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 

September 18, 2014 

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
 
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Title Table Page 

Summaries 

Total Credit Market Borrowing and Lending F.1 1 

Credit Market Borrowing by Nonfinancial Sectors F.2 2 

Credit Market Borrowing by Financial Sectors F.3 2 

Credit Market Borrowing, All Sectors, by Instrument F.4 3 

Total Liabilities and Its Relation to Total Financial Assets F.5 3 

Credit Market Debt Outstanding L.1 4 

Credit Market Debt Owed by Nonfinancial Sectors L.2 5 

Credit Market Debt Owed by Financial Sectors L.3 5 

Credit Market Debt, All Sectors, by Instrument L.4 6 

Total Liabilities and Its Relation to Total Financial Assets L.5 6 

Distribution of Gross Domestic Product F.6 7 

Distribution of National Income F.7 8 

Saving and Investment F.8 9 

Net Capital Transfers F.9 10 

Derivation of Measures of Personal Saving F.10 11 

Assets and Liabilities of the Personal Sector L.10 12 

Title 

Flows Levels 

Table Page Table Page 

Sectors

Households and Nonprofit Organizations F.100 13 L.100 63 

Nonfinancial Business F.101 14 L.101 64 

Nonfinancial Corporate Business F.102 15 L.102 65 

Nonfinancial Noncorporate Business F.103 16 L.103 66 

State and Local Governments F.104 17 L.104 67 

Federal Government F.105 18 L.105 68 

Rest of the World F.106 19 L.106 69 

Financial Business F.107 20 L.107 70 

Monetary Authority F.108 21 L.108 71 

Private Depository Institutions F.109 22 L.109 72 

U.S.-Chartered Depository Institutions F.110 23 L.110 73 

List of Data Tables 
ii

Sectors

Foreign Banking Offices in U.S. F.111 24 L.111 74 

Banks in U.S.-Affiliated Areas F.112 25 L.112 75 

Credit Unions F.113 25 L.113 75 

Property-Casualty Insurance Companies F.114 26 L.114 76 

Life Insurance Companies F.115 27 L.115 77 

Private and Public Pension Funds F.116 28 L.116 78 

Private Pension Funds F.117 29 L.117 79 

State and Local Government Employee Retirement 

Funds F.118 30 L.118 80 

Federal Government Employee Retirement Funds F.119 30 L.119 80 

Money Market Mutual Funds F.120 31 L.120 81 

Mutual Funds F.121 31 L.121 81 

Closed-End and Exchange-Traded Funds F.122 31 L.122 81 

Government-Sponsored Enterprises F.123 32 L.123 82 

Agency- and GSE-Backed Mortgage Pools F.124 32 L.124 82 

Issuers of Asset-Backed Securities F.125 33 L.125 83 

Finance Companies F.126 33 L.126 83 

Real Estate Investment Trusts F.127 34 L.127 84 

Security Brokers and Dealers F.128 35 L.128 85 

Holding Companies F.129 36 L.129 86 

Funding Corporations F.130 37 L.130 87 

Instruments 

U.S. Official Reserve Assets and SDR Allocations F.200 38 L.200 88 

Special Drawing Rights (SDRs) Certificates and Treasury 

Currency F.201 38 L.201 88 

U.S. Deposits in Foreign Countries F.202 38 L.202 88 

Net Interbank Transactions F.203 39 L.203 89 

Checkable Deposits and Currency F.204 40 L.204 90 

Time and Savings Deposits F.205 41 L.205 91 

Money Market Mutual Fund Shares F.206 41 L.206 91 

Federal Funds and Security Repurchase Agreements F.207 42 L.207 92 

Open Market Paper F.208 43 L.208 93 

Treasury Securities F.209 44 L.209 94 

Agency- and GSE-Backed Securities F.210 45 L.210 95 

Municipal Securities and Loans F.211 46 L.211 96 
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Instruments 

