventory valuation adjustment ND -5.3 -5.9 -2.2 1.9 -5.0 -1.2 1.0 -1.0 -0.3 83

 Revaluation account

84 Nonfinancial assets ND 10.5 27.0 14.7 4.2 13.1 22.3 8.5 5.3 2.0 84

85 Real estate ND 14.0 25.9 8.8 2.1 13.8 15.7 6.9 2.5 1.4 85

86 Equipment ND 3.9 3.1 5.2 -0.5 6.2 3.0 0.4 2.8 0.0 86

87 Intellectual property products ND 0.3 0.7 0.2 -0.0 0.5 0.3 0.1 0.2 0.2 87

88 Inventories ND -7.8 -2.6 0.5 2.6 -7.4 3.3 1.1 -0.2 0.3 88

89 Financial assets ND -0.2 0.4 0.5 0.4 0.5 0.7 0.9 0.8 0.7 89

90 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 90

91 Direct investment abroad ND -0.2 0.4 0.5 0.4 0.5 0.7 0.9 0.8 0.7 91

92 Liabilities ND -7.4 -3.2 -1.8 8.6 21.9 19.0 -3.2 -4.2 49.3 92

93 Corporate equity ND -7.4 -3.3 -2.0 8.5 21.6 18.8 -3.3 -4.3 49.2 93

94 Foreign direct investment in the United States ND 0.0 0.1 0.1 0.1 0.4 0.2 0.1 0.2 0.2 94

95 Changes in net worth due to nominal holding gains/losses ND 17.7 30.6 17.0 -4.0 -8.4 4.0 12.6 10.2 -46.7 95

 Changes in balance sheet account

96 Change in net worth (lines 28+33+79+95) (4) ND 22.4 39.9 25.4 0.5 1.3 14.7 19.8 18.9 -39.5 96

 Balance sheet account (end of period)

97 Total assets 286.3 312.4 362.9 396.2 405.6 452.4 500.8 524.4 545.7 560.2 97

98 Nonfinancial assets (5) 217.4 245.0 286.8 314.6 320.2 350.1 390.6 408.8 426.9 436.0 98

99 Real estate 142.8 159.4 187.7 199.5 203.9 220.7 240.6 251.4 259.1 265.0 99

100 Equipment 32.4 39.3 47.2 57.1 59.2 68.4 75.3 79.7 86.8 90.1 100

101 Intellectual property products 5.8 6.7 7.8 8.4 8.6 9.5 10.1 11.0 12.4 13.6 101

102 Inventories 36.3 39.7 44.1 49.7 48.4 51.5 64.5 66.7 68.6 67.2 102

103 Financial assets 68.9 67.3 76.1 81.5 85.4 102.2 110.2 115.7 118.7 124.2 103

104 Currency and deposits 20.0 20.6 22.5 22.9 24.0 25.3 27.0 27.8 27.7 29.7 104

105 Currency and transferable deposits 19.1 19.7 21.6 22.0 23.0 24.4 26.0 26.8 26.7 28.5 105

106 Time and savings deposits 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 1.1 106

107 Foreign deposits 0.0 0.1 0.1 0.0 0.0 0.1 0.1 0.1 0.1 0.2 107
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Historical Annuals, 1945-1954, March 10, 2016 147

S.5.a Nonfinancial Corporate Business

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

108 Debt securities 18.8 13.1 12.8 13.5 15.4 18.7 19.6 18.7 20.4 18.8 108

109 Open market paper 0.0 0.0 0.1 0.2 0.3 0.1 0.1 0.2 0.2 0.3 109

110 Treasury securities 18.5 12.8 12.3 12.9 14.7 17.9 18.7 17.6 19.2 17.5 110

111 Agency- and GSE-backed securities (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 111

112 Municipal securities 0.3 0.3 0.4 0.5 0.5 0.7 0.8 0.8 1.0 1.0 112

113 Loans 2.8 3.3 4.1 4.9 5.5 6.6 7.2 7.1 7.3 7.7 113

114 Short term 2.8 3.3 4.1 4.9 5.5 6.6 7.2 7.1 7.3 7.7 114

115 Security repurchases 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 115

116 Consumer credit 2.8 3.3 4.1 4.9 5.5 6.6 7.2 7.1 7.3 7.7 116

117 Long term (mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 117

118 Equity and investment fund shares 7.0 7.0 8.1 9.3 10.4 11.4 12.6 14.3 15.7 17.0 118

119 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 119

120 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 120

121 U.S. direct investment abroad 7.0 7.0 8.1 9.3 10.4 11.4 12.6 14.3 15.7 17.0 121

122 Equity in government-sponsored enterprises (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 122

123 Investment in finance company subsidiaries 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 123

124 Insurance, pension and standardized guarantee schemes (2) 0.4 0.7 1.0 1.2 1.4 1.4 1.6 1.7 1.8 1.9 124

125 Other accounts receivable 19.9 22.6 27.6 29.7 28.8 38.8 42.3 46.2 45.7 49.1 125

126 Trade receivables 19.8 22.6 27.6 29.6 28.6 38.6 42.0 45.9 45.0 48.4 126

127 Other (miscellaneous assets) 0.1 0.0 0.0 0.1 0.1 0.2 0.3 0.4 0.6 0.7 127

128 Total liabilities and net worth 286.3 312.4 362.9 396.2 405.6 452.4 500.8 524.4 545.7 560.2 128

129 Liabilities 174.0 177.6 188.3 196.2 205.1 250.6 284.4 288.2 290.5 344.5 129

130 Debt securities 24.0 25.0 27.8 32.1 35.0 36.7 40.1 44.8 48.4 52.1 130

131 Open market paper 0.1 0.1 0.2 0.2 0.2 0.2 0.3 0.3 0.4 0.5 131

132 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 132

133 Corporate bonds 23.9 24.9 27.7 32.0 34.9 36.5 39.8 44.5 48.0 51.5 133

134 Loans 20.7 24.9 28.9 30.7 29.4 33.7 38.8 40.3 40.8 40.8 134

135 Short term 12.1 15.6 18.4 19.1 17.2 21.1 25.6 26.8 26.7 26.1 135

136 Depository institution loans n.e.c. 8.9 12.5 15.6 16.2 14.3 18.0 22.2 23.0 22.4 21.8 136

137 Other loans and advances 3.2 3.1 2.9 3.0 2.9 3.1 3.4 3.8 4.3 4.4 137

138 Long term (mortgages) 8.5 9.3 10.5 11.5 12.2 12.6 13.2 13.5 14.1 14.6 138

139 Equity and investment fund shares 105.2 98.8 96.7 95.9 105.7 129.0 150.2 149.4 147.1 198.1 139

140 Corporate equity 103.7 97.3 95.1 94.1 103.8 126.7 147.6 146.6 144.1 194.8 140

141 Foreign direct investment in the United States 1.5 1.5 1.6 1.7 1.9 2.3 2.6 2.8 3.1 3.3 141

142 Insurance, pension and standardized guarantee schemes 16.9 18.1 19.1 19.9 20.7 21.2 24.9 26.4 29.7 31.9 142

143 Pension fund contributions payable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.2 0.2 143

144 Claim of pension fund on sponsor 16.9 18.1 19.1 19.9 20.7 21.2 24.9 26.2 29.5 31.6 144

145 Other accounts payable 7.3 10.9 15.8 17.6 14.3 29.9 30.3 27.3 24.4 21.6 145

146 Trade payables 13.7 20.1 23.4 25.0 24.8 32.7 32.4 33.1 32.9 34.9 146

147 Taxes payable 10.1 8.1 10.3 11.1 8.8 16.1 20.5 17.4 18.0 14.8 147

148 Miscellaneous liabilities -16.5 -17.3 -18.0 -18.6 -19.2 -18.9 -22.6 -23.3 -26.5 -28.0 148

149 Net worth 112.3 134.7 174.6 200.0 200.5 201.8 216.5 236.3 255.2 215.7 149

Notes. Nonfinancial corporate business includes corporate farms that are excluded from the nonfinancial corporate business sector in the Financial Accounts of the United States.

 Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System.

(1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

 the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(2) Net equity in reserves of property-casualty insurance companies.

(3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

 reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.

(4) Includes changes in the market value of shares and other equity that are excluded from the related measures for the nonfinancial corporate business sector in the Financial Accounts of the United States.

(5) Excludes nonproduced nonfinancial assets.

n.e.c. Not elsewhere classified
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148 Historical Annuals, 1945-1954, March 10, 2016

S.6.a Financial Business

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 Current account

 1 Gross value added ND ND ND ND ND ND ND ND ND ND 1

 2 Less: Consumption of fixed capital ND 0.3 0.4 0.4 0.5 0.5 0.6 0.6 0.7 0.7 2

 3 Equals: Net value added ND ND ND ND ND ND ND ND ND ND 3

 4 Compensation of employees (paid) ND ND ND 4.0 4.3 4.8 5.3 5.8 6.4 7.0 4

 5 Wages and salaries ND ND ND 3.8 4.1 4.5 5.0 5.5 6.0 6.6 5

 6 Employers’ social contributions ND ND ND 0.2 0.2 0.2 0.3 0.3 0.4 0.4 6

 7 Taxes on production and imports less subsidies ND ND ND ND ND ND ND ND ND ND 7

 8 Operating surplus, net ND ND ND ND ND ND ND ND ND ND 8

 9 Net national income/Balance of primary incomes, net ND ND ND ND ND ND ND ND ND ND 9

10 Operating surplus, net ND ND ND ND ND ND ND ND ND ND 10

11 Property income (received) ND ND ND ND ND ND ND ND ND ND 11

12 Interest ND ND ND ND ND ND ND ND ND ND 12

13 Distributed income of corporations (dividends) ND ND ND ND ND ND ND ND ND ND 13

14 Reinvested earnings on U.S. direct investment abroad ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Less: Uses of property income (paid) ND ND ND ND ND ND ND ND ND ND 15

16 Interest ND ND ND ND ND ND ND ND ND ND 16

17 Distributed income of corporations ND ND ND ND ND ND ND ND ND ND 17

18 Dividends ND 1.2 1.3 1.5 1.5 1.9 1.8 1.8 1.9 1.9 18

19 Withdrawals from income of quasi-corporations (1) ND ND ND ND ND ND ND ND ND ND 19

20 Reinvested earnings on foreign direct investment ND 0.0 0.0 0.1 0.0 0.1 0.0 0.0 0.0 0.0 20

21 Rents on land and natural resources ND ND ND ND ND ND ND ND ND ND 21

22 Net national income/Balance of primary incomes, net ND ND ND ND ND ND ND ND ND ND 22

23 Less: Current taxes on income, wealth, etc. (paid) ND ND ND ND ND ND ND ND ND ND 23

24 Less: Other current transfers (paid) ND ND ND ND ND ND ND ND ND ND 24

25 Equals: Disposable income, net ND 0.9 0.7 1.3 1.6 1.2 1.4 1.8 2.0 2.0 25

26 Equals: Net saving ND 0.9 0.7 1.3 1.6 1.2 1.4 1.8 2.0 2.0 26

 Capital account

27 Net saving less capital transfers ND 0.9 0.7 1.3 1.6 1.2 1.4 1.8 2.0 2.0 27

28 Net saving ND 0.9 0.7 1.3 1.6 1.2 1.4 1.8 2.0 2.0 28

29 Less: Capital transfers paid (net) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

30 Capital formation, net ND 0.3 0.3 0.3 0.3 0.3 0.4 0.3 0.5 0.5 30

31 Gross fixed capital formation (nonresidential) ND 0.6 0.6 0.7 0.8 0.9 1.0 0.9 1.2 1.2 31

32 Less: Consumption of fixed capital ND 0.3 0.4 0.4 0.5 0.5 0.6 0.6 0.7 0.7 32

33 Net lending (+) or borrowing (-), capital account (lines 27-30) ND 0.7 0.4 1.0 1.4 0.9 1.0 1.5 1.5 1.5 33

 Financial account

34 Net lending (+) or borrowing (-) (line 33) ND 0.7 0.4 1.0 1.4 0.9 1.0 1.5 1.5 1.5 34

35 Net acquisition of financial assets ND 2.7 19.4 19.0 14.9 28.8 34.7 40.0 35.3 38.7 35

36 Monetary gold ND 0.5 2.2 1.5 0.2 -1.7 -0.0 0.5 -1.2 -0.3 36

37 Currency and deposits ND 1.1 1.9 2.5 -3.6 2.9 3.1 0.5 0.4 -1.0 37

38 Debt securities ND -12.1 -2.4 -0.8 5.2 0.5 5.6 10.6 10.7 13.4 38

39 Open market paper ND 0.1 0.1 -0.1 -0.0 0.1 0.1 0.0 0.0 0.2 39

40 Treasury securities ND -14.9 -7.1 -7.5 0.1 -4.1 0.2 3.6 2.3 5.5 40

41 Agency- and GSE-backed securities (2) ND 0.2 0.0 1.0 0.0 -0.2 -0.1 0.4 1.6 -0.1 41

42 Municipal securities ND 0.4 1.0 1.0 1.5 2.3 1.6 1.7 2.1 3.4 42

43 Corporate and foreign bonds ND 2.1 3.7 4.8 3.5 2.4 3.7 5.0 4.8 4.3 43

44 Loans ND 10.1 12.2 10.7 6.5 19.8 14.4 15.7 11.6 13.4 44

45 Short term ND 5.2 6.3 4.6 1.3 10.7 6.6 8.0 3.3 2.5 45

46 Long term (mortgages) ND 5.0 5.9 6.1 5.2 9.1 7.8 7.6 8.4 10.8 46

47 Equity and investment fund shares ND 0.3 0.6 0.4 1.0 0.8 0.8 1.7 2.1 1.3 47

48 Corporate equities ND 0.3 0.6 0.3 1.0 0.7 0.6 1.6 1.9 1.2 48

49 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 49

50 Money market mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 50

51 Equity in government-sponsored enterprises (2) ND 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.1 51

52 U.S. direct investment abroad ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 52

53 Stock in Federal Reserve Banks ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 53

54 Investment in subsidiaries ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54

55 Insurance, pension and standardized guarantee schemes ND 5.4 4.5 4.6 4.8 5.9 10.5 9.9 11.3 10.4 55

56 Other accounts receivable ND -2.6 0.4 0.1 0.8 0.6 0.4 1.1 0.3 1.5 56
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1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

57 Net incurrence of liabilities ND 1.8 18.2 17.5 13.4 26.4 33.7 38.6 33.7 35.6 57

58 Currency and deposits ND -8.3 6.8 4.4 -0.4 10.4 14.7 14.6 9.1 13.5 58

59 Debt securities ND 0.6 0.4 0.9 0.4 0.8 1.1 0.4 1.7 -0.2 59

60 Agency- and GSE-backed securities (2) ND 0.3 0.1 0.3 -0.1 0.4 0.2 0.1 0.0 -0.0 60

61 Corporate bonds ND 0.1 0.1 0.4 0.3 0.2 0.4 0.0 1.4 -0.3 61

62 Commercial paper ND 0.2 0.2 0.2 0.2 0.2 0.4 0.4 0.3 0.2 62

63 Loans ND -1.2 -0.4 1.1 0.9 2.0 -0.3 1.6 0.2 0.8 63

64 Short term ND -1.2 -0.4 1.1 0.9 2.0 -0.3 1.6 0.2 0.8 64

65 Long term (mortgages) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 65

66 Equity and investment fund shares ND 0.3 0.5 0.4 0.6 0.7 0.7 0.9 1.1 0.4 66

67 Money market mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 67

68 Corporate equity issues ND 0.1 0.4 0.2 0.3 0.4 0.4 0.3 0.6 -0.3 68

69 Mutual fund shares ND 0.2 0.2 0.1 0.3 0.2 0.3 0.5 0.4 0.4 69

70 Equity in government-sponsored enterprises (2) ND -0.1 -0.0 0.0 -0.0 0.0 0.0 0.0 0.1 0.1 70

71 Foreign direct investment in the United States ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 71

72 Equity in noncorporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 72

73 Investment by parent ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 73

74 Stock in Federal Reserve Banks ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 74

75 Insurance, pension and standardized guarantee schemes ND 10.1 10.0 10.5 11.0 11.2 17.4 19.6 20.5 19.8 75

76 Other accounts payable ND 0.3 0.8 0.3 0.9 1.4 0.1 1.5 1.0 1.3 76

 Addendum:

77 Net lending (+) or borrowing (-), financial account (lines 35-57) ND 0.9 1.2 1.5 1.5 2.4 1.0 1.4 1.6 3.1 77

 Other changes in volume account

78 Total other volume changes ND 0.6 0.4 -0.1 -0.4 0.9 -0.6 -0.0 0.1 1.3 78

79 Disaster losses ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 79

80 Other volume changes ND 0.3 -0.4 -0.6 -0.6 -0.7 -0.6 0.1 -0.0 -0.3 80

81 Less: Statistical discrepancy (lines 33-77) (3) ND -0.2 -0.7 -0.5 -0.2 -1.5 -0.0 0.1 -0.1 -1.6 81

 Revaluation account

82 Nonfinancial assets ND 1.2 1.1 0.4 -0.8 0.7 1.1 0.2 -0.3 -0.5 82

83 Structures (nonresidential) ND 1.2 1.0 0.3 -0.8 0.6 1.0 0.2 -0.3 -0.4 83

84 Equipment ND 0.1 0.1 0.1 0.0 0.1 0.1 0.0 0.0 -0.0 84

85 Intellectual property products ND 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 85

86 Financial assets ND -0.1 -0.1 -0.1 1.6 0.4 0.1 0.3 -0.6 3.9 86

87 Corporate equities ND -0.1 -0.1 -0.1 1.6 0.4 0.1 0.3 -0.6 3.9 87

88 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 88

89 U.S. direct investment abroad ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 89

90 Liabilities ND -2.0 -0.3 -0.3 1.9 2.0 2.2 2.5 -2.3 10.0 90

91 Corporate equity issues ND -1.8 -0.3 -0.3 0.7 2.0 2.3 2.7 -1.9 8.7 91

92 Mutual fund shares ND -0.1 -0.0 -0.0 1.3 0.1 -0.1 -0.1 -0.2 1.5 92

93 Foreign direct investment in the United States ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.1 93

94 Equity in noncorporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 94

95 Pension fund reserves ND 0.0 0.0 0.0 0.0 0.0 0.0 -0.2 -0.2 -0.3 95

96 Investment by parent ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 96

97 Changes in net worth due to nominal holding gains/losses ND 3.1 1.4 0.7 -1.2 -1.0 -1.0 -2.0 1.5 -6.6 97

 Changes in balance sheet account

98 Change in net worth (lines 30+33+78+97) ND 4.6 2.4 1.8 0.0 1.1 -0.2 -0.2 3.5 -3.3 98

 Balance sheet account (end of period)

99 Total assets 341.6 346.9 368.0 388.0 403.6 433.6 469.2 510.1 545.0 587.6 99

100 Nonfinancial assets (4) 5.3 6.8 8.2 8.8 8.2 9.2 10.6 11.0 11.2 11.2 100

101 Structures (nonresidential) 4.5 5.8 6.8 7.2 6.5 7.1 8.3 8.6 8.6 8.5 101

102 Equipment 0.9 1.0 1.3 1.6 1.7 2.0 2.3 2.4 2.6 2.7 102

103 Intellectual property products 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 103

104 Financial assets 336.2 340.1 359.9 379.2 395.4 424.4 458.6 499.1 533.8 576.5 104

105 Monetary gold 20.1 20.5 22.8 24.2 24.4 22.7 22.7 23.2 22.0 21.7 105

106 Currency and deposits 25.4 26.5 28.4 30.9 27.3 30.2 33.3 33.9 34.3 33.3 106
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150 Historical Annuals, 1945-1954, March 10, 2016

S.6.a Financial Business

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

107 Debt securities 186.4 174.3 171.9 171.1 176.3 176.8 182.4 193.1 203.8 217.2 107

108 Open market paper 0.3 0.4 0.5 0.4 0.4 0.5 0.7 0.7 0.7 1.0 108

109 Treasury securities 160.9 146.0 138.9 131.4 131.4 127.3 127.6 131.2 133.5 139.0 109

110 Agency- and GSE-backed securities (2) 0.9 1.0 1.1 2.0 2.1 1.9 1.8 2.2 3.7 3.7 110

111 Municipal securities 6.3 6.6 7.6 8.6 10.2 12.5 14.1 15.8 17.8 21.3 111

112 Corporate and foreign bonds 18.1 20.2 23.9 28.7 32.2 34.6 38.2 43.2 48.0 52.3 112

113 Loans 47.2 57.3 69.5 80.2 86.7 106.4 120.8 136.5 148.1 161.5 113

114 Short term 24.9 30.1 36.4 41.0 42.3 53.0 59.5 67.6 70.8 73.4 114

115 Long term (mortgages) 22.3 27.2 33.1 39.2 44.4 53.5 61.3 68.9 77.3 88.1 115

116 Equity and investment fund shares 5.8 6.0 6.5 6.8 9.5 10.7 11.9 14.9 16.3 21.5 116

117 Corporate equities 5.3 5.5 5.9 6.2 8.8 9.9 10.9 13.9 15.2 20.2 117

118 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 118

119 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 119

120 Equity in government-sponsored enterprises (2) 0.1 0.1 0.1 0.1 0.1 0.2 0.3 0.3 0.4 0.4 120

121 U.S. direct investment abroad 0.2 0.3 0.3 0.3 0.3 0.4 0.4 0.5 0.5 0.6 121

122 Stock in Federal Reserve Banks 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 122

123 Investment in subsidiaries 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 123

124 Insurance, pension and standardized guarantee schemes 45.6 51.9 57.2 62.4 67.5 73.1 83.1 92.3 103.6 114.3 124

125 Other accounts receivable 5.7 3.5 3.5 3.5 3.7 4.5 4.3 5.3 5.7 6.9 125

126 Total liabilities and net worth 341.6 346.9 368.0 388.0 403.6 433.6 469.2 510.1 545.0 587.6 126

127 Liabilities 330.0 330.7 349.4 367.6 383.2 412.1 447.8 489.0 520.3 566.3 127

128 Currency and deposits 205.5 197.2 204.1 208.5 208.1 218.5 233.2 247.8 257.0 270.4 128

129 Debt securities 1.2 1.8 2.2 3.1 3.5 4.3 5.3 5.8 7.4 7.3 129

130 Agency- and GSE-backed securities (2) 0.9 1.2 1.3 1.6 1.5 1.9 2.1 2.2 2.2 2.1 130

131 Corporate bonds 0.1 0.2 0.3 0.8 1.1 1.3 1.7 1.7 3.1 2.8 131

132 Commercial paper 0.2 0.4 0.6 0.8 1.0 1.1 1.6 1.9 2.2 2.4 132

133 Loans 4.7 3.5 3.1 4.3 5.2 7.2 6.9 8.5 8.6 9.4 133

134 Short term 4.7 3.5 3.1 4.3 5.2 7.2 6.9 8.5 8.6 9.4 134

135 Long term (mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 135

136 Equity and investment fund shares 16.2 14.5 14.7 14.7 17.3 20.0 22.9 26.4 25.4 36.1 136

137 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 137

138 Corporate equity issues 13.1 11.4 11.5 11.4 12.4 14.8 17.5 20.5 19.2 27.6 138

139 Mutual fund shares 1.2 1.3 1.4 1.5 3.1 3.3 3.5 3.9 4.1 6.1 139

140 Equity in government-sponsored enterprises (2) 0.7 0.6 0.6 0.6 0.6 0.6 0.6 0.7 0.8 0.9 140

141 Foreign direct investment in the United States 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.1 1.1 1.2 141

142 Equity in noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 142

143 Investment by parent 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 143

144 Stock in Federal Reserve Banks 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 144

145 Insurance, pension and standardized guarantee schemes 97.9 109.0 119.9 130.9 142.1 153.7 171.0 191.4 211.7 231.6 145

146 Other accounts payable 4.4 4.7 5.5 6.2 7.1 8.4 8.5 9.2 10.2 11.4 146

147 Net worth 11.6 16.1 18.6 20.4 20.4 21.5 21.4 21.2 24.7 21.4 147

Notes. Financial business includes depository institutions, insurance companies, pension funds, monetary authority, and other financial institutions.

 Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System.

(1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations;

 they primarily cover their operating costs through sales, and they keep a complete set of financial records.

(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

 the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

 reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.

(4) Excludes land. Includes corporate and noncorporate financial business.
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S.61.a Central Bank

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 Current account

 1 Gross value added ND ND ND ND ND ND ND ND ND ND 1

 2 Less: Consumption of fixed capital ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Equals: Net value added ND ND ND ND ND ND ND ND ND ND 3

 4 Compensation of employees (paid) ND ND ND ND ND ND ND ND ND ND 4

 5 Wages and salaries ND ND ND ND ND ND ND ND ND ND 5

 6 Employers’ social contributions ND ND ND ND ND ND ND ND ND ND 6

 7 Taxes on production and imports less subsidies ND ND ND ND ND ND ND ND ND ND 7

 8 Operating surplus, net ND ND ND ND ND ND ND ND ND ND 8

 9 Net national income/Balance of primary incomes, net ND ND ND ND ND ND ND ND ND ND 9

10 Operating surplus, net ND ND ND ND ND ND ND ND ND ND 10

11 Property income (received) ND ND ND ND ND ND ND ND ND ND 11

12 Interest ND ND ND ND ND ND ND ND ND ND 12

13 Distributed income of corporations (dividends) ND ND ND ND ND ND ND ND ND ND 13

14 Reinvested earnings on U.S. direct investment abroad ND ND ND ND ND ND ND ND ND ND 14

15 Less: Uses of property income (paid) ND ND ND ND ND ND ND ND ND ND 15

16 Interest ND ND ND ND ND ND ND ND ND ND 16

17 Distributed income of corporations ND ND ND ND ND ND ND ND ND ND 17

18 Dividends ND ND ND ND ND ND ND ND ND ND 18

19 Withdrawals from income of quasi-corporations (1) ND ND ND ND ND ND ND ND ND ND 19

20 Reinvested earnings on foreign direct investment ND ND ND ND ND ND ND ND ND ND 20

21 Rents on land and natural resources ND ND ND ND ND ND ND ND ND ND 21

22 Net national income/Balance of primary incomes, net ND ND ND ND ND ND ND ND ND ND 22

23 Less: Current taxes on income, wealth, etc. (paid) ND ND ND ND ND ND ND ND ND ND 23

24 Less: Other current transfers (paid) ND ND ND ND ND ND ND ND ND ND 24

25 Equals: Disposable income, net ND ND ND ND ND ND ND ND ND ND 25

26 Equals: Net saving ND ND ND ND ND ND ND ND ND ND 26

 Capital account

27 Net saving less capital transfers ND ND ND ND ND ND ND ND ND ND 27

28 Net saving ND ND ND ND ND ND ND ND ND ND 28

29 Less: Capital transfers paid (net) ND ND ND ND ND ND ND ND ND ND 29

30 Capital formation, net ND 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 30

31 Gross fixed capital formation (nonresidential) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

32 Less: Consumption of fixed capital ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

33 Net lending (+) or borrowing (-), capital account (lines 27-30) ND ND ND ND ND ND ND ND ND ND 33

 Financial account

34 Net lending (+) or borrowing (-) (line 33) ND ND ND ND ND ND ND ND ND ND 34

35 Net acquisition of financial assets ND -0.3 1.1 2.5 -4.5 1.3 2.9 1.4 -0.0 -1.2 35

36 Monetary gold ND 0.5 2.2 1.5 0.2 -1.7 -0.0 0.5 -1.2 -0.3 36

37 Currency and deposits ND 0.2 -0.3 0.0 0.0 1.1 -0.1 -0.1 0.0 -0.0 37

38 Debt securities ND -0.9 -0.8 0.8 -4.4 1.8 2.9 0.4 1.3 -0.4 38

39 Open market paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

40 Treasury securities ND -0.9 -0.8 0.8 -4.4 1.8 2.9 0.4 1.3 -0.4 40

41 Agency- and GSE-backed securities (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 41

42 Loans (short term) ND -0.1 -0.1 0.1 -0.1 0.0 0.1 0.6 -0.2 -0.4 42

43 Equity shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 43

44 Other accounts receivable ND -0.0 0.1 0.0 -0.0 0.0 0.0 0.0 -0.0 -0.0 44

45 Net incurrence of liabilities ND -0.4 1.1 2.4 -4.5 1.3 2.9 1.4 -0.1 -1.3 45

46 Currency and deposits ND -0.3 0.8 2.4 -4.7 0.9 3.3 1.3 -0.1 -1.2 46

47 Loans ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47

48 Equity shares (stock in Federal Reserve Banks) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 48

49 Other accounts payable ND -0.1 0.2 -0.0 0.2 0.3 -0.4 0.1 0.0 -0.0 49

 Addendum:

50 Net lending (+) or borrowing (-), financial account (lines 35-45) ND 0.1 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 50

 Other changes in volume account

51 Total other volume changes ND ND ND ND ND ND ND ND ND ND 51

52 Other volume changes ND ND ND ND ND ND ND ND ND ND 52

53 Less: Statistical discrepancy (lines 33-50) (3) ND ND ND ND ND ND ND ND ND ND 53
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152 Historical Annuals, 1945-1954, March 10, 2016

S.61.a Central Bank

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 Revaluation account

54 Nonfinancial assets ND 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 -0.0 -0.0 54

55 Structures (nonresidential) ND 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 -0.0 -0.0 55

56 Equipment ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 -0.0 56

57 Intellectual property products ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 57

58 Changes in net worth due to nominal holding gains/losses ND 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 -0.0 -0.0 58

 Changes in balance sheet account

59 Change in net worth (lines 30+33+51+58) ND 0.1 0.0 0.1 0.1 0.0 0.0 0.1 0.0 0.0 59

 Balance sheet account (end of period)

60 Total assets 49.5 49.1 50.3 52.7 48.3 49.6 52.5 53.9 53.9 52.7 60

61 Nonfinancial assets (4) 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 61

62 Structures (nonresidential) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 62

63 Equipment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 63

64 Intellectual property products 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 64

65 Financial assets 49.4 49.1 50.2 52.7 48.2 49.5 52.4 53.8 53.8 52.6 65

66 Monetary gold 20.1 20.5 22.8 24.2 24.4 22.7 22.7 23.2 22.0 21.7 66

67 Currency and deposits 4.8 5.0 4.7 4.7 4.7 5.8 5.7 5.6 5.6 5.6 67

68 Debt securities 24.3 23.4 22.6 23.3 18.9 20.7 23.6 24.0 25.3 24.9 68

69 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 69

70 Treasury securities 24.3 23.4 22.6 23.3 18.9 20.7 23.6 24.0 25.3 24.9 70

71 Agency- and GSE-backed securities (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 71

72 Loans (short term) 0.3 0.2 0.1 0.2 0.1 0.1 0.2 0.8 0.6 0.2 72

73 Equity shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 73

74 Other accounts receivable 0.1 0.1 0.2 0.2 0.1 0.2 0.2 0.2 0.2 0.2 74

75 Total liabilities and net worth 49.5 49.1 50.3 52.7 48.3 49.6 52.5 53.9 53.9 52.7 75

76 Liabilities 49.0 48.6 49.7 52.1 47.6 48.9 51.7 53.1 53.1 51.8 76

77 Currency and deposits 48.9 48.6 49.4 51.8 47.1 48.0 51.3 52.6 52.5 51.2 77

78 Loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 78

79 Equity shares (stock in Federal Reserve Banks) 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 79

80 Other accounts payable -0.0 -0.1 0.1 0.1 0.3 0.6 0.2 0.3 0.3 0.3 80

81 Net worth 0.4 0.5 0.5 0.6 0.7 0.7 0.7 0.8 0.8 0.9 81

(1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations;

 they primarily cover their operating costs through sales, and they keep a complete set of financial records.