Corporate and Foreign Bonds F.212 47 L.212 97 

Corporate Equities F.213 48 L.213 98 

Mutual Fund Shares F.214 48 L.214 98 

Depository Institution Loans Not Elsewhere Classified F.215 49 L.215 99 

Other Loans and Advances F.216 50 L.216 100 

Total Mortgages F.217 51 L.217 101 

Home Mortgages F.218 52 L.218 102 

Multifamily Residential Mortgages F.219 52 L.219 102 

Commercial Mortgages F.220 53 L.220 103 

Farm Mortgages F.221 53 L.221 103 

Consumer Credit F.222 54 L.222 104 

Trade Credit F.223 55 L.223 105 

Security Credit F.224 55 L.224 105 

Life Insurance Reserves F.225 56 L.225 106 

Pension Entitlements F.226 56 L.226 106 

Taxes Payable by Businesses F.227 56 L.227 106 

Proprietors' Equity in Noncorporate Business F.228 56 L.228 106 

Direct Investment F.229 57 L.229 107 

Total Miscellaneous Financial Claims F.230 58 L.230 108 

Identified Miscellaneous Financial Claims - Part I F.231 59 L.231 109 

Identified Miscellaneous Financial Claims - Part II F.232 60 L.232 110 

Unidentified Miscellaneous Financial Claims F.233 61 L.233 111 

Sector Discrepancies F.11 62 

Instrument Discrepancies F.12 62 

Title 

Balance Sheet Reconciliation 

Table Page Table Page 

Balance Sheet and Changes in Net Worth 

Households and Nonprofit Organizations B.100 112 R.100 115 

Nonfinancial Corporate Business B.102 113 R.102 116 

Nonfarm Noncorporate Business B.103 114 R.103 117 

 
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Title 

Flows Levels 

Table Page Table Page 

Supplementary Tables 

Balance Sheet of Households and Nonprofit 

Organizations with Equity Detail B.100.e 118 

Consolidated Statement for Federal, State, and Local 

Governments F.105.c 119 L.105.c 120 

Life Insurance Companies: General Accounts F.115.g 121 L.115.g 122 

Life Insurance Companies: Separate Accounts F.115.s 121 L.115.s 122 

Private Pension Funds: Defined Benefit Plans F.117.b 123 L.117.b 124 

Private Pension Funds: Defined Contribution Plans F.117.c 123 L.117.c 124 

Individual Retirement Accounts (IRAs) F.226.i 123 L.226.i 124 

State and Local Government Employee Retirement 

Funds: Defined Benefit Plans F.118.b 125 L.118.b 126 

State and Local Government Employee Retirement 

Funds: Defined Contribution Plans F.118.c 125 L.118.c 126 

Federal Government Employee Retirement Funds: 

Defined Benefit Plans F.119.b 127 L.119.b 128 

Federal Government Employee Retirement Funds: 

Defined Contribution Plans F.119.c 127 L.119.c 128 

Equity Real Estate Investment Trusts F.127.e 129 L.127.e 130 

Mortgage Real Estate Investment Trusts F.127.m 129 L.127.m 130 

Title Table Page 

Integrated Macroeconomic Accounts for the United States 

Total Economy-Current Account S.1.a 131 

Selected Aggregates for Total Economy and Sectors S.2.a 132 

Households and Nonprofit Institutions Serving Households S.3.a 134 

Nonfinancial Noncorporate Business S.4.a 137 

Nonfinancial Corporate Business S.5.a 140 

Financial Business S.6.a 143 

Federal Government S.7.a 146 

State and Local Governments S.8.a 149 

Rest of the World S.9.a 152 
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Historical Annuals, 1945-1954, September 18, 2014 1

F.1 Total Credit Market Borrowing and Lending (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Credit market borrowing ND -4.8 17.0 14.6 15.2 27.9 24.0 35.4 30.6 25.2 1

 2 Domestic nonfinancial sectors ND -9.0 11.9 11.6 14.3 25.4 22.2 33.4 29.0 25.3 2

 3 Household sector ND 7.3 8.8 8.5 7.8 12.8 8.6 12.1 12.2 11.4 3

 4 Nonfinancial corporate business ND 5.3 6.9 6.1 1.6 6.0 8.4 6.2 3.9 3.6 4

 5 Nonfinancial noncorporate business ND 1.9 1.7 1.3 1.4 3.1 3.3 2.5 0.9 2.6 5

 6 State and local governments ND 0.0 1.6 1.4 0.9 4.6 2.4 7.2 5.0 5.3 6

 7 Federal government ND -23.4 -7.2 -5.7 2.6 -1.2 -0.4 5.4 7.0 2.4 7

 8 Rest of the world ND 3.0 4.3 1.4 0.2 0.1 0.6 0.5 0.0 0.3 8

 9 Financial sectors ND 1.2 0.8 1.6 0.8 2.3 1.1 1.5 1.6 -0.4 9

 10 U.S.-chartered depository institutions ND 0.2 0.2 0.1 -0.1 0.5 0.2 -0.0 0.2 0.2 10

 11 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 11

 12 Credit unions 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 Government-sponsored enterprises ND 0.3 0.1 0.3 -0.1 0.4 0.2 0.0 -0.0 -0.0 14

 15 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 15

 16 ABS issuers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Finance companies ND 0.7 0.5 1.2 1.0 1.4 0.7 1.5 1.4 -0.6 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Credit market lending ND -4.8 17.0 14.6 15.2 27.9 24.0 35.4 30.6 25.2 22

 23 Domestic nonfinancial sectors ND -4.2 6.8 5.9 5.2 7.6 4.4 11.2 8.7 -0.8 23

 24 Household sector ND -0.7 1.2 2.2 0.9 1.6 0.7 7.7 5.0 -0.1 24

 25 Nonfinancial corporate business ND -5.1 0.5 1.5 2.5 4.3 1.5 -1.1 2.1 -1.3 25

 26 Nonfinancial noncorporate business ND 0.1 0.1 0.1 0.1 0.2 0.1 1.4 0.1 0.0 26

 27 State and local governments ND -0.7 0.7 0.7 0.5 0.7 0.8 1.5 1.0 0.9 27

 28 Federal government ND 2.3 4.3 1.4 1.3 0.7 1.2 1.6 0.6 -0.3 28

 29 Rest of the world ND -0.7 0.7 0.1 0.2 1.4 0.1 0.2 0.7 0.6 29

 30 Financial sectors ND 0.1 9.5 8.6 9.8 18.8 19.5 24.0 21.2 25.4 30

 31 Monetary authority ND -0.8 -0.9 0.9 -4.6 1.8 2.9 0.5 1.3 -0.3 31

 32 U.S.-chartered depository institutions ND -3.2 5.8 0.4 8.0 9.6 9.8 12.9 9.2 15.6 32

 33 Foreign banking offices in U.S. ND 0.1 0.1 0.1 0.2 0.2 0.3 0.2 0.0 0.1 33

 34 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 34

 35 Credit unions ND 0.1 0.1 0.1 0.1 0.2 0.1 0.2 0.3 0.2 35

 36 Property-casualty insurance companies ND 0.6 0.7 0.9 0.7 0.8 0.6 0.9 1.1 1.0 36

 37 Life insurance companies ND 3.2 3.0 3.5 3.5 3.5 3.6 4.4 4.7 4.8 37

 38 Private pension funds ND 0.3 0.3 0.3 0.3 0.3 0.8 1.1 1.3 1.3 38

 39 State and local govt. retirement funds ND 0.3 0.3 0.4 0.5 0.6 0.7 1.0 1.3 1.5 39

 40 Federal government retirement funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

 41 Money market mutual funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 41

 42 Mutual funds ND 0.0 0.0 0.0 0.1 0.1 0.1 0.0 0.0 0.1 42

 43 Closed-end funds ND 0.0 0.1 0.0 0.1 0.1 0.0 0.1 0.1 0.1 43

 44 Exchange-traded funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44

 45 Government-sponsored enterprises ND 0.1 0.2 0.4 -0.0 0.5 0.4 0.1 0.1 0.3 45

 46 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 46

 47 ABS issuers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47

 48 Finance companies ND 0.6 0.7 0.9 0.9 1.4 0.4 2.1 1.7 0.7 48

 49 REITs ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 49

 50 Brokers and dealers ND -1.1 -0.7 0.6 0.1 -0.1 -0.2 0.3 0.1 0.0 50

 51 Holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 51

 52 Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 -0.0 52

(1) Excludes corporate equities and mutual fund shares.
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2 Historical Annuals, 1945-1954, September 18, 2014

F.2 Credit Market Borrowing by Nonfinancial Sectors

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Domestic ND -9.0 11.9 11.6 14.3 25.4 22.2 33.4 29.0 25.3 1