(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

 the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

 reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.

(4) Excludes land.
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Historical Annuals, 1945-1954, March 10, 2016 153

S.62.a Private Depository Institutions

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 Current account

 1 Gross value added ND ND ND ND ND ND ND ND ND ND 1

 2 Less: Consumption of fixed capital ND ND ND ND ND ND ND ND ND ND 2

 3 Equals: Net value added ND ND ND ND ND ND ND ND ND ND 3

 4 Compensation of employees (paid) ND ND ND ND ND ND ND ND ND ND 4

 5 Wages and salaries ND ND ND ND ND ND ND ND ND ND 5

 6 Employers’ social contributions ND ND ND ND ND ND ND ND ND ND 6

 7 Taxes on production and imports less subsidies ND ND ND ND ND ND ND ND ND ND 7

 8 Operating surplus, net ND ND ND ND ND ND ND ND ND ND 8

 9 Net national income/Balance of primary incomes, net ND ND ND ND ND ND ND ND ND ND 9

10 Operating surplus, net ND ND ND ND ND ND ND ND ND ND 10

11 Property income (received) ND ND ND ND ND ND ND ND ND ND 11

12 Interest ND ND ND ND ND ND ND ND ND ND 12

13 Distributed income of corporations (dividends) ND ND ND ND ND ND ND ND ND ND 13

14 Reinvested earnings on U.S. direct investment abroad ND ND ND ND ND ND ND ND ND ND 14

15 Less: Uses of property income (paid) ND ND ND ND ND ND ND ND ND ND 15

16 Interest ND ND ND ND ND ND ND ND ND ND 16

17 Distributed income of corporations ND ND ND ND ND ND ND ND ND ND 17

18 Dividends ND ND ND ND ND ND ND ND ND ND 18

19 Withdrawals from income of quasi-corporations (1) ND ND ND ND ND ND ND ND ND ND 19

20 Reinvested earnings on foreign direct investment ND ND ND ND ND ND ND ND ND ND 20

21 Rents on land and natural resources ND ND ND ND ND ND ND ND ND ND 21

22 Net national income/Balance of primary incomes, net ND ND ND ND ND ND ND ND ND ND 22

23 Less: Current taxes on income, wealth, etc. (paid) ND ND ND ND ND ND ND ND ND ND 23

24 Less: Other current transfers (paid) ND ND ND ND ND ND ND ND ND ND 24

25 Equals: Disposable income, net ND ND ND ND ND ND ND ND ND ND 25

26 Equals: Net saving ND ND ND ND ND ND ND ND ND ND 26

 Capital account

27 Net saving less capital transfers ND ND ND ND ND ND ND ND ND ND 27

28 Net saving ND ND ND ND ND ND ND ND ND ND 28

29 Less: Capital transfers paid (net) ND ND ND ND ND ND ND ND ND ND 29

30 Capital formation, net ND ND ND ND ND ND ND ND ND ND 30

31 Gross fixed capital formation (nonresidential) ND ND ND ND ND ND ND ND ND ND 31

32 Less: Consumption of fixed capital ND ND ND ND ND ND ND ND ND ND 32

33 Net lending (+) or borrowing (-), capital account (lines 27-30) ND ND ND ND ND ND ND ND ND ND 33

 Financial account

34 Net lending (+) or borrowing (-) (line 33) ND ND ND ND ND ND ND ND ND ND 34

35 Net acquisition of financial assets ND -6.5 6.8 2.7 5.0 11.7 12.7 14.6 10.3 16.7 35

36 Currency and deposits ND 0.4 2.0 2.4 -3.7 1.2 2.9 0.1 0.1 -1.1 36

37 Vault cash ND 0.2 0.2 -0.2 0.0 0.2 0.5 0.1 -0.2 -0.0 37

38 Reserves at the Federal Reserve ND 0.2 1.8 2.6 -3.9 1.1 2.4 -0.1 0.2 -1.3 38

39 Deposits at Federal Home Loan Banks ND 0.0 0.0 0.0 0.1 -0.0 0.0 0.2 0.1 0.2 39

40 Debt securities ND -14.4 -4.4 -6.0 5.7 -3.8 -0.2 3.4 2.6 7.4 40

41 Open market paper ND 0.1 0.1 -0.1 -0.0 0.1 0.1 0.1 -0.0 0.2 41

42 Treasury securities ND -15.3 -5.7 -7.4 4.4 -5.5 -1.4 1.7 -0.0 5.3 42

43 Agency- and GSE-backed securities (2) ND 0.2 0.0 1.0 0.0 -0.2 -0.1 0.3 1.5 -0.1 43

44 Municipal securities ND 0.4 0.9 0.4 0.9 1.6 1.1 1.2 0.8 1.9 44

45 Corporate and foreign bonds ND 0.2 0.3 0.1 0.4 0.1 -0.0 0.2 0.3 0.0 45

46 Loans ND 9.7 9.7 7.0 3.1 13.8 10.1 10.5 7.4 9.3 46

47 Short term ND 5.3 5.4 3.2 0.1 8.2 5.5 5.2 1.3 1.6 47

48 Long term (mortgages) ND 4.4 4.3 3.9 3.0 5.6 4.6 5.3 6.1 7.7 48

49 Equity and investment fund shares ND 0.0 -0.0 0.0 0.0 0.1 0.2 0.2 0.2 0.2 49

50 Corporate equities ND 0.0 -0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 50

51 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 51

52 Equity in government-sponsored enterprises (2) ND 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.1 52

53 U.S. direct investment abroad ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 53

54 Stock in Federal Reserve Banks ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54

55 Insurance, pension and standardized guarantee schemes ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 55

56 Other accounts receivable ND -2.3 -0.4 -0.8 0.0 0.3 -0.3 0.4 0.1 0.8 56
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S.62.a Private Depository Institutions

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

57 Net incurrence of liabilities ND -7.6 6.2 2.2 4.4 10.8 12.0 14.0 9.6 15.5 57

58 Currency and deposits ND -8.0 6.0 1.9 4.2 9.5 11.4 13.1 9.1 14.5 58

59 Checkable deposits ND -13.8 2.2 -0.6 0.8 5.6 6.8 5.2 0.1 4.6 59

60 Other deposits ND 5.9 3.8 2.6 3.4 3.9 4.6 7.9 9.0 9.9 60

61 Debt securities ND 0.1 0.0 -0.0 0.0 0.1 0.1 0.0 0.1 0.3 61

62 Corporate bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 62

63 Commercial paper ND 0.1 0.0 -0.0 0.0 0.1 0.1 0.0 0.1 0.3 63

64 Loans (short term) ND -0.1 0.2 0.1 -0.1 0.5 0.0 0.1 -0.0 -0.1 64

65 Equity and investment fund shares ND 0.1 0.0 0.0 0.0 0.1 0.1 0.2 0.1 0.2 65

66 Corporate equity issues ND 0.1 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.2 66

67 Foreign direct investment in the United States ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 67

68 Investment by parent ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 68

69 Other accounts payable ND 0.4 0.0 0.1 0.3 0.6 0.3 0.6 0.3 0.6 69

 Addendum:

70 Net lending (+) or borrowing (-), financial account (lines 35-57) ND 1.0 0.7 0.6 0.7 0.9 0.6 0.6 0.7 1.2 70

 Other changes in volume account

71 Total other volume changes ND ND ND ND ND ND ND ND ND ND 71

72 Disaster losses ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 72

73 Other volume changes ND ND ND ND ND ND ND ND ND ND 73

74 Less: Statistical discrepancy (lines 33-70) (3) ND ND ND ND ND ND ND ND ND ND 74

 Revaluation account

75 Nonfinancial assets ND 0.4 0.4 0.1 -0.2 0.2 0.3 0.1 -0.1 -0.1 75

76 Structures (nonresidential) ND 0.4 0.3 0.1 -0.2 0.2 0.3 0.0 -0.1 -0.1 76

77 Equipment ND 0.0 0.1 0.0 0.0 0.0 0.0 0.0 -0.0 -0.0 77

78 Intellectual property products ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 78

79 Financial assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 79

80 Corporate equities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 80

81 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 81

82 U.S. direct investment abroad ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 82

83 Liabilities ND 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 -0.0 0.0 83

84 Corporate equity issues ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 84

85 Foreign direct investment in the United States ND 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 -0.0 0.0 85

86 Investment by parent ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 86

87 Changes in net worth due to nominal holding gains/losses ND 0.4 0.4 0.1 -0.2 0.2 0.3 0.1 -0.1 -0.1 87

 Changes in balance sheet account

88 Change in net worth (lines 30+33+71+87) ND 1.4 1.1 0.7 0.5 1.1 1.0 0.9 0.8 1.1 88

 Balance sheet account (end of period)

89 Total assets 169.9 163.7 171.0 174.3 179.2 191.2 204.2 218.9 229.3 246.0 89

90 Nonfinancial assets (4) 1.5 2.0 2.4 2.5 2.4 2.7 3.0 3.1 3.2 3.2 90

91 Structures (nonresidential) 1.3 1.7 2.0 2.1 1.9 2.0 2.3 2.4 2.4 2.3 91

92 Equipment 0.3 0.3 0.4 0.5 0.5 0.6 0.7 0.7 0.8 0.8 92

93 Intellectual property products 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 93

94 Financial assets 168.3 161.8 168.7 171.8 176.8 188.5 201.2 215.8 226.1 242.8 94

95 Currency and deposits 17.8 18.3 20.2 22.6 18.8 20.1 23.0 23.1 23.2 22.1 95

96 Vault cash 1.9 2.0 2.2 2.0 2.0 2.2 2.7 2.8 2.5 2.5 96

97 Reserves at the Federal Reserve 15.9 16.1 17.9 20.5 16.6 17.7 20.1 20.0 20.2 18.9 97

98 Deposits at Federal Home Loan Banks 0.0 0.1 0.1 0.1 0.3 0.2 0.3 0.4 0.6 0.8 98

99 Debt securities 113.4 98.9 94.5 88.5 94.2 90.4 90.2 93.6 96.2 103.6 99

100 Open market paper 0.2 0.3 0.4 0.3 0.3 0.4 0.5 0.6 0.6 0.8 100

101 Treasury securities 104.6 89.3 83.6 76.2 80.6 75.1 73.7 75.4 75.4 80.7 101

102 Agency- and GSE-backed securities (2) 0.9 1.0 1.1 2.0 2.1 1.9 1.8 2.2 3.7 3.6 102

103 Municipal securities 4.1 4.5 5.4 5.8 6.7 8.3 9.4 10.6 11.4 13.3 103

104 Corporate and foreign bonds 3.6 3.7 4.1 4.2 4.6 4.7 4.7 4.9 5.2 5.2 104

105 Loans 31.7 41.4 51.1 58.2 61.2 75.0 85.2 95.7 103.0 112.3 105

106 Short term 17.2 22.5 27.9 31.1 31.2 39.4 44.9 50.1 51.4 53.0 106

107 Long term (mortgages) 14.5 18.9 23.2 27.1 30.0 35.7 40.2 45.5 51.6 59.3 107
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Historical Annuals, 1945-1954, March 10, 2016 155

S.62.a Private Depository Institutions

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

108 Equity and investment fund shares 0.4 0.5 0.5 0.5 0.5 0.6 0.8 1.0 1.1 1.4 108

109 Corporate equities 0.2 0.2 0.1 0.2 0.2 0.2 0.2 0.3 0.4 0.6 109

110 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 110

111 Equity in government-sponsored enterprises (2) 0.1 0.1 0.1 0.1 0.1 0.2 0.3 0.3 0.4 0.4 111

112 U.S. direct investment abroad 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 112

113 Stock in Federal Reserve Banks 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 113

114 Insurance, pension and standardized guarantee schemes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 114

115 Other accounts receivable 5.0 2.7 2.4 2.0 2.0 2.3 2.0 2.4 2.5 3.3 115

116 Total liabilities and net worth 169.9 163.7 171.0 174.3 179.2 191.2 204.2 218.9 229.3 246.0 116

117 Liabilities 205.7 198.2 204.3 206.9 211.3 222.1 234.1 247.8 257.5 273.0 117

118 Currency and deposits 156.6 148.6 154.6 156.5 160.7 170.3 181.7 194.8 203.9 218.4 118

119 Checkable deposits 102.6 88.7 90.9 90.3 91.1 96.7 103.6 108.8 108.9 113.5 119

120 Other deposits 54.0 59.9 63.6 66.2 69.6 73.5 78.1 86.0 95.0 104.9 120

121 Debt securities 0.2 0.2 0.3 0.3 0.3 0.4 0.5 0.5 0.6 0.9 121

122 Corporate bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 122

123 Commercial paper 0.2 0.2 0.3 0.3 0.3 0.4 0.5 0.5 0.6 0.9 123

124 Loans (short term) 0.4 0.3 0.5 0.6 0.4 0.9 0.9 1.0 1.0 0.9 124

125 Equity and investment fund shares 47.4 47.5 47.5 47.5 47.5 47.6 47.8 47.9 48.0 48.3 125

126 Corporate equity issues 47.2 47.3 47.3 47.3 47.4 47.4 47.6 47.7 47.8 48.1 126

127 Foreign direct investment in the United States 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 127

128 Investment by parent 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 128

129 Other accounts payable 1.1 1.5 1.5 2.0 2.3 2.9 3.2 3.6 3.9 4.5 129

130 Net worth -35.8 -34.4 -33.3 -32.6 -32.0 -30.9 -29.9 -29.0 -28.2 -27.0 130

(1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations;

 they primarily cover their operating costs through sales, and they keep a complete set of financial records.

(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

 the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

 reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.