 2 By instrument ND -9.0 11.9 11.6 14.3 25.4 22.2 33.4 29.0 25.3 2

 3 Commercial paper ND 0.0 0.0 -0.0 -0.0 0.0 0.1 0.1 0.1 0.1 3

 4 Treasury securities ND -23.2 -7.2 -6.6 2.5 -0.6 -0.3 5.0 5.4 2.3 4

 5 Agency- and GSE-backed securities ND -0.2 -0.0 0.8 0.1 -0.6 -0.1 0.4 1.6 0.1 5

 6 Municipal securities ND 0.1 1.6 1.3 1.0 4.5 2.1 6.9 5.4 5.7 6

 7 Corporate bonds ND 1.0 2.8 4.3 2.9 1.6 3.3 4.7 3.5 3.5 7

 8 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 8

 9 Other loans and advances ND -0.1 0.2 0.6 0.3 0.9 1.2 1.2 0.1 0.3 9

 10 Mortgages ND 6.2 7.2 7.4 6.5 10.2 9.4 9.0 9.8 12.2 10

 11 Home ND 4.4 5.2 5.2 4.3 7.6 6.4 6.7 7.5 9.4 11

 12 Multifamily residential ND 0.3 0.5 0.9 1.2 1.5 1.3 0.8 0.6 0.5 12

 13 Commercial ND 1.3 1.3 1.1 0.7 0.6 1.0 0.9 1.2 1.7 13

 14 Farm ND 0.1 0.2 0.2 0.3 0.5 0.6 0.6 0.5 0.5 14

 15 Consumer credit ND 3.0 3.5 3.0 3.0 4.6 1.4 5.2 4.1 1.3 15

 16 By sector ND -9.0 11.9 11.6 14.3 25.4 22.2 33.4 29.0 25.3 16

 17 Household sector ND 7.3 8.8 8.5 7.8 12.8 8.6 12.1 12.2 11.4 17

 18 Nonfinancial business ND 7.2 8.7 7.4 3.0 9.2 11.7 8.7 4.8 6.1 18

 19 Corporate ND 5.3 6.9 6.1 1.6 6.0 8.4 6.2 3.9 3.6 19

 20 Noncorporate ND 1.9 1.7 1.3 1.4 3.1 3.3 2.5 0.9 2.6 20

 21 State and local governments ND 0.0 1.6 1.4 0.9 4.6 2.4 7.2 5.0 5.3 21

 22 Federal government ND -23.4 -7.2 -5.7 2.6 -1.2 -0.4 5.4 7.0 2.4 22

 23 Foreign borrowing in U.S. ND 3.0 4.3 1.4 0.2 0.1 0.6 0.5 0.0 0.3 23

 24 Commercial paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Bonds ND -0.1 -0.0 0.1 -0.0 0.3 0.3 0.0 -0.1 -0.1 25

 26 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 26

 27 Other loans and advances ND 2.7 4.2 1.1 0.5 0.2 0.2 0.4 0.3 -0.1 27

 28 Domestic and foreign ND -6.0 16.2 13.1 14.5 25.5 22.9 33.9 29.0 25.6 28

F.3 Credit Market Borrowing by Financial Sectors

Billions of dollars

 1 By instrument ND 1.2 0.8 1.6 0.8 2.3 1.1 1.5 1.6 -0.4 1

 2 Open market paper ND 0.2 0.2 0.2 0.2 0.2 0.4 0.4 0.3 0.2 2

 3 GSE issues 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 pool sec. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Corporate bonds ND 0.1 0.1 0.4 0.3 0.2 0.4 0.0 1.4 -0.3 5

 6 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 6

 7 Other loans and advances ND 0.1 0.1 0.1 -0.1 0.4 0.1 -0.0 0.1 -0.1 7

 8 Mortgages ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 By sector ND 1.2 0.8 1.6 0.8 2.3 1.1 1.5 1.6 -0.4 9

 10 U.S.-chartered depository institutions ND 0.2 0.2 0.1 -0.1 0.5 0.2 -0.0 0.2 0.2 10

 11 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 11

 12 Credit unions 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 Government-sponsored enterprises ND 0.3 0.1 0.3 -0.1 0.4 0.2 0.0 -0.0 -0.0 14

 15 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 15

 16 ABS issuers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Finance companies ND 0.7 0.5 1.2 1.0 1.4 0.7 1.5 1.4 -0.6 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Funding corporations ND 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, September 18, 2014 3

F.4 Credit Market Borrowing, All Sectors, by Instrument

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total ND -4.8 17.0 14.6 15.2 27.9 24.0 35.4 30.6 25.2 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 -23.2 -7.2 -6.6 2.5 -0.6 -0.3 5.0 5.4 2.3 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

 7 Depository institution loans n.e.c. ND 5.2 4.1 1.5 -1.8 5.6 5.3 2.2 -1.3 0.1 7

 8 Other loans and advances ND 2.7 4.5 1.8 0.7 1.4 1.5 1.5 0.5 0.1 8

 9 Mortgages ND 6.2 7.2 7.4 6.5 10.2 9.4 9.0 9.8 12.2 9

 10 Consumer credit ND 3.0 3.5 3.0 3.0 4.6 1.4 5.2 4.1 1.3 10

 Memo:

 Funds raised through corporate equities and mutual fund shares

 11 Total net issues ND 1.4 1.7 1.3 1.8 1.7 2.6 3.1 2.8 2.1 11

 12 Corporate equities ND 1.2 1.5 1.1 1.5 1.5 2.3 2.6 2.5 1.6 12

 13 Nonfinancial ND 1.0 1.1 1.0 1.2 1.3 2.1 2.3 1.8 1.6 13

 Foreign shares purchased by

 14 U.S. residents ND 0.1 0.0 -0.1 -0.0 -0.2 -0.2 0.0 0.1 0.3 14

 15 Financial ND 0.1 0.4 0.2 0.3 0.4 0.4 0.3 0.6 -0.3 15

 16 Mutual fund shares ND 0.2 0.2 0.1 0.3 0.2 0.3 0.5 0.4 0.4 16

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

Billions of dollars

 Net flows through credit markets

 1 (from table F.4, line 1) ND -4.8 17.0 14.6 15.2 27.9 24.0 35.4 30.6 25.2 1

 2 U.S. official reserve assets ND -0.2 1.2 0.4 0.2 -0.0 -0.0 0.0 -0.1 -0.2 2

 3 SDR certificates ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Treasury currency ND 0.1 -0.0 -0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 4

 5 Foreign deposits ND 0.0 -0.0 -0.0 0.0 0.0 0.0 -0.0 0.0 0.0 5

 6 Net interbank transactions ND -0.5 2.1 2.4 -3.5 2.5 2.5 -0.2 -0.4 -1.9 6

 7 Checkable deposits and currency ND -14.6 1.1 -0.6 -0.0 5.3 7.2 6.5 0.0 4.6 7

 8 Small time and savings deposits ND 6.3 3.4 2.2 2.6 2.5 5.0 7.9 8.3 9.4 8

 9 Large time deposits ND 0.2 0.2 0.3 0.4 0.3 -0.0 0.3 0.9 1.2 9

 10 Money market fund shares 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 0.0 -0.0 0.0 -0.0 -0.0 11

 12 Corporate equities ND 1.2 1.5 1.1 1.5 1.5 2.3 2.6 2.5 1.6 12

 13 Mutual fund shares ND 0.2 0.2 0.1 0.3 0.2 0.3 0.5 0.4 0.4 13

 14 Trade payables ND 6.1 3.8 3.0 0.2 10.5 1.8 2.1 0.5 4.3 14

 15 Security credit ND -2.3 -0.7 0.5 0.9 0.9 -0.4 0.5 0.8 1.8 15

 16 Life insurance reserves ND 3.8 3.2 2.8 2.8 2.9 2.7 2.9 3.0 2.7 16

 17 Pension entitlements ND 6.6 6.6 6.9 7.4 7.8 13.7 15.4 16.4 15.9 17

 18 Taxes payable ND -1.9 2.1 0.9 -2.1 7.4 4.7 -2.8 1.1 -3.5 18

 19 Noncorporate proprietors’ equity ND 0.6 0.1 4.8 1.4 2.1 1.7 2.5 2.9 -1.1 19

 20 Miscellaneous ND 6.0 6.5 5.9 6.9 8.8 8.8 11.5 10.4 12.1 20

 21 Total financial sources ND 7.1 48.8 46.2 34.9 81.3 74.9 86.2 78.3 73.5 21

 - Liabilities not identified as assets:

 22 Treasury currency ND -0.1 -0.0 -0.0 -0.0 -0.0 -0.0 -0.1 -0.0 -0.1 22

 23 Foreign deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Net interbank liabilities ND -0.5 0.1 -0.1 0.1 0.1 -0.8 -0.1 -0.1 -0.5 24

 25 Security repurchase agreements ND 0.0 -0.1 -0.0 0.0 -0.0 -0.1 -0.9 0.1 0.5 25

 26 Taxes payable ND -7.8 -7.5 -7.3 -7.3 -8.2 -9.0 -8.8 -9.5 -9.5 26

 27 Miscellaneous ND 2.2 -0.7 -1.1 -1.2 0.5 -4.4 -3.0 -4.0 -2.1 27

 - Floats not included in assets:

 28 Checkable deposits: State and local govt. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.2 -0.0 28

 29 Federal govt. ND 0.6 -1.6 0.1 0.1 -0.2 -0.0 -0.6 0.2 0.6 29

 30 Private domestic ND 0.3 0.7 -0.4 0.3 0.6 0.2 1.6 -0.0 -0.5 30

 31 Trade credit ND 2.9 -1.7 0.8 1.1 -1.4 -2.8 -3.8 1.0 0.6 31

 Totals identified to sectors

 32 as assets ND 9.4 59.4 54.3 41.9 90.0 91.8 101.9 90.5 84.5 32
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4 Historical Annuals, 1945-1954, September 18, 2014

L.1 Credit Market Debt Outstanding (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total credit market debt owed by: 355.0 351.0 367.9 382.5 397.7 425.5 449.5 484.9 516.9 542.1 1

 2 Domestic nonfinancial sectors 348.2 340.1 352.0 363.6 377.9 403.2 425.5 458.9 488.2 513.5 2

 3 Household sector 28.2 35.5 44.3 52.8 60.7 73.5 82.0 94.2 106.4 117.8 3

 4 Nonfinancial corporate business 44.7 49.9 56.8 62.8 64.4 70.4 78.9 85.1 89.3 92.8 4

 5 Nonfinancial noncorporate business 11.3 14.0 15.8 17.2 18.5 21.6 24.9 27.4 28.4 30.9 5

 6 State and local governments 12.6 12.7 14.3 15.7 16.6 21.2 23.6 30.8 35.8 41.1 6

 7 Federal government 251.5 228.0 220.8 215.1 217.7 216.5 216.1 221.4 228.4 230.8 7

 8 Rest of the world 5.0 8.0 12.3 13.7 13.8 13.9 14.6 15.0 16.2 16.4 8

 9 Financial sectors 1.7 2.9 3.7 5.2 6.0 8.4 9.5 11.0 12.6 12.2 9

 10 U.S.-chartered depository institutions 0.3 0.5 0.6 0.7 0.6 1.1 1.3 1.3 1.4 1.6 10

 11 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 11

 12 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Life insurance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Government-sponsored enterprises 0.9 1.2 1.3 1.6 1.4 1.8 2.1 2.1 2.1 2.1 14