(4) Excludes land.
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156 Historical Annuals, 1945-1954, March 10, 2016

S.63.a Insurance Companies

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 Current account

 1 Gross value added ND ND ND ND ND ND ND ND ND ND 1

 2 Less: Consumption of fixed capital ND ND ND ND ND ND ND ND ND ND 2

 3 Equals: Net value added ND ND ND ND ND ND ND ND ND ND 3

 4 Compensation of employees (paid) ND ND ND ND ND ND ND ND ND ND 4

 5 Wages and salaries ND ND ND ND ND ND ND ND ND ND 5

 6 Employers’ social contributions ND ND ND ND ND ND ND ND ND ND 6

 7 Taxes on production and imports less subsidies ND ND ND ND ND ND ND ND ND ND 7

 8 Operating surplus, net ND ND ND ND ND ND ND ND ND ND 8

 9 Net national income/Balance of primary incomes, net ND ND ND ND ND ND ND ND ND ND 9

10 Operating surplus, net ND ND ND ND ND ND ND ND ND ND 10

11 Property income (received) ND ND ND ND ND ND ND ND ND ND 11

12 Interest ND ND ND ND ND ND ND ND ND ND 12

13 Distributed income of corporations (dividends) ND ND ND ND ND ND ND ND ND ND 13

14 Reinvested earnings on U.S. direct investment abroad ND ND ND ND ND ND ND ND ND ND 14

15 Less: Uses of property income (paid) ND ND ND ND ND ND ND ND ND ND 15

16 Interest ND ND ND ND ND ND ND ND ND ND 16

17 Distributed income of corporations ND ND ND ND ND ND ND ND ND ND 17

18 Dividends ND ND ND ND ND ND ND ND ND ND 18

19 Withdrawals from income of quasi-corporations (1) ND ND ND ND ND ND ND ND ND ND 19

20 Reinvested earnings on foreign direct investment ND ND ND ND ND ND ND ND ND ND 20

21 Rents on land and natural resources ND ND ND ND ND ND ND ND ND ND 21

22 Net national income/Balance of primary incomes, net ND ND ND ND ND ND ND ND ND ND 22

23 Less: Current taxes on income, wealth, etc. (paid) ND ND ND ND ND ND ND ND ND ND 23

24 Less: Other current transfers (paid) ND ND ND ND ND ND ND ND ND ND 24

25 Equals: Disposable income, net ND ND ND ND ND ND ND ND ND ND 25

26 Equals: Net saving ND ND ND ND ND ND ND ND ND ND 26

 Capital account

27 Net saving less capital transfers ND ND ND ND ND ND ND ND ND ND 27

28 Net saving ND ND ND ND ND ND ND ND ND ND 28

29 Less: Capital transfers paid (net) ND ND ND ND ND ND ND ND ND ND 29

30 Capital formation, net ND ND ND ND ND ND ND ND ND ND 30

31 Gross fixed capital formation (nonresidential) ND ND ND ND ND ND ND ND ND ND 31

32 Less: Consumption of fixed capital ND ND ND ND ND ND ND ND ND ND 32

33 Net lending (+) or borrowing (-), capital account (lines 27-30) ND ND ND ND ND ND ND ND ND ND 33

 Financial account

34 Net lending (+) or borrowing (-) (line 33) ND ND ND ND ND ND ND ND ND ND 34

35 Net acquisition of financial assets ND 4.0 4.9 5.3 5.3 5.7 5.4 6.1 6.5 6.4 35

36 Currency and deposits ND 0.2 0.4 -0.1 0.1 0.2 0.1 0.1 0.1 -0.0 36

37 Debt securities ND 3.3 2.2 2.2 1.9 0.9 0.8 3.3 3.6 2.8 37

38 Open market paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 38

39 Treasury securities ND 1.6 -1.0 -2.7 -1.1 -1.4 -2.3 -0.4 -0.2 -0.6 39

40 Agency- and GSE-backed securities (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

41 Municipal securities ND -0.1 0.1 0.5 0.5 0.4 0.3 0.4 0.9 1.3 41

42 Corporate and foreign bonds ND 1.8 3.1 4.4 2.5 1.9 2.8 3.2 2.8 2.2 42

43 Loans ND 0.5 1.6 2.3 2.3 3.4 3.4 2.1 2.3 2.9 43

44 Short term ND -0.1 0.0 0.1 0.2 0.2 0.2 0.1 0.2 0.2 44

45 Long term (mortgages) ND 0.5 1.5 2.2 2.1 3.2 3.2 1.9 2.1 2.7 45

46 Equity and investment fund shares ND 0.2 0.2 0.1 0.4 0.5 0.2 0.4 0.3 0.5 46

47 Corporate equities ND 0.2 0.2 0.1 0.4 0.5 0.2 0.3 0.3 0.4 47

48 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 48

49 Money market mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 49

50 Equity in government-sponsored enterprises (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 50

51 U.S. direct investment abroad ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 51

52 Insurance, pension and standardized guarantee schemes ND 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 52

53 Other accounts receivable ND -0.2 0.5 0.7 0.7 0.8 0.8 0.2 0.1 0.2 53

54 Net incurrence of liabilities ND 4.1 4.3 4.3 4.5 4.2 4.9 5.7 5.7 5.4 54

55 Currency and deposits (funding agreements) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 55

56 Loans (short term) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 56
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Historical Annuals, 1945-1954, March 10, 2016 157

S.63.a Insurance Companies

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1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

57 Equity and investment fund shares ND 0.1 0.1 0.0 0.0 0.1 0.1 0.0 0.1 0.1 57

58 Corporate equity issues ND 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.1 0.1 58

59 Foreign direct investment in the United States ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 59

60 Investment by parent ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 60

61 Insurance, pension and standardized guarantee schemes ND 4.0 4.0 4.2 4.2 4.2 4.7 5.3 5.2 5.1 61

62 Other accounts payable ND 0.1 0.3 0.1 0.3 0.0 0.2 0.4 0.4 0.1 62

 Addendum:

63 Net lending (+) or borrowing (-), financial account (lines 35-54) ND -0.1 0.6 1.0 0.8 1.5 0.5 0.3 0.8 1.0 63

 Other changes in volume account

64 Total other volume changes ND ND ND ND ND ND ND ND ND ND 64

65 Disaster losses ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 65

66 Other volume changes ND ND ND ND ND ND ND ND ND ND 66

67 Less: Statistical discrepancy (lines 33-63) (3) ND ND ND ND ND ND ND ND ND ND 67

 Revaluation account

68 Nonfinancial assets ND 0.0 0.0 0.0 -0.0 0.0 0.1 -0.0 -0.0 -0.0 68

69 Structures (nonresidential) ND 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 -0.0 -0.0 69

70 Equipment ND 0.0 0.0 0.0 -0.0 0.0 0.0 -0.0 0.0 -0.0 70

71 Intellectual property products ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 71

72 Financial assets ND -0.0 -0.0 -0.0 0.3 0.3 0.2 0.2 -0.1 1.5 72

73 Corporate equities ND -0.0 -0.0 -0.0 0.3 0.3 0.2 0.2 -0.1 1.5 73

74 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 74

75 U.S. direct investment abroad ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 75

76 Liabilities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 -0.1 0.1 76

77 Corporate equity issues ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 -0.1 0.0 77

78 Foreign direct investment in the United States ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 78

79 Pension fund reserves ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 79

80 Investment by parent ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 80

81 Changes in net worth due to nominal holding gains/losses ND 0.0 0.0 0.0 0.3 0.3 0.3 0.1 0.0 1.3 81

 Changes in balance sheet account

82 Change in net worth (lines 30+33+64+81) ND 0.4 0.2 0.4 0.6 1.3 0.3 0.5 0.8 2.4 82

 Balance sheet account (end of period)

83 Total assets 50.5 55.0 59.5 64.3 69.4 75.0 80.2 86.5 92.9 100.8 83

84 Nonfinancial assets (4) 0.2 0.3 0.4 0.4 0.4 0.5 0.6 0.7 0.7 0.7 84

85 Structures (nonresidential) 0.1 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.3 85

86 Equipment 0.1 0.1 0.2 0.2 0.3 0.3 0.4 0.4 0.4 0.4 86

87 Intellectual property products 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 87

88 Financial assets 50.3 54.7 59.2 63.9 69.0 74.4 79.5 85.8 92.2 100.1 88

89 Currency and deposits 1.4 1.6 2.1 2.0 2.0 2.2 2.3 2.5 2.6 2.6 89

90 Debt securities 36.0 39.4 41.5 43.7 45.6 46.5 47.3 50.6 54.1 57.0 90

91 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 91

92 Treasury securities 23.3 24.9 23.9 21.2 20.1 18.7 16.5 16.0 15.9 15.2 92

93 Agency- and GSE-backed securities (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 93

94 Municipal securities 1.0 0.9 0.9 1.4 1.9 2.3 2.6 3.0 3.9 5.2 94

95 Corporate and foreign bonds 11.8 13.6 16.7 21.1 23.6 25.5 28.3 31.5 34.4 36.5 95

96 Loans 8.7 9.1 10.7 13.0 15.2 18.6 22.0 24.1 26.4 29.2 96

97 Short term 2.0 1.9 1.9 2.1 2.2 2.4 2.6 2.7 2.9 3.1 97

98 Long term (mortgages) 6.7 7.2 8.7 10.9 13.0 16.2 19.4 21.4 23.5 26.1 98

99 Equity and investment fund shares 2.9 3.1 3.3 3.4 4.1 4.9 5.3 5.9 6.2 8.1 99

100 Corporate equities 2.8 3.0 3.1 3.2 3.9 4.7 5.1 5.7 5.9 7.8 100

101 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 101

102 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 102

103 Equity in government-sponsored enterprises (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 103

104 U.S. direct investment abroad 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 104

105 Insurance, pension and standardized guarantee schemes 0.6 0.7 0.8 0.8 0.9 1.0 1.1 1.2 1.3 1.3 105

106 Other accounts receivable 0.6 0.7 0.8 1.0 1.0 1.2 1.4 1.6 1.7 1.9 106
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158 Historical Annuals, 1945-1954, March 10, 2016

S.63.a Insurance Companies

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

107 Total liabilities and net worth 50.5 55.0 59.5 64.3 69.4 75.0 80.2 86.5 92.9 100.8 107

108 Liabilities 45.5 49.6 53.9 58.3 62.8 67.0 71.9 77.7 83.3 88.7 108

109 Currency and deposits (funding agreements) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 109

110 Loans (short term) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 110

111 Equity and investment fund shares 0.6 0.7 0.7 0.8 0.8 0.9 0.9 1.0 1.0 1.3 111

112 Corporate equity issues 0.0 0.1 0.1 0.2 0.2 0.2 0.3 0.4 0.4 0.5 112

113 Foreign direct investment in the United States 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.7 0.7 0.8 113

114 Investment by parent 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 114

115 Insurance, pension and standardized guarantee schemes 43.6 47.6 51.6 55.7 59.9 64.1 68.8 74.7 79.9 85.0 115

116 Other accounts payable 1.3 1.3 1.6 1.8 2.1 2.1 2.2 2.0 2.4 2.4 116

117 Net worth 5.0 5.4 5.6 6.0 6.6 8.0 8.3 8.8 9.6 12.0 117

(1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations;

 they primarily cover their operating costs through sales, and they keep a complete set of financial records.

(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

 the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

 reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.

(4) Excludes land.
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Historical Annuals, 1945-1954, March 10, 2016 159

S.64.a Pension Funds

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 Current account

 1 Gross value added ND ND ND ND ND ND ND ND ND ND 1

 2 Less: Consumption of fixed capital ND ND ND ND ND ND ND ND ND ND 2

 3 Equals: Net value added ND ND ND ND ND ND ND ND ND ND 3

 4 Compensation of employees (paid) ND ND ND ND ND ND ND ND ND ND 4

 5 Wages and salaries ND ND ND ND ND ND ND ND ND ND 5

 6 Employers’ social contributions ND ND ND ND ND ND ND ND ND ND 6

 7 Taxes on production and imports less subsidies ND ND ND ND ND ND ND ND ND ND 7

 8 Operating surplus, net ND ND ND ND ND ND ND ND ND ND 8

 9 Net national income/Balance of primary incomes, net ND ND ND ND ND ND ND ND ND ND 9

10 Operating surplus, net ND ND ND ND ND ND ND ND ND ND 10

11 Property income (received) ND ND ND ND ND ND ND ND ND ND 11

12 Interest ND ND ND ND ND ND ND ND ND ND 12

13 Distributed income of corporations (dividends) ND ND ND ND ND ND ND ND ND ND 13

14 Reinvested earnings on U.S. direct investment abroad ND ND ND ND ND ND ND ND ND ND 14

15 Less: Uses of property income (paid) ND ND ND ND ND ND ND ND ND ND 15

16 Interest ND ND ND ND ND ND ND ND ND ND 16

17 Distributed income of corporations ND ND ND ND ND ND ND ND ND ND 17

18 Dividends ND ND ND ND ND ND ND ND ND ND 18

19 Withdrawals from income of quasi-corporations (1) ND ND ND ND ND ND ND ND ND ND 19

20 Reinvested earnings on foreign direct investment ND ND ND ND ND ND ND ND ND ND 20

21 Rents on land and natural resources ND ND ND ND ND ND ND ND ND ND 21

22 Net national income/Balance of primary incomes, net ND ND ND ND ND ND ND ND ND ND 22

23 Less: Current taxes on income, wealth, etc. (paid) ND ND ND ND ND ND ND ND ND ND 23

24 Plus: Other current transfers received, net ND ND ND ND ND ND ND ND ND ND 24

25 Equals: Disposable income, net ND ND ND ND ND ND ND ND ND ND 25

26 Equals: Net saving ND ND ND ND ND ND ND ND ND ND 26

 Capital account

27 Net saving less capital transfers ND ND ND ND ND ND ND ND ND ND 27

28 Net saving ND ND ND ND ND ND ND ND ND ND 28

29 Less: Capital transfers (net) ND ND ND ND ND ND ND ND ND ND 29

30 Capital formation, net ND ND ND ND ND ND ND ND ND ND 30

31 Gross fixed capital formation (nonresidential) ND ND ND ND ND ND ND ND ND ND 31

32 Less: Consumption of fixed capital ND ND ND ND ND ND ND ND ND ND 32

33 Net lending (+) or borrowing (-), capital account (lines 27-30) ND ND ND ND ND ND ND ND ND ND 33

 Addenda:

34 Other current transfers received, net (line 24) ND ND ND ND ND ND ND ND ND ND 34

35 Contributions received ND ND ND ND ND ND ND ND ND ND 35

36 Claims to pension benefits ND ND ND ND ND ND ND ND ND ND 36

37 Actual employer contributions ND ND ND ND ND ND ND ND ND ND 37

38 Imputed employer contributions ND ND ND ND ND ND ND ND ND ND 38

39 Actual household contributions ND ND ND ND ND ND ND ND ND ND 39

40 Less: pension service charges for defined benefit (DB) plans ND ND ND ND ND ND ND ND ND ND 40

41 Household pension contribution supplements ND ND ND ND ND ND ND ND ND ND 41

42 Less: pension service charge for defined contribution (DC) plans ND ND ND ND ND ND ND ND ND ND 42

43 Less: benefit payments and withdrawals ND ND ND ND ND ND ND ND ND ND 43

44 Less: net change in benefit entitlements from DB plans ND ND ND ND ND ND ND ND ND ND 44

45 Less: net change in assets from current transaction for DC plans ND ND ND ND ND ND ND ND ND ND 45

 Financial account

46 Net lending (+) or borrowing (-) (line 33) ND ND ND ND ND ND ND ND ND ND 46

47 Net acquisition of financial assets ND 6.2 6.1 6.3 6.8 7.0 12.7 14.3 15.2 14.7 47

48 Currency and deposits ND 0.0 0.0 0.0 0.1 0.1 0.1 0.4 0.2 0.1 48

49 Currency and transferable deposits ND 0.0 0.0 0.0 0.1 0.1 0.1 0.0 0.1 -0.0 49

50 Time and savings deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.1 0.1 50

51 Debt securities ND 0.9 1.4 1.5 1.8 1.7 2.2 3.0 3.0 3.1 51

52 Open market paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 52

53 Treasury securities ND 0.6 1.1 1.1 1.3 1.1 1.2 1.4 1.2 1.0 53

54 Agency- and GSE-backed securities (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54

55 Municipal securities ND 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.3 55

56 Corporate and foreign bonds ND 0.2 0.2 0.3 0.3 0.4 0.8 1.4 1.6 1.8 56
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160 Historical Annuals, 1945-1954, March 10, 2016