 15 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 15

 16 ABS issuers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Finance companies 0.5 1.2 1.7 2.9 3.9 5.3 6.0 7.5 8.9 8.3 17

 18 REITs 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 Holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Total credit market assets held by: 355.0 351.0 367.9 382.5 397.7 425.5 449.5 484.9 516.9 542.1 22

 23 Domestic nonfinancial sectors 125.9 122.5 129.2 135.1 140.3 147.9 152.2 163.5 173.5 172.7 23

 24 Household sector 91.0 90.3 91.5 93.7 94.6 96.2 96.9 104.7 109.6 109.5 24

 25 Nonfinancial corporate business 21.6 16.5 16.9 18.4 20.9 25.3 26.8 25.7 27.8 26.5 25

 26 Nonfinancial noncorporate business 0.6 0.7 0.8 0.9 1.0 1.1 1.3 2.7 2.8 2.8 26

 27 State and local governments 7.5 6.8 7.5 8.2 8.6 9.4 10.1 11.7 12.6 13.5 27

 28 Federal government 5.2 8.3 12.6 13.9 15.1 15.9 17.1 18.7 20.7 20.4 28

 29 Rest of the world 3.1 2.4 3.0 3.1 3.4 4.8 4.9 5.1 5.8 6.4 29

 30 Financial sectors 226.0 226.1 235.6 244.2 254.1 272.9 292.4 316.3 337.6 363.0 30

 31 Monetary authority 24.3 23.5 22.6 23.5 19.0 20.7 23.6 24.1 25.3 25.0 31

 32 U.S.-chartered depository institutions 140.6 137.4 143.2 143.6 151.6 161.2 171.0 183.9 193.1 208.8 32

 33 Foreign banking offices in U.S. 0.4 0.5 0.5 0.6 0.8 1.0 1.3 1.5 1.5 1.6 33

 34 Banks in U.S.-affiliated areas 0.6 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 34

 35 Credit unions 0.2 0.2 0.3 0.5 0.6 0.7 0.8 1.1 1.4 1.6 35

 36 Property-casualty insurance companies 3.5 4.1 4.8 5.7 6.4 7.2 7.8 8.7 9.9 10.8 36

 37 Life insurance companies 41.2 44.4 47.4 50.9 54.4 57.9 61.6 65.9 70.6 75.4 37

 38 Private pension funds 3.9 4.1 4.4 4.7 5.0 5.3 6.0 7.2 8.5 9.8 38

 39 State and local govt. retirement funds 2.5 2.8 3.1 3.5 4.1 4.7 5.4 6.4 7.7 9.2 39

 40 Federal government retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

 41 Money market mutual funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 41

 42 Mutual funds 0.2 0.3 0.3 0.3 0.4 0.4 0.5 0.5 0.5 0.7 42

 43 Closed-end funds 0.2 0.2 0.3 0.3 0.3 0.4 0.4 0.5 0.6 0.6 43

 44 Exchange-traded funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44

 45 Government-sponsored enterprises 2.0 2.1 2.3 2.7 2.6 3.1 3.5 3.6 3.7 4.0 45

 46 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 46

 47 ABS issuers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47

 48 Finance companies 3.6 4.3 5.0 5.9 6.8 8.2 8.7 10.8 12.5 13.2 48

 49 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 49

 50 Brokers and dealers 2.7 1.6 0.9 1.5 1.5 1.4 1.2 1.5 1.6 1.6 50

 51 Holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 51

 52 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 52

(1) Excludes corporate equities and mutual fund shares.
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Historical Annuals, 1945-1954, September 18, 2014 5

L.2 Credit Market Debt Owed by Nonfinancial Sectors

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Domestic 348.2 340.1 352.0 363.6 377.9 403.2 425.5 458.9 488.2 513.5 1