S.64.a Pension Funds

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

57 Loans ND 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.1 0.1 57

58 Short term ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 58

59 Long term (mortgages) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 59

60 Equity and investment fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.7 0.8 1.0 60

61 Corporate equities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.7 0.8 1.0 61

62 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 62

63 Money market mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 63

64 Insurance, pension and standardized guarantee schemes ND 5.3 4.4 4.6 4.7 5.8 10.4 9.8 11.2 10.4 64

65 Other accounts receivable ND -0.1 0.2 0.2 0.1 -0.6 0.0 0.2 0.0 0.0 65

66 Net incurrence of liabilities (pension entitlements) ND 6.2 6.1 6.3 6.8 7.0 12.7 14.3 15.2 14.7 66

 Addendum:

67 Net lending (+) or borrowing (-), financial account (lines 47-66) ND -0.0 0.0 0.0 0.0 -0.0 -0.0 -0.0 -0.0 -0.0 67

 Other changes in volume account

68 Total other volume changes ND ND ND ND ND ND ND ND ND ND 68

69 Disaster losses ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 69

70 Other volume changes ND ND ND ND ND ND ND ND ND ND 70

71 Less: Statistical discrepancy (lines 33-67) (3) ND ND ND ND ND ND ND ND ND ND 71

 Revaluation account

72 Nonfinancial assets ND 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 -0.0 -0.0 72

73 Structures (nonresidential) ND 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 -0.0 -0.0 73

74 Equipment ND 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 -0.0 0.0 74

75 Intellectual property products ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 75

76 Financial assets ND 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 -0.2 -0.3 76

77 Corporate equities ND 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 -0.2 -0.3 77

78 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 78

79 Liabilities (pension entitlements) ND 0.0 0.0 0.0 0.0 0.0 0.0 -0.2 -0.2 -0.3 79

80 Changes in net worth due to nominal holding gains/losses ND 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 80

 Changes in balance sheet account

81 Change in net worth (lines 30+33+68+80) ND 0.0 0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 81

 Balance sheet account (end of period)

82 Total assets 54.3 61.4 68.3 75.1 82.2 89.6 102.2 116.7 131.7 146.5 82

83 Nonfinancial assets (4) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 83

84 Structures (nonresidential) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 84

85 Equipment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 85

86 Intellectual property products 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 86

87 Financial assets 54.3 61.4 68.3 75.1 82.2 89.6 102.2 116.7 131.7 146.5 87

88 Currency and deposits 0.2 0.2 0.2 0.3 0.3 0.4 0.5 0.9 1.0 1.1 88

89 Currency and transferable deposits 0.2 0.2 0.2 0.3 0.3 0.4 0.5 0.5 0.6 0.6 89

90 Time and savings deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.5 0.6 90

91 Debt securities 9.3 10.1 11.5 13.0 14.9 16.5 18.7 21.7 24.8 27.9 91

92 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 92

93 Treasury securities 6.5 7.0 8.1 9.2 10.5 11.6 12.8 14.3 15.4 16.4 93

94 Agency- and GSE-backed securities (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 94

95 Municipal securities 0.8 0.9 1.0 1.2 1.3 1.5 1.7 1.9 2.1 2.4 95

96 Corporate and foreign bonds 1.9 2.2 2.4 2.7 3.0 3.4 4.2 5.6 7.2 9.0 96

97 Loans 0.0 0.0 0.1 0.1 0.1 0.2 0.2 0.4 0.5 0.6 97

98 Short term 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 98

99 Long term (mortgages) 0.0 0.0 0.1 0.1 0.1 0.2 0.2 0.3 0.4 0.5 99

100 Equity and investment fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.3 1.9 2.5 3.3 100

101 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.3 1.9 2.5 3.3 101

102 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 102

103 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 103

104 Insurance, pension and standardized guarantee schemes 45.0 51.2 56.4 61.5 66.6 72.1 82.0 91.1 102.3 113.0 104

105 Other accounts receivable -0.1 -0.2 -0.0 0.2 0.3 0.4 0.4 0.7 0.7 0.7 105
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Historical Annuals, 1945-1954, March 10, 2016 161

S.64.a Pension Funds

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

106 Total liabilities and net worth 54.3 61.4 68.3 75.1 82.2 89.6 102.2 116.7 131.7 146.5 106

107 Liabilities (pension entitlements) 54.3 61.4 68.3 75.1 82.2 89.6 102.2 116.7 131.8 146.6 107

108 Net worth -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.1 108

(1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations;

 they primarily cover their operating costs through sales, and they keep a complete set of financial records.

(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

 the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

 reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.

(4) Excludes land.
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162 Historical Annuals, 1945-1954, March 10, 2016

S.65.a Other Financial Business

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 Current account

 1 Gross value added ND ND ND ND ND ND ND ND ND ND 1

 2 Less: Consumption of fixed capital ND ND ND ND ND ND ND ND ND ND 2

 3 Equals: Net value added ND ND ND ND ND ND ND ND ND ND 3

 4 Compensation of employees (paid) ND ND ND ND ND ND ND ND ND ND 4

 5 Wages and salaries ND ND ND ND ND ND ND ND ND ND 5

 6 Employers’ social contributions ND ND ND ND ND ND ND ND ND ND 6

 7 Taxes on production and imports less subsidies ND ND ND ND ND ND ND ND ND ND 7

 8 Operating surplus, net ND ND ND ND ND ND ND ND ND ND 8

 9 Net national income/Balance of primary incomes, net ND ND ND ND ND ND ND ND ND ND 9

10 Operating surplus, net ND ND ND ND ND ND ND ND ND ND 10

11 Property income (received) ND ND ND ND ND ND ND ND ND ND 11

12 Interest ND ND ND ND ND ND ND ND ND ND 12

13 Distributed income of corporations (dividends) ND ND ND ND ND ND ND ND ND ND 13

14 Reinvested earnings on U.S. direct investment abroad ND ND ND ND ND ND ND ND ND ND 14

15 Less: Uses of property income (paid) ND ND ND ND ND ND ND ND ND ND 15

16 Interest ND ND ND ND ND ND ND ND ND ND 16

17 Distributed income of corporations ND ND ND ND ND ND ND ND ND ND 17

18 Dividends ND ND ND ND ND ND ND ND ND ND 18

19 Withdrawals from income of quasi-corporations (1) ND ND ND ND ND ND ND ND ND ND 19

20 Reinvested earnings on foreign direct investment ND ND ND ND ND ND ND ND ND ND 20

21 Rents on land and natural resources ND ND ND ND ND ND ND ND ND ND 21

22 Net national income/Balance of primary incomes, net ND ND ND ND ND ND ND ND ND ND 22

23 Less: Current taxes on income, wealth, etc. (paid) ND ND ND ND ND ND ND ND ND ND 23

24 Less: Other current transfers (paid) ND ND ND ND ND ND ND ND ND ND 24

25 Equals: Disposable income, net ND ND ND ND ND ND ND ND ND ND 25

26 Equals: Net saving ND ND ND ND ND ND ND ND ND ND 26

 Capital account

27 Net saving less capital transfers ND ND ND ND ND ND ND ND ND ND 27

28 Net saving ND ND ND ND ND ND ND ND ND ND 28

29 Less: Capital transfers paid (net) ND ND ND ND ND ND ND ND ND ND 29

30 Capital formation, net ND ND ND ND ND ND ND ND ND ND 30

31 Gross fixed capital formation (nonresidential) ND ND ND ND ND ND ND ND ND ND 31

32 Less: Consumption of fixed capital ND ND ND ND ND ND ND ND ND ND 32

33 Net lending (+) or borrowing (-), capital account (lines 27-30) ND ND ND ND ND ND ND ND ND ND 33

 Financial account

34 Net lending (+) or borrowing (-) (line 33) ND ND ND ND ND ND ND ND ND ND 34

35 Net acquisition of financial assets ND -0.6 0.5 2.2 2.2 3.1 1.0 3.6 3.3 2.1 35

36 Currency and deposits ND 0.2 -0.2 0.1 0.0 0.3 0.1 -0.0 -0.0 0.0 36

37 Debt securities ND -1.0 -0.7 0.8 0.2 -0.1 -0.0 0.5 0.3 0.5 37

38 Open market paper ND 0.0 0.0 -0.0 0.0 0.0 0.0 -0.0 0.0 -0.0 38

39 Treasury securities ND -1.0 -0.7 0.7 -0.1 -0.2 -0.2 0.5 0.0 0.3 39

40 Agency- and GSE-backed securities (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

41 Municipal securities ND 0.0 -0.1 0.0 -0.0 0.1 0.0 -0.2 0.2 -0.1 41

42 Corporate and foreign bonds ND -0.1 0.0 0.0 0.2 -0.0 0.1 0.2 0.0 0.3 42

43 Loans ND 0.0 1.0 1.1 1.3 2.5 0.7 2.3 2.1 1.5 43

44 Short term ND 0.0 1.0 1.2 1.2 2.2 0.8 2.0 1.9 1.2 44

45 Long term (mortgages) ND 0.0 -0.0 -0.0 0.1 0.2 -0.0 0.3 0.1 0.3 45

46 Equity and investment fund shares ND 0.1 0.4 0.2 0.6 0.2 0.4 0.5 0.8 -0.4 46

47 Corporate equities ND 0.1 0.4 0.2 0.6 0.2 0.4 0.5 0.8 -0.5 47

48 Money market mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 48

49 Equity in government-sponsored enterprises (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 49

50 U.S. direct investment abroad ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 50

51 Investment in subsidiaries ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 51

52 Insurance, pension and standardized guarantee schemes ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 52

53 Other accounts receivable ND 0.1 0.0 -0.0 0.1 0.1 -0.1 0.2 0.1 0.5 53

54 Net incurrence of liabilities ND -0.5 0.6 2.3 2.2 3.1 1.2 3.1 3.2 1.2 54

55 Currency and deposits ND 0.0 0.0 0.0 0.1 -0.0 0.0 0.2 0.1 0.2 55
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Historical Annuals, 1945-1954, March 10, 2016 163

S.65.a Other Financial Business

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

56 Debt securities ND 0.5 0.4 0.9 0.4 0.7 1.0 0.4 1.6 -0.5 56

57 Agency- and GSE-backed securities (2) ND 0.3 0.1 0.3 -0.1 0.4 0.2 0.1 0.0 -0.0 57

58 Corporate bonds ND 0.1 0.1 0.4 0.3 0.2 0.4 0.0 1.4 -0.3 58

59 Commercial paper ND 0.1 0.1 0.2 0.2 0.0 0.4 0.4 0.2 -0.2 59

60 Loans ND -1.1 -0.5 1.1 1.0 1.6 -0.4 1.5 0.2 0.9 60

61 Short term ND -1.1 -0.5 1.1 1.0 1.6 -0.4 1.5 0.2 0.9 61

62 Long term (mortgages) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 62

63 Equity and investment fund shares ND 0.1 0.4 0.3 0.6 0.5 0.5 0.7 0.9 -0.0 63

64 Money market mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 64

65 Corporate equity issues ND 0.0 0.3 0.1 0.3 0.3 0.2 0.1 0.4 -0.6 65

66 Mutual fund shares ND 0.2 0.2 0.1 0.3 0.2 0.3 0.5 0.4 0.4 66

67 Equity in government-sponsored enterprises (2) ND -0.1 -0.0 0.0 -0.0 0.0 0.0 0.0 0.1 0.1 67

68 Foreign direct investment in the United States ND 0.0 0.0 -0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 68

69 Equity in noncorporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 69

70 Investment by parent ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 70

71 Other accounts payable ND -0.0 0.3 0.0 0.1 0.4 0.1 0.4 0.3 0.6 71

 Addendum:

72 Net lending (+) or borrowing (-), financial account (lines 35-53) ND -0.1 -0.1 -0.1 -0.0 0.0 -0.2 0.4 0.1 0.9 72

 Other changes in volume account

73 Total other volume changes ND ND ND ND ND ND ND ND ND ND 73

74 Disaster losses ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 74

75 Other volume changes ND ND ND ND ND ND ND ND ND ND 75

76 Less: Statistical discrepancy (lines 33-71) (3) ND ND ND ND ND ND ND ND ND ND 76

 Revaluation account

77 Nonfinancial assets ND 0.8 0.7 0.3 -0.6 0.4 0.7 0.1 -0.2 -0.3 77

78 Structures (nonresidential) ND 0.8 0.7 0.2 -0.6 0.4 0.7 0.1 -0.2 -0.3 78

79 Equipment ND 0.0 0.1 0.1 0.0 0.1 0.1 0.0 0.0 -0.0 79

80 Intellectual property products ND 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 80

81 Financial assets ND -0.1 -0.0 -0.0 1.3 0.1 -0.1 0.2 -0.3 2.7 81

82 Corporate equities ND -0.1 -0.0 -0.0 1.3 0.1 -0.1 0.2 -0.3 2.7 82

83 U.S. direct investment abroad ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 83

84 Liabilities ND -2.0 -0.3 -0.3 1.9 2.0 2.2 2.6 -2.0 10.2 84

85 Corporate equity issues ND -1.8 -0.3 -0.3 0.7 2.0 2.3 2.6 -1.8 8.6 85

86 Mutual fund shares ND -0.1 -0.0 -0.0 1.3 0.1 -0.1 -0.1 -0.2 1.5 86

87 Foreign direct investment in the United States ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 87

88 Equity in noncorporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 88

89 Investment by parent ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 89

90 Changes in net worth due to nominal holding gains/losses ND 2.7 1.0 0.5 -1.3 -1.5 -1.6 -2.3 1.5 -7.9 90

 Changes in balance sheet account

91 Change in net worth (lines 30+33+72+89) ND 2.7 1.1 0.6 -1.2 -1.4 -1.5 -1.7 1.9 -6.9 91

 Balance sheet account (end of period)

92 Total assets 17.4 17.6 19.0 21.5 24.5 28.3 30.2 34.2 37.2 41.7 92

93 Nonfinancial assets (4) 3.5 4.5 5.4 5.8 5.3 5.9 6.9 7.2 7.2 7.2 93

94 Structures (nonresidential) 3.0 3.9 4.6 4.9 4.4 4.8 5.6 5.9 5.9 5.8 94

95 Equipment 0.5 0.6 0.7 0.9 0.9 1.1 1.2 1.3 1.4 1.4 95

96 Intellectual property products 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 96

97 Financial assets 13.9 13.1 13.6 15.7 19.2 22.4 23.3 27.0 30.0 34.5 97

98 Currency and deposits 1.2 1.5 1.3 1.4 1.4 1.7 1.8 1.8 1.8 1.8 98

99 Debt securities 3.5 2.5 1.7 2.5 2.7 2.6 2.6 3.1 3.4 3.9 99

100 Open market paper 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 100

101 Treasury securities 2.3 1.4 0.7 1.4 1.3 1.2 1.0 1.5 1.5 1.8 101

102 Agency- and GSE-backed securities (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 102

103 Municipal securities 0.3 0.3 0.2 0.3 0.3 0.4 0.4 0.2 0.4 0.3 103

104 Corporate and foreign bonds 0.8 0.7 0.7 0.8 1.0 1.0 1.1 1.3 1.3 1.6 104

105 Loans 6.6 6.6 7.6 8.7 10.0 12.5 13.2 15.6 17.6 19.2 105

106 Short term 5.5 5.5 6.5 7.7 8.8 11.1 11.8 13.8 15.8 17.0 106

107 Long term (mortgages) 1.1 1.1 1.1 1.1 1.2 1.4 1.4 1.7 1.9 2.2 107
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164 Historical Annuals, 1945-1954, March 10, 2016

S.65.a Other Financial Business

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

108 Equity and investment fund shares 2.4 2.4 2.7 2.9 4.8 5.1 5.4 6.1 6.6 8.8 108

109 Corporate equities 2.4 2.3 2.7 2.8 4.7 5.0 5.3 5.9 6.4 8.6 109

110 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 110

111 Equity in government-sponsored enterprises (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 111

112 U.S. direct investment abroad 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 112

113 Investment in subsidiaries 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 113

114 Insurance, pension and standardized guarantee schemes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 114

115 Other accounts receivable 0.2 0.2 0.2 0.2 0.2 0.4 0.3 0.4 0.6 0.8 115

116 Total liabilities and net worth 17.4 17.6 19.0 21.5 24.5 28.3 30.2 34.2 37.2 41.7 116

117 Liabilities -24.6 -27.0 -26.8 -24.9 -20.7 -15.5 -12.1 -6.4 -5.3 6.2 117

118 Currency and deposits 0.0 0.1 0.1 0.1 0.3 0.2 0.3 0.4 0.6 0.8 118

119 Debt securities 1.1 1.6 1.9 2.8 3.2 3.9 4.8 5.3 6.9 6.4 119

120 Agency- and GSE-backed securities (2) 0.9 1.2 1.3 1.6 1.5 1.9 2.1 2.2 2.2 2.1 120

121 Corporate bonds 0.1 0.2 0.3 0.8 1.1 1.3 1.7 1.7 3.1 2.8 121

122 Commercial paper 0.1 0.2 0.3 0.5 0.7 0.7 1.1 1.4 1.6 1.5 122

123 Loans 4.3 3.1 2.6 3.7 4.7 6.3 5.9 7.4 7.6 8.5 123

124 Short term 4.3 3.1 2.6 3.7 4.7 6.3 5.9 7.4 7.6 8.5 124

125 Long term (mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 125

126 Equity and investment fund shares -32.0 -33.8 -33.7 -33.8 -31.3 -28.7 -26.0 -22.8 -23.9 -13.7 126

127 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 127

128 Corporate equity issues -34.1 -36.0 -35.9 -36.1 -35.2 -32.9 -30.4 -27.6 -29.0 -21.0 128

129 Mutual fund shares 1.2 1.3 1.4 1.5 3.1 3.3 3.5 3.9 4.1 6.1 129

130 Equity in government-sponsored enterprises (2) 0.7 0.6 0.6 0.6 0.6 0.6 0.6 0.7 0.8 0.9 130

131 Foreign direct investment in the United States 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 131

132 Equity in noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 132

133 Investment by parent 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 133

134 Other accounts payable 2.0 2.0 2.3 2.3 2.4 2.9 2.9 3.3 3.6 4.2 134

135 Net worth 42.0 44.7 45.8 46.4 45.2 43.8 42.3 40.6 42.5 35.6 135

(1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations;

 they primarily cover their operating costs through sales, and they keep a complete set of financial records.

(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

 the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

 reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.

(4) Excludes land. Includes corporate and noncorporate financial business.
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Historical Annuals, 1945-1954, March 10, 2016 165

S.7.a Federal Government

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 Current account

 1 Gross value added ND 27.6 21.4 21.5 22.0 22.4 29.9 34.4 35.2 35.2 1

 2 Less: Consumption of fixed capital ND 10.0 9.6 8.4 7.6 6.9 7.4 8.3 9.2 10.1 2

 3 Equals: Net value added ND 17.7 11.8 13.1 14.5 15.5 22.5 26.1 25.9 25.2 3

 4 Compensation of employees (paid) ND 17.7 11.8 13.1 14.5 15.5 22.5 26.1 25.9 25.2 4

 5 Wages and salaries ND 14.4 10.0 10.2 11.1 12.3 17.9 20.8 20.7 20.0 5

 6 Employers’ social contributions ND 3.3 1.8 2.9 3.4 3.2 4.7 5.3 5.2 5.1 6

 7 Operating surplus, net ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Net national income/Balance of primary incomes, net ND 0.9 1.6 1.5 1.2 1.4 1.3 2.2 2.6 1.0 8

 9 Operating surplus, net ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Taxes on production and imports, receivable ND 7.7 7.7 7.8 7.9 8.7 9.2 10.1 10.7 9.5 10

11 Subsidies (paid) ND -1.7 -0.7 -0.8 -0.8 -1.2 -1.4 -1.2 -1.0 -0.9 11

12 Property income (received) ND 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 12

13 Interest ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 Distributed income of corporations (dividends) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Rents on land and natural resources ND 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 15

16 Less: Uses of property income (interest paid) ND 5.1 5.4 5.6 5.9 6.2 6.5 6.8 7.2 7.6 16

17 Net national income/Balance of primary incomes, net ND 0.9 1.6 1.5 1.2 1.4 1.3 2.2 2.6 1.0 17

18 Plus: Current taxes on income, wealth, etc. (received) ND 25.0 29.5 29.8 25.0 34.6 47.1 48.7 50.8 44.9 18

19 Plus: Social benefits (received) ND 6.5 5.4 4.4 4.7 5.3 6.4 6.7 6.8 7.8 19

20 Less: Social contributions (paid) ND 8.7 8.4 7.2 8.2 10.2 7.9 8.1 8.7 10.7 20

21 Plus: Other current transfers (received) ND 0.3 0.3 0.3 0.3 0.2 0.2 0.2 0.2 0.2 21

22 Less: Other current transfers (paid) ND 3.1 2.9 5.2 6.9 5.4 5.1 4.3 4.3 4.1 22

23 Equals: Disposable income, net ND 20.8 25.4 23.6 16.0 25.8 41.9 45.5 47.4 39.2 23

24 Less: Final consumption expenditures ND 29.0 23.0 22.7 24.6 23.9 37.4 47.6 51.6 47.2 24

25 Equals: Net saving ND -8.2 2.4 0.9 -8.5 1.8 4.5 -2.1 -4.2 -8.0 25

 Capital account

26 Net saving less capital transfers ND -7.5 3.1 1.5 -8.2 2.0 4.7 -1.8 -3.8 -7.7 26

27 Net saving ND -8.2 2.4 0.9 -8.5 1.8 4.5 -2.1 -4.2 -8.0 27

28 Less: Capital transfers paid (net) ND -0.6 -0.7 -0.6 -0.4 -0.2 -0.3 -0.3 -0.4 -0.3 28

29 Capital formation, net ND -6.9 -6.8 -4.0 -1.7 -1.4 5.1 8.9 9.4 6.0 29

 Gross fixed capital formation (acquisition of

30 produced nonfinancial assets) ND 3.1 2.8 4.4 5.9 5.5 12.5 17.2 18.7 16.1 30

31 Less: Consumption of fixed capital ND 10.0 9.6 8.4 7.6 6.9 7.4 8.3 9.2 10.1 31

32 Acquisition of nonproduced nonfinancial assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

33 Net lending (+) or borrowing (-), capital account (lines 26-29) ND -0.7 9.9 5.6 -6.5 3.4 -0.4 -10.7 -13.2 -13.7 33

 Financial account

34 Net lending (+) or borrowing (-) (line 33) ND -0.7 9.9 5.6 -6.5 3.4 -0.4 -10.7 -13.2 -13.7 34

35 Net acquisition of financial assets ND -15.8 14.7 11.1 7.2 16.2 16.0 10.9 9.6 5.6 35

36 Monetary gold and SDRs ND 0.2 -0.1 0.0 -0.0 -0.0 0.1 -0.1 -0.0 0.0 36

37 Monetary gold ND 0.2 -0.1 0.0 -0.0 -0.0 0.1 -0.1 -0.0 0.0 37

38 SDR holdings ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 38

39 Currency and deposits ND -23.1 1.0 1.5 0.7 -0.5 0.2 2.5 -1.6 -0.4 39

40 Official foreign currencies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

41 Reserve position in IMF (net) ND -0.2 1.5 0.4 0.2 -0.3 -0.0 0.0 -0.1 -0.2 41

42 Currency and transferable deposits ND -22.7 -0.6 1.2 0.3 -0.2 0.1 2.4 -1.5 -0.3 42

43 Time and savings deposits ND 0.0 -0.0 0.0 0.1 0.0 0.1 0.1 -0.0 0.0 43

44 Nonofficial foreign currencies ND -0.2 0.1 -0.1 0.2 0.0 0.0 -0.0 -0.0 0.1 44

45 Debt securities ND 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 -0.0 0.0 45

46 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 -0.0 0.0 46

47 Corporate and foreign bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47

48 Loans ND 2.0 4.0 1.4 1.3 0.7 1.2 1.6 0.6 -0.3 48

49 Short term ND 2.3 4.1 1.3 0.8 0.4 0.7 1.0 0.2 -0.4 49

50 Consumer credit ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 50

51 Other loans and advances ND 2.3 4.1 1.3 0.8 0.4 0.7 1.0 0.2 -0.4 51

52 Long term (mortgages) ND -0.3 -0.1 0.0 0.5 0.3 0.5 0.6 0.4 0.1 52

53 Equity and investment fund shares ND 0.3 0.3 0.0 -0.0 -0.0 -0.1 0.0 0.0 0.1 53

54 Corporate equities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54

55 Equity in international organizations 0.0 0.3 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 55

56 Equity in government-sponsored enterprises (1) ND -0.1 -0.0 0.0 -0.0 -0.0 -0.1 0.0 0.0 0.1 56

57 Equity investment under Public-Private Inv. Program ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 57
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166 Historical Annuals, 1945-1954, March 10, 2016

S.7.a Federal Government

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

58 Other accounts receivable ND 5.0 9.5 8.2 5.2 16.0 14.6 6.9 10.6 6.2 58

59 Trade receivables ND -0.8 -0.1 0.0 0.0 0.4 0.9 1.0 -0.0 0.2 59

60 Taxes receivable ND 5.8 9.6 8.2 5.2 15.6 13.7 6.0 10.7 6.0 60

61 Other (miscellaneous assets) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 61

62 Net incurrence of liabilities ND -20.3 -4.1 -2.2 6.1 4.7 7.6 12.4 14.1 9.2 62

63 SDR allocations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 63

64 Currency and deposits ND 0.5 0.1 -0.1 -0.2 -0.3 -0.2 -0.1 -0.2 -0.2 64

65 Debt securities ND -23.1 -6.4 -4.9 3.6 -0.4 0.3 6.3 7.6 2.8 65

66 Treasury securities ND -22.9 -6.4 -5.7 3.5 0.2 0.4 5.9 5.9 2.7 66

67 Federal agency securities ND -0.2 -0.0 0.8 0.1 -0.6 -0.1 0.4 1.6 0.1 67

68 Loans (mortgages) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 68

69 Insurance, pension and standardized guarantee schemes ND 4.7 3.2 3.0 3.0 4.3 5.8 6.3 6.9 6.8 69

70 Insurance reserves ND 1.2 0.6 0.2 0.1 0.3 0.2 0.0 0.1 -0.3 70

71 Retiree Health Care Funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 71

72 Claims of pension fund on sponsor ND 3.5 2.6 2.8 2.9 3.9 5.6 6.2 6.9 7.1 72

73 Other accounts payable ND -2.4 -1.1 -0.2 -0.3 1.1 1.8 -0.1 -0.2 -0.2 73

74 SDR certificates ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 74

75 Trade payables ND -2.0 -0.7 0.0 0.0 1.1 1.6 0.1 -0.2 -0.2 75

76 Other (miscellaneous liabilities) ND -0.4 -0.4 -0.2 -0.3 0.0 0.2 -0.2 -0.0 0.0 76

 Addendum:

77 Net lending (+) or borrowing (-), financial account (lines 35-62) ND 4.6 18.8 13.3 1.1 11.5 8.4 -1.5 -4.5 -3.6 77

 Other changes in volume account

78 Total other volume changes ND -1.4 1.8 0.3 0.1 0.2 0.4 -8.9 -2.6 1.3 78

79 Disaster losses ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 79

80 Other volume changes ND -6.6 -7.2 -7.4 -7.5 -7.8 -8.4 -18.2 -11.3 -8.8 80

81 Less: Statistical discrepancy (lines 33-77) (2) ND -5.2 -9.0 -7.7 -7.6 -8.1 -8.8 -9.3 -8.7 -10.1 81

 Revaluation account

82 Nonfinancial assets ND 10.9 5.8 -3.7 -7.0 0.5 9.0 0.6 -0.3 4.1 82

83 Structures ND 9.4 8.3 1.9 -1.7 2.0 7.6 -0.6 -1.5 0.8 83

84 Equipment ND 1.4 -2.6 -5.7 -5.4 -1.9 0.9 1.0 1.1 3.3 84

85 Intellectual property products ND 0.1 0.1 0.1 0.1 0.4 0.5 0.1 0.1 0.1 85

86 Financial assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 86

87 Monetary gold and SDRs ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 87

88 Currency and deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 88

89 Corporate equities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 89

90 Equity investment under Public-Private Inv. Program ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 90

91 Liabilities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 91

92 SDR allocations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 92

93 Changes in net worth due to nominal holding gains/losses ND 10.9 5.8 -3.7 -7.0 0.5 9.0 0.6 -0.3 4.1 93

 Changes in balance sheet account

94 Change in net worth (lines 29+33+78+93) ND 2.0 10.6 -1.8 -15.1 2.7 14.1 -10.1 -6.7 -2.2 94

 Balance sheet account (end of period)

95 Total assets 166.1 148.0 154.4 150.4 141.3 148.3 169.8 172.0 179.3 186.2 95

96 Nonfinancial assets (3) 121.8 125.9 124.9 117.2 108.4 107.5 121.5 131.0 140.1 150.2 96

97 Structures 44.1 52.8 60.5 62.2 60.8 63.2 72.6 75.0 76.4 79.3 97

98 Equipment 73.7 68.3 59.1 49.1 41.2 36.8 40.5 46.8 53.5 59.7 98

99 Intellectual property products 4.0 4.7 5.2 5.8 6.4 7.4 8.4 9.3 10.1 11.2 99

100 Financial assets 44.3 22.1 29.6 33.2 32.9 40.9 48.3 41.0 39.3 36.0 100

101 Monetary gold and SDRs 0.0 0.2 0.1 0.2 0.1 0.1 0.2 0.1 0.1 0.1 101

102 Monetary gold 0.0 0.2 0.1 0.2 0.1 0.1 0.2 0.1 0.1 0.1 102

103 SDR holdings 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 103
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Historical Annuals, 1945-1954, March 10, 2016 167

S.7.a Federal Government

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

104 Currency and deposits 27.4 4.3 5.3 6.8 7.5 7.1 7.2 9.7 8.1 7.7 104

105 Official foreign currencies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 105

106 Reserve position in IMF (net) 0.0 -0.2 1.2 1.6 1.7 1.5 1.5 1.5 1.4 1.2 106

107 Currency and transferable deposits 26.9 4.2 3.7 4.8 5.2 4.9 5.1 7.4 5.9 5.6 107

108 Time and savings deposits 0.1 0.1 0.1 0.1 0.2 0.2 0.3 0.4 0.3 0.4 108

109 Nonofficial foreign currencies 0.4 0.2 0.3 0.2 0.4 0.4 0.4 0.4 0.4 0.5 109

110 Debt securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 110

111 Agency- and GSE-backed securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 111

112 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 112

113 Loans 5.8 8.6 12.6 13.9 15.1 15.9 17.1 18.7 20.7 20.4 113

114 Short term 4.5 7.6 11.6 12.9 13.7 14.1 14.8 15.8 17.3 17.0 114

115 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 115

116 Other loans and advances 4.5 7.6 11.6 12.9 13.7 14.1 14.8 15.8 17.3 17.0 116

117 Long term (mortgages) 1.4 1.0 0.9 1.0 1.5 1.8 2.3 2.9 3.3 3.4 117

118 Equity and investment fund shares 0.4 0.7 1.0 1.0 1.0 0.9 0.9 0.9 0.9 0.9 118

119 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 119

120 Equity in international organizations 0.0 0.3 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 120

121 Equity in government-sponsored enterprises (1) 0.4 0.4 0.4 0.4 0.3 0.3 0.2 0.2 0.2 0.3 121

122 Equity investment under Public-Private Inv. Program 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 122

123 Other accounts receivable 10.5 8.3 10.6 11.4 9.1 16.9 22.9 11.6 9.6 6.9 123

124 Trade receivables 0.9 0.1 0.0 0.0 0.0 0.4 1.3 2.3 2.2 2.4 124

125 Taxes receivable 9.6 8.2 10.6 11.4 9.1 16.5 21.6 9.3 7.4 4.5 125

126 Other (miscellaneous assets) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 126

127 Total liabilities and net worth 166.1 148.0 154.4 150.4 141.3 148.3 169.8 172.0 179.3 186.2 127

128 Liabilities 288.7 268.6 264.5 262.2 268.3 272.5 279.9 292.2 306.2 315.4 128

129 SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 129

130 Currency and deposits 5.3 5.8 5.9 5.8 5.7 5.4 5.2 5.1 4.9 4.7 130

131 Debt securities 254.4 231.3 224.9 220.0 223.6 223.2 223.5 229.8 237.4 240.2 131

132 Treasury securities 254.1 231.2 224.8 219.1 222.6 222.9 223.3 229.2 235.1 237.9 132

133 Federal agency securities 0.3 0.1 0.1 0.9 1.0 0.4 0.2 0.6 2.3 2.3 133

134 Loans (mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 134

135 Insurance, pension and standardized guarantee schemes 24.7 29.6 32.8 35.8 38.7 42.5 48.0 54.2 61.1 67.8 135

136 Insurance reserves 3.6 4.8 5.4 5.6 5.7 6.0 6.1 6.2 6.3 6.0 136

137 Retiree Health Care Funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 137

138 Claims of pension fund on sponsor 21.2 24.9 27.5 30.2 33.0 36.5 41.8 48.0 54.8 61.9 138

139 Other accounts payable 4.3 1.9 0.8 0.6 0.3 1.4 3.2 3.1 2.8 2.6 139

140 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 140

141 Trade payables 2.7 0.7 0.0 0.0 0.0 1.1 2.7 2.8 2.6 2.4 141

142 Other (miscellaneous liabilities) 1.6 1.2 0.8 0.6 0.3 0.3 0.5 0.3 0.2 0.2 142

143 Net worth -122.7 -120.7 -110.0 -111.8 -126.9 -124.2 -110.1 -120.2 -126.9 -129.2 143

Note. The Federal government accounts exclude Federal employee retirement funds.

(1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

 the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(2) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

 reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.

(3) Excludes land and nonproduced nonfinancial assets.

IMF International Monetary Fund

SDRs Special Drawing Rights
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168 Historical Annuals, 1945-1954, March 10, 2016

S.8.a State and Local Governments

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 Current account

 1 Gross value added ND 8.5 10.1 12.2 13.3 14.1 15.7 17.2 18.6 20.2 1

 2 Less: Consumption of fixed capital ND 1.6 1.9 2.1 2.2 2.2 2.6 2.8 2.9 3.0 2

 3 Equals: Net value added ND 7.0 8.2 10.0 11.2 11.9 13.1 14.4 15.7 17.2 3

 4 Compensation of employees (paid) ND 6.6 7.8 9.8 10.8 11.6 12.7 14.0 15.3 16.7 4

 5 Wages and salaries ND 6.3 7.5 8.8 9.7 10.4 11.4 12.6 13.6 14.9 5

 6 Employers’ social contributions ND 0.3 0.3 1.0 1.1 1.2 1.3 1.5 1.6 1.8 6

 7 Operating surplus, net ND 0.4 0.3 0.3 0.3 0.4 0.4 0.4 0.5 0.6 7

 8 Net national income/Balance of primary incomes, net ND 9.2 10.5 11.8 13.0 14.2 15.5 16.9 18.3 19.3 8

 9 Operating surplus, net ND 0.4 0.3 0.3 0.3 0.4 0.4 0.4 0.5 0.6 9

10 Taxes on production and imports, receivable ND 9.1 10.4 11.9 13.0 14.2 15.6 17.0 18.4 19.4 10

11 Subsidies (paid) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Property income (received) ND 0.4 0.4 0.5 0.5 0.5 0.6 0.7 0.7 0.8 12

13 Interest ND 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.5 0.5 13

14 Distributed income of corporations (dividends) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Rents on land and natural resources ND 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.3 0.3 15

16 Less: Uses of property income (interest paid) ND 0.7 0.7 0.8 0.9 1.0 1.1 1.2 1.3 1.4 16

17 Net national income/Balance of primary incomes, net ND 9.2 10.5 11.8 13.0 14.2 15.5 16.9 18.3 19.3 17

18 Plus: Current taxes on income, wealth, etc. (received) ND 1.3 1.6 1.8 2.0 2.3 2.6 2.7 2.7 2.9 18

19 Plus: Social benefits (received) ND 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 19

20 Less: Social contributions (paid) ND 1.5 2.0 2.7 2.7 3.2 2.6 2.9 3.0 3.1 20

21 Plus: Other current transfers (received) ND 1.1 1.2 1.7 2.2 2.2 2.4 2.5 2.7 2.8 21

22 Less: Other current transfers (paid) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

23 Equals: Disposable income, net ND 10.3 11.4 12.9 14.6 15.7 18.1 19.5 21.1 22.2 23

24 Less: Final consumption expenditures ND 9.5 11.3 12.8 14.2 15.4 16.5 17.6 18.8 20.2 24

25 Equals: Net saving ND 0.8 0.1 0.1 0.5 0.3 1.5 1.9 2.3 2.0 25

 Capital account

26 Net saving less capital transfers ND 1.0 0.4 0.5 1.0 0.9 2.2 2.6 3.1 2.9 26

27 Net saving ND 0.8 0.1 0.1 0.5 0.3 1.5 1.9 2.3 2.0 27

28 Less: Capital transfers paid (net) ND -0.2 -0.3 -0.4 -0.5 -0.6 -0.7 -0.7 -0.8 -0.8 28

29 Capital formation, net ND 0.1 1.1 2.0 3.4 4.0 4.7 4.9 5.4 6.7 29

 Gross fixed capital formation (acquisition of

30 produced nonfinancial assets) ND 1.6 2.9 4.1 5.4 5.9 7.0 7.4 8.0 9.3 30

31 Less: Consumption of fixed capital ND 1.6 1.9 2.1 2.2 2.2 2.6 2.8 2.9 3.0 31

32 Acquisition of nonproduced nonfinancial assets ND 0.1 0.1 0.1 0.2 0.3 0.3 0.3 0.3 0.4 32

33 Net lending (+) or borrowing (-), capital account (lines 26-29) ND 0.9 -0.7 -1.5 -2.4 -3.1 -2.5 -2.3 -2.3 -3.8 33

 Financial account

34 Net lending (+) or borrowing (-) (line 33) ND 0.9 -0.7 -1.5 -2.4 -3.1 -2.5 -2.3 -2.3 -3.8 34

35 Net acquisition of financial assets ND 0.4 1.8 1.5 0.8 1.8 1.6 2.6 1.6 1.8 35

36 Currency and deposits ND 1.0 0.9 0.8 0.4 0.6 0.5 0.4 0.7 0.8 36

37 Currency and transferable deposits ND 0.9 0.7 0.5 0.2 0.5 0.4 0.3 0.4 0.4 37

38 Time and savings deposits ND 0.2 0.2 0.3 0.2 0.1 0.2 0.1 0.3 0.5 38

39 Debt securities ND -0.8 0.7 0.6 0.4 0.7 0.7 1.4 0.9 0.8 39

40 Open market paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

41 Treasury securities ND -0.4 0.7 0.4 0.1 0.5 0.5 1.2 0.8 0.4 41

42 Agency- and GSE-backed securities (1) ND -0.1 0.0 0.2 0.0 -0.1 0.2 0.2 -0.1 0.1 42

43 Municipal securities ND -0.3 -0.0 0.0 0.3 0.3 0.0 0.1 0.2 0.2 43

44 Corporate and foreign bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44

45 Loans ND 0.0 0.0 0.1 0.1 0.1 0.1 0.4 0.0 0.1 45

46 Short term ND 0.0 0.0 0.0 0.0 0.0 0.0 0.2 -0.1 -0.0 46

47 Long term (mortgages) ND 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 47

48 Equity and investment fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 48

49 Money market fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 49

50 Corporate equities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 50

51 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 51

52 Other accounts receivable ND 0.1 0.2 0.1 -0.0 0.5 0.2 0.4 -0.0 0.1 52

53 Trade receivables ND 0.1 0.2 0.1 -0.0 0.5 0.2 0.1 0.0 0.2 53

54 Taxes receivable ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 0.0 54

55 Other (miscellaneous assets) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.0 -0.1 55
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Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

56 Net incurrence of liabilities ND 0.8 2.3 2.5 2.1 5.7 3.6 8.8 6.5 6.9 56

57 Debt securities (municipals) ND 0.1 1.6 1.3 1.0 4.5 2.1 6.9 5.4 5.7 57

58 Short term ND 0.0 0.2 0.2 0.2 0.4 0.3 0.2 0.2 0.1 58

59 Other ND 0.1 1.4 1.2 0.8 4.1 1.8 6.7 5.2 5.5 59

60 Loans (short term) ND -0.0 0.0 0.1 -0.1 0.1 0.3 0.3 -0.4 -0.3 60

61 Insurance, pension and standardized guarantee schemes ND 0.6 0.8 0.9 1.0 1.0 1.1 1.1 1.0 1.0 61

 (Claim of pension funds on sponsor)

62 Other accounts payable (trade payables) ND 0.1 -0.1 0.1 0.2 0.1 0.1 0.5 0.5 0.6 62

 Addendum:

63 Net lending (+) or borrowing (-), financial account (lines 35-56) ND -0.4 -0.5 -1.0 -1.3 -4.0 -2.0 -6.2 -4.9 -5.1 63

 Other changes in volume account

64 Total other volume changes ND -2.1 -0.7 -0.1 0.5 -1.6 0.3 -4.5 -2.9 -2.1 64

65 Disaster losses ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 65

66 Other volume changes ND -0.8 -0.9 -0.7 -0.6 -0.7 -0.1 -0.6 -0.4 -0.8 66

67 Less: Statistical discrepancy (lines 33-63) (2) ND 1.3 -0.2 -0.6 -1.1 0.9 -0.5 3.9 2.5 1.3 67

 Revaluation account

68 Nonfinancial assets ND 8.3 14.5 6.3 -7.8 8.6 9.2 2.7 -6.5 -0.6 68

69 Structures ND 8.1 14.2 6.2 -7.7 8.3 9.1 2.7 -6.4 -0.8 69

70 Equipment ND 0.1 0.3 0.2 -0.1 0.3 0.0 0.0 -0.0 0.2 70

71 Intellectual property products ND 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 71

72 Equity and investment fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 72

73 Changes in net worth due to nominal holding gains/losses ND 8.3 14.5 6.3 -7.8 8.6 9.2 2.7 -6.5 -0.6 73

 Changes in balance sheet account

74 Change in net worth (lines 29+33+64+73) ND 7.3 14.2 6.7 -6.3 8.0 11.7 0.7 -6.3 0.2 74

 Balance sheet account (end of period)

75 Total assets 82.8 91.6 108.8 118.6 114.8 128.9 144.1 154.0 154.2 161.8 75

76 Nonfinancial assets (3) 69.5 77.8 93.3 101.5 96.9 109.2 122.9 130.2 128.8 134.5 76

77 Structures 68.2 76.4 91.5 99.4 94.8 106.7 120.0 127.1 125.6 130.9 77

78 Equipment 1.0 1.1 1.5 1.8 1.8 2.3 2.5 2.6 2.8 3.2 78

79 Intellectual property products 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 79

80 Financial assets 13.3 13.7 15.6 17.1 17.9 19.6 21.2 23.8 25.4 27.2 80

81 Currency and deposits 4.2 5.3 6.2 6.9 7.3 7.9 8.4 8.8 9.5 10.4 81

82 Currency and transferable deposits 3.7 4.6 5.3 5.8 6.0 6.5 6.9 7.2 7.6 7.9 82

83 Time and savings deposits 0.5 0.7 0.9 1.1 1.3 1.4 1.5 1.6 2.0 2.4 83

84 Debt securities 7.5 6.8 7.4 8.0 8.4 9.1 9.8 11.2 12.2 12.9 84

85 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 85

86 Treasury securities 5.5 5.2 5.9 6.3 6.3 6.9 7.3 8.5 9.3 9.8 86

87 Agency- and GSE-backed securities (1) 0.2 0.1 0.1 0.3 0.3 0.2 0.4 0.6 0.5 0.7 87

88 Municipal securities 1.8 1.5 1.4 1.4 1.7 2.0 2.1 2.1 2.3 2.5 88

89 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 89

90 Loans 0.0 0.0 0.1 0.1 0.2 0.2 0.3 0.7 0.7 0.8 90

91 Short term 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.2 0.2 91

92 Long term (mortgages) 0.0 0.0 0.1 0.1 0.2 0.2 0.3 0.4 0.5 0.6 92

93 Equity and investment fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 93

94 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 94

95 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 95

96 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 96

97 Other accounts receivable 1.5 1.7 1.9 2.0 1.9 2.4 2.6 3.1 3.1 3.2 97

98 Trade receivables 1.0 1.2 1.4 1.5 1.4 1.9 2.1 2.2 2.2 2.4 98

99 Taxes receivable 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 99

100 Other (miscellaneous assets) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.4 0.3 100

101 Total liabilities and net worth 82.8 91.6 108.8 118.6 114.8 128.9 144.1 154.0 154.2 161.8 101

102 Liabilities 20.2 21.8 24.9 27.9 30.4 36.6 40.0 49.2 55.7 63.1 102
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170 Historical Annuals, 1945-1954, March 10, 2016

S.8.a State and Local Governments

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

103 Debt securities (municipals) 12.1 12.2 13.8 15.1 16.1 20.7 22.8 29.7 35.0 40.7 103

104 Short term 0.3 0.3 0.5 0.7 0.9 1.3 1.6 1.8 1.9 2.1 104

105 Other 11.8 11.9 13.3 14.5 15.2 19.4 21.2 27.9 33.1 38.6 105

106 Loans (short term) 0.5 0.5 0.5 0.6 0.5 0.6 0.8 1.1 0.8 0.4 106

107 Insurance, pension and standardized guarantee schemes 7.0 8.3 9.9 11.4 12.9 14.3 15.3 16.7 17.8 19.2 107

 (Claim of pension funds on sponsor)

108 Other accounts payable (trade payables) 0.6 0.8 0.6 0.8 1.0 1.1 1.2 1.6 2.2 2.7 108

109 Net worth 62.5 69.8 84.0 90.7 84.4 92.3 104.1 104.8 98.5 98.7 109

Note. The state and local government accounts exclude state and local employee retirement funds.

(1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

 the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(2) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

 reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.

(3) Excludes land and nonproduced nonfinancial assets.
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Historical Annuals, 1945-1954, March 10, 2016 171

S.9.a Rest of the World 

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 Current account

 1 Foreign income from U.S. ND 10.3 11.0 15.2 15.5 16.4 19.0 18.7 19.5 18.7 1

 2 U.S. imports of goods and services ND 7.0 7.9 10.1 9.2 11.6 14.6 15.3 16.0 15.4 2

 3 U.S. income payments to rest of world ND 0.4 0.5 0.6 0.7 0.7 0.9 0.9 0.9 0.9 3

 4 Current taxes and trans. payments to rest of world ND 2.9 2.6 4.5 5.6 4.0 3.5 2.6 2.5 2.3 4

 5 Less: Foreign outlays to U.S. ND 15.2 20.3 17.6 16.4 14.5 19.9 19.3 18.2 18.9 5

 6 U.S. exports of goods and services ND 14.2 18.7 15.5 14.5 12.4 17.1 16.5 15.3 15.8 6

 7 U.S. income receipts from rest of world ND 1.1 1.6 2.0 1.9 2.2 2.8 2.9 2.8 3.0 7

 8 Current taxes and trans. receipts from rest of world (1) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Equals: Net saving (current external balance) ND -4.9 -9.3 -2.4 -0.9 1.8 -0.9 -0.6 1.3 -0.2 9

 Capital account

10 Net saving ND -4.9 -9.3 -2.4 -0.9 1.8 -0.9 -0.6 1.3 -0.2 10

11 Less: Net capital transfers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Less: Acquisition of nonproduced nonfinancial assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Net lending (+) or borrowing (-), capital account (lines 10-11-12) ND -4.9 -9.3 -2.4 -0.9 1.8 -0.9 -0.6 1.3 -0.2 13

 Financial account

14 Net lending (+) or borrowing (-) (line 13) ND -4.9 -9.3 -2.4 -0.9 1.8 -0.9 -0.6 1.3 -0.2 14

15 Net acquisition of U.S. financial assets ND -2.0 -2.2 -0.9 0.3 3.8 0.2 0.8 2.0 2.3 15

16 Monetary gold and SDRs ND -0.6 -2.2 -1.5 -0.2 1.7 -0.1 -0.4 1.2 0.3 16

17 Monetary gold ND -0.6 -2.2 -1.5 -0.2 1.7 -0.1 -0.4 1.2 0.3 17

18 SDR allocations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

19 Currency and deposits ND -0.6 -0.5 0.7 0.3 0.5 -0.0 0.5 0.1 0.7 19

20 Currency ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

21 Transferable deposits ND -0.4 -0.6 0.5 -0.2 0.0 -0.3 0.3 -0.5 0.2 21

22 Time deposits ND 0.0 -0.0 0.0 0.1 0.2 -0.3 0.1 0.6 0.5 22

23 Net interbank items due from U.S. banks ND -0.2 0.1 0.2 0.3 0.2 0.6 0.1 -0.1 0.0 23

24 Debt securities ND -0.7 0.7 0.1 0.2 1.4 0.1 0.2 0.7 0.6 24

25 Open market paper ND 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.1 0.2 25

26 Treasury securities ND -0.5 0.6 0.1 0.1 1.4 -0.0 0.2 0.6 0.4 26

27 Agency- and GSE-backed securities (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

28 Municipal securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

29 Corporate bonds ND -0.3 0.1 -0.0 0.1 -0.0 0.0 0.0 0.0 0.0 29

30 Loans (short term) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

31 Security repurchases ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

32 Loans to U.S. corporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

33 Equity and investment fund shares ND -0.1 -0.1 -0.1 0.0 0.1 0.2 0.4 0.1 0.6 33

34 Money market fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34

35 Corporate equities ND -0.1 -0.2 -0.1 -0.0 0.0 0.1 0.3 -0.1 0.5 35

36 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

37 Foreign direct investment in the United States ND -0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.2 0.1 37

38 Other accounts receivable ND 0.0 -0.0 -0.1 -0.0 0.0 0.0 0.0 -0.1 -0.0 38

39 Net incurrence of liabilities ND 2.8 6.4 2.3 1.2 0.6 1.0 1.4 0.7 1.3 39

40 SDR holdings ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

41 Currency and deposits ND -0.4 1.3 0.2 0.3 0.1 0.0 0.0 -0.1 -0.0 41

42 Official foreign currencies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42

43 Reserve position in IMF (net) ND -0.2 1.2 0.4 0.2 -0.0 -0.0 0.0 -0.1 -0.2 43

44 U.S. private deposits ND 0.0 -0.0 -0.0 0.0 0.0 0.0 -0.0 0.0 0.0 44

45 Nonofficial foreign currencies ND -0.2 0.1 -0.1 0.2 0.0 0.0 -0.0 -0.0 0.1 45

46 Debt securities ND -0.1 -0.0 0.1 -0.0 0.3 0.3 0.0 -0.1 -0.1 46

47 Commercial paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47

48 Bonds ND -0.1 -0.0 0.1 -0.0 0.3 0.3 0.0 -0.1 -0.1 48

49 Loans (short term) ND 2.7 4.0 1.3 0.2 -0.1 0.4 0.4 0.1 0.3 49

50 Security repurchases ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 50

51 Other loans and advances ND 2.4 3.8 1.1 0.5 0.2 0.2 0.4 0.3 -0.1 51

52 Depository institution loans n.e.c. ND 0.3 0.2 0.2 -0.3 -0.3 0.2 0.0 -0.1 0.5 52

53 Nonoff. foreign currencies (swap lines) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 53
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S.9.a Rest of the World 

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1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

54 Equity and investment fund shares ND 0.6 1.1 0.7 0.7 0.4 0.3 0.9 0.8 1.0 54

55 Corporate equities ND 0.1 0.0 -0.1 -0.0 -0.2 -0.2 0.0 0.1 0.3 55

56 U.S. government equity in IBRD, etc. 0.0 0.3 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 56

57 U.S. direct investment abroad ND 0.2 0.7 0.7 0.7 0.6 0.5 0.9 0.7 0.7 57

58 Investment by holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 58

59 Other accounts payable ND -0.0 0.1 0.0 -0.0 -0.0 0.0 0.0 -0.0 0.1 59

 Addendum:

60 Net lending (+) or borrowing (-), financial account (lines 15-39) ND -4.8 -8.6 -3.2 -0.8 3.2 -0.8 -0.6 1.2 0.9 60

 Other changes in volume account

61 Total other volume changes ND 0.1 0.7 -0.8 0.0 1.4 0.1 -0.0 -0.1 1.1 61

62 Other volume changes ND 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 62

63 Less: Statistical discrepancy (lines 13-60) (3) ND -0.1 -0.7 0.8 -0.0 -1.4 -0.1 0.0 0.1 -1.1 63

 Revaluation account

64 Financial assets ND 0.7 2.2 1.7 0.5 -0.9 0.6 0.5 -1.0 1.1 64

65 Monetary gold and SDRs ND 0.6 2.2 1.5 0.2 -1.7 0.1 0.4 -1.2 -0.3 65

66 Currency and deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 66

67 Debt securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 67

68 Open market paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 68

69 Treasury securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 69

70 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 70

71 Corporate bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 71

72 Equity and investment fund shares ND 0.1 0.0 0.1 0.3 0.8 0.6 0.2 0.1 1.4 72

73 Corporate equities ND 0.1 -0.1 -0.0 0.2 0.4 0.4 0.0 0.0 1.1 73

74 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 74

75 Foreign direct investment in the United States ND 0.0 0.1 0.2 0.1 0.4 0.2 0.2 0.1 0.3 75

76 Other accounts receivable ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 76

77 Liabilities ND -0.3 0.4 0.6 0.1 1.1 1.1 0.9 1.7 0.9 77

78 SDR holdings ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 78

79 Currency and deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 79

80 Official foreign currencies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 80

81 Reserve position in IMF (net) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 81

82 U.S. private deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 82

83 Nonofficial foreign currencies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 83

84 Debt securities (corporate bonds) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 84

85 Loans (other loans and advances) ND 0.0 -0.0 -0.0 -0.1 -0.0 0.0 0.0 1.1 -0.0 85

86 Equity and investment fund shares ND -0.3 0.4 0.6 0.2 1.2 1.1 0.9 0.6 0.9 86

87 Corporate equities ND -0.0 -0.0 0.0 -0.2 0.7 0.4 0.0 -0.2 0.2 87

88 U.S. direct investment abroad ND -0.2 0.4 0.5 0.4 0.5 0.7 0.9 0.8 0.7 88

89 Other accounts payable ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 89

90 Changes in net worth due to nominal holding gains/losses ND 0.9 1.8 1.1 0.4 -2.1 -0.5 -0.4 -2.7 0.1 90

 Changes in balance sheet account

91 Change in net worth (lines 13+61+90) ND -3.9 -6.7 -2.2 -0.5 1.1 -1.3 -1.0 -1.5 1.1 91

 Financial balance sheet account (end of period) (4)

92 Total financial assets 13.5 12.2 12.2 13.0 13.8 16.6 17.5 18.8 19.7 23.1 92

93 SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 93

94 Currency and deposits 4.7 4.1 3.6 4.3 4.6 5.1 5.0 5.5 5.6 6.3 94

95 Currency 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 95

96 Transferable deposits 2.7 2.3 1.7 2.2 2.0 2.0 1.7 2.0 1.5 1.7 96

97 Time deposits 1.6 1.6 1.6 1.6 1.7 2.0 1.7 1.8 2.4 2.9 97

98 Net interbank items due from U.S. banks 0.4 0.2 0.3 0.5 0.8 1.1 1.7 1.8 1.7 1.7 98
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Historical Annuals, 1945-1954, March 10, 2016 173

S.9.a Rest of the World 

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

99 Debt securities 3.1 2.4 3.0 3.1 3.4 4.8 4.9 5.1 5.8 6.4 99

100 Open market paper 0.0 0.1 0.1 0.1 0.1 0.2 0.3 0.3 0.4 0.6 100

101 Treasury securities 2.6 2.1 2.7 2.8 2.9 4.3 4.3 4.5 5.0 5.5 101

102 Agency- and GSE-backed securities (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 102

103 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 103

104 Corporate bonds 0.5 0.2 0.3 0.2 0.3 0.3 0.3 0.4 0.4 0.4 104

105 Loans (short term) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 105

106 Security repurchases 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 106

107 Loans to U.S. corporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 107

108 Equity and investment fund shares 5.2 5.2 5.1 5.1 5.4 6.3 7.1 7.7 7.9 9.9 108

109 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 109

110 Corporate equities 2.7 2.7 2.5 2.3 2.5 2.9 3.5 3.7 3.7 5.3 110

111 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 111

112 Foreign direct investment in the United States 2.5 2.5 2.6 2.8 2.9 3.4 3.7 3.9 4.3 4.6 112

113 Other accounts receivable 0.5 0.5 0.5 0.4 0.4 0.4 0.5 0.5 0.4 0.4 113

114 Total liabilities and net worth 13.5 12.2 12.2 13.0 13.8 16.6 17.5 18.8 19.7 23.1 114

115 Total liabilities 14.7 17.2 24.0 26.9 28.2 29.9 32.0 34.3 36.8 39.0 115

116 SDR holdings 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 116

117 Currency and deposits 0.4 0.0 1.3 1.5 1.9 1.9 2.0 2.0 1.9 1.9 117

118 Official foreign currencies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 118

119 Reserve position in IMF (net) 0.0 -0.2 0.9 1.3 1.5 1.4 1.4 1.5 1.4 1.2 119

120 U.S. private deposits 0.0 0.1 0.1 0.0 0.0 0.1 0.1 0.1 0.1 0.2 120

121 Nonofficial foreign currencies 0.4 0.2 0.3 0.2 0.4 0.4 0.4 0.4 0.4 0.5 121

122 Debt securities 2.9 2.8 2.8 2.9 2.9 3.1 3.4 3.4 3.3 3.3 122

123 Commercial paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 123

124 Bonds 2.9 2.8 2.8 2.9 2.9 3.1 3.4 3.4 3.3 3.3 124

125 Loans (short term) 2.8 5.5 9.5 10.8 10.9 10.8 11.2 11.6 12.8 13.2 125

126 Security repurchases 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 126

127 Other loans and advances 2.3 4.7 8.5 9.6 10.0 10.1 10.4 10.8 12.1 12.0 127

128 Depository institution loans n.e.c. 0.5 0.8 1.0 1.2 0.9 0.7 0.8 0.9 0.7 1.2 128

129 Nonoff. foreign currencies (swap lines) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 129

130 Equity and investment fund shares 8.2 8.5 10.0 11.2 12.0 13.6 15.0 16.8 18.2 20.1 130

131 Corporate equities 0.9 1.0 1.0 0.9 0.7 1.2 1.4 1.5 1.3 1.9 131

132 U.S. government equity in IBRD, etc. 0.0 0.3 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 132

133 U.S. direct investment abroad 7.2 7.2 8.4 9.6 10.7 11.8 13.0 14.7 16.3 17.6 133

134 Investment by holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 134

135 Other accounts payable 0.4 0.4 0.4 0.5 0.4 0.4 0.5 0.5 0.5 0.6 135

136 Net worth (external account) -1.2 -5.0 -11.8 -13.9 -14.4 -13.3 -14.5 -15.5 -17.0 -16.0 136

(1) Prior to 1999, current taxes, contributions for government social insurance, and transfer receipts from the rest of the world (line 8) are not separately displayed, and line 4 includes

 current taxes and transfer payments to the rest of the world net of current taxes, contributions for government social insurance, and transfer receipts from the rest of the world.

(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

 the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

 reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.

(4) Excludes nonfinancial assets, including nonproduced nonfinancial assets.

IBRD International Bank for Reconstruction and Development

IMF International Monetary Fund

SDRs Special Drawing Rights

n.e.c. Not elsewhere classified