 2 By instrument 348.2 340.1 352.0 363.6 377.9 403.2 425.5 458.9 488.2 513.5 2

 3 Commercial paper 0.1 0.1 0.2 0.2 0.2 0.2 0.3 0.3 0.4 0.5 3

 4 Treasury securities 251.2 227.9 220.7 214.2 216.7 216.1 215.8 220.8 226.2 228.5 4

 5 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 5

 6 Municipal securities 12.1 12.2 13.8 15.1 16.1 20.7 22.8 29.7 35.0 40.7 6

 7 Corporate bonds 23.9 24.9 27.7 32.0 34.9 36.5 39.8 44.5 48.0 51.5 7

 8 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 8

 9 Other loans and advances 7.4 8.2 8.4 9.0 9.3 10.2 11.4 12.5 13.0 13.3 9

 10 Mortgages 35.9 42.0 49.2 56.6 63.0 73.2 82.6 91.6 101.4 113.6 10

 11 Home 18.7 23.1 28.3 33.4 37.8 45.3 51.8 58.5 66.0 75.4 11

 12 Multifamily residential 4.9 5.3 5.8 6.7 7.8 9.3 10.6 11.5 12.1 12.7 12

 13 Commercial 7.5 8.8 10.1 11.2 11.9 12.5 13.5 14.4 15.6 17.3 13

 14 Farm 4.8 4.9 5.1 5.3 5.6 6.1 6.7 7.2 7.7 8.2 14

 15 Consumer credit 6.8 9.8 13.3 16.3 19.4 23.9 25.4 30.5 34.6 36.0 15

 16 By sector 348.2 340.1 352.0 363.6 377.9 403.2 425.5 458.9 488.2 513.5 16

 17 Household sector 28.2 35.5 44.3 52.8 60.7 73.5 82.0 94.2 106.4 117.8 17

 18 Nonfinancial business 55.9 63.9 72.6 80.0 82.9 92.1 103.8 112.5 117.6 123.8 18

 19 Corporate 44.7 49.9 56.8 62.8 64.4 70.4 78.9 85.1 89.3 92.8 19

 20 Noncorporate 11.3 14.0 15.8 17.2 18.5 21.6 24.9 27.4 28.4 30.9 20

 21 State and local governments 12.6 12.7 14.3 15.7 16.6 21.2 23.6 30.8 35.8 41.1 21

 22 Federal government 251.5 228.0 220.8 215.1 217.7 216.5 216.1 221.4 228.4 230.8 22

 Foreign credit market debt

 23 held in U.S. 5.0 8.0 12.3 13.7 13.8 13.9 14.6 15.0 16.2 16.4 23

 24 Commercial paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Bonds 2.9 2.8 2.8 2.9 2.9 3.1 3.4 3.4 3.3 3.3 25

 26 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 26

 27 Other loans and advances 1.6 4.4 8.5 9.6 10.0 10.1 10.4 10.8 12.1 12.0 27

 28 Domestic and foreign 353.3 348.1 364.2 377.3 391.7 417.2 440.0 474.0 504.3 529.9 28

L.3 Credit Market Debt Owed by Financial Sectors

Billions of dollars

 1 By instrument 1.7 2.9 3.7 5.2 6.0 8.4 9.5 11.0 12.6 12.2 1

 2 Open market paper 0.2 0.4 0.6 0.8 1.0 1.1 1.6 1.9 2.2 2.4 2

 3 GSE issues 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 pool sec. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 4

 5 Corporate bonds 0.1 0.2 0.3 0.8 1.1 1.3 1.7 1.7 3.1 2.8 5

 6 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 6

 7 Other loans and advances 0.2 0.3 0.4 0.5 0.4 0.8 0.9 0.9 1.0 0.9 7

 8 Mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 By sector 1.7 2.9 3.7 5.2 6.0 8.4 9.5 11.0 12.6 12.2 9

 10 U.S.-chartered depository institutions 0.3 0.5 0.6 0.7 0.6 1.1 1.3 1.3 1.4 1.6 10

 11 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 11

 12 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Life insurance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Government-sponsored enterprises 0.9 1.2 1.3 1.6 1.4 1.8 2.1 2.1 2.1 2.1 14

 15 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 15

 16 ABS issuers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Finance companies 0.5 1.2 1.7 2.9 3.9 5.3 6.0 7.5 8.9 8.3 17

 18 REITs 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 Holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Funding corporations 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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6 Historical Annuals, 1945-1954, September 18, 2014

L.4 Credit Market Debt, All Sectors, by Instrument

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total 355.0 351.0 367.9 382.5 397.7 425.5 449.5 484.9 516.9 542.1 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 251.2 227.9 220.7 214.2 216.7 216.1 215.8 220.8 226.2 228.5 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

 7 Depository institution loans n.e.c. 11.3 16.5 20.6 22.2 20.4 26.0 31.4 33.6 32.2 32.3 7

 8 Other loans and advances 9.3 12.8 17.3 19.1 19.7 21.1 22.6 24.2 26.0 26.1 8

 9 Mortgages 35.9 42.0 49.2 56.6 63.0 73.2 82.6 91.6 101.4 113.6 9

 10 Consumer credit 6.8 9.8 13.3 16.3 19.4 23.9 25.4 30.5 34.6 36.0 10

 Memo:

 Selected claims not included above:

 11 Corporate equities 117.7 109.7 107.6 106.5 116.9 142.7 166.5 168.6 164.6 224.3 11

 12 Mutual fund shares 1.2 1.3 1.4 1.5 3.1 3.3 3.5 3.9 4.1 6.1 12

L.5 Total Liabilities and Its Relation to Total Financial Assets

Billions of dollars

 Total credit market debt

 1 (from table L.4) 355.0 351.0 367.9 382.5 397.7 425.5 449.5 484.9 516.9 542.1 1

 2 U.S. official reserve assets 0.0 -0.2 0.9 1.3 1.5 1.4 1.4 1.5 1.4 1.2 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 2.3 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.5 2.5 4

 5 Foreign deposits 0.0 0.1 0.1 0.0 0.0 0.1 0.1 0.1 0.1 0.2 5

 6 Net interbank liabilities 18.5 18.0 20.2 22.5 19.0 21.5 24.0 23.8 23.4 21.5 6

 7 Checkable deposits and currency 133.7 119.1 120.2 119.6 119.6 124.9 132.1 138.7 138.7 143.3 7

 8 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 8

 9 Large time deposits 3.2 3.4 3.6 3.9 4.3 4.6 4.5 4.9 5.8 7.0 9

 10 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 11

 12 Mutual fund shares 1.2 1.3 1.4 1.5 3.1 3.3 3.5 3.9 4.1 6.1 12

 13 Security credit 5.2 3.0 2.2 2.7 3.6 4.5 4.1 4.6 5.3 7.1 13

 14 Life insurance reserves 39.6 43.4 46.5 49.4 52.1 55.0 57.8 60.7 63.6 66.3 14

 15 Pension entitlements 57.0 64.5 71.9 79.3 87.1 95.2 108.8 124.4 140.6 156.6 15

 16 Trade payables 21.5 27.6 31.4 34.4 34.6 45.1 46.9 49.0 49.5 53.8 16

 17 Taxes payable 10.5 8.6 10.7 11.6 9.5 16.9 21.6 18.8 19.9 16.4 17

 18 Miscellaneous 47.5 54.3 61.5 68.0 74.8 83.2 91.4 102.8 113.2 125.5 18

 19 Total liabilities 755.4 762.9 811.9 853.8 887.7 966.3 1037.1 1119.3 1194.1 1269.8 19

 + Financial assets not included in

 liabilities:

 20 Gold 20.1 20.7 22.9 24.4 24.6 22.8 22.9 23.3 22.1 21.8 20

 21 Corporate equities 117.7 109.7 107.6 106.5 116.9 142.7 166.5 168.6 164.6 224.3 21

 22 Household equity in noncorp. bus. 197.4 234.2 267.4 283.1 284.9 301.8 328.6 330.7 330.3 333.9 22

 - Liabilities not identified as assets:

 23 Treasury currency -1.9 -2.0 -2.0 -2.0 -2.1 -2.1 -2.2 -2.2 -2.3 -2.3 23

 24 Foreign deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Net interbank transactions -0.5 -1.0 -0.9 -1.0 -0.9 -0.8 -1.6 -1.7 -1.9 -2.4 25

 26 Security repurchase agreements 0.0 0.0 -0.1 -0.1 -0.1 -0.1 -0.2 -1.1 -0.9 -0.4 26

 27 Taxes payable 0.4 -0.1 -0.4 -0.3 -0.1 -0.1 -0.5 9.0 12.1 11.4 27

 28 Miscellaneous -16.4 -14.9 -15.1 -15.3 -15.9 -15.1 -18.5 -20.4 -23.8 -25.1 28

 - Floats not included in assets:

 29 Checkable deposits: State and local govt. 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.6 1.8 1.8 29

 30 Federal govt. 0.8 1.4 -0.1 -0.1 0.0 -0.2 -0.2 -0.8 -0.7 -0.0 30

 31 Private domestic 3.9 4.2 4.9 4.5 4.8 5.4 5.6 7.2 7.2 6.7 31

 32 Trade credit -5.7 -2.8 -4.5 -3.7 -2.6 -4.0 -6.8 -10.6 -9.6 -9.1 32

 33 Totals identified to sectors as assets 1108.4 1141.1 1226.3 1284.2 1329.4 1449.1 1578.0 1661.0 1729.2 1869.2 33
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Historical Annuals, 1945-1954, September 18, 2014 7

F.6 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 8.0 8.9 8.6 11

 12 Financial institutions ND 0.5 0.6 0.7 0.7 0.8 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 92.7 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 the 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 State and local governments ND 0.1 0.1 0.1 0.2 0.3 0.3 0.3 0.3 0.4 37

 38 Federal governments ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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.100, line 4.

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

(4) Government inventory investment is included in consumption expenditures.
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8 Historical Annuals, 1945-1954, September 18, 2014

F.7 Distribution of National Income (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 National Income ND 201.5 219.0 245.1 240.0 266.9 308.0 326.5 344.3 344.3 1

 2 Compensation of employees ND 122.6 132.5 144.4 144.5 158.4 185.9 201.3 215.5 214.4 2

 3 Wages and other labor income ND 117.5 128.6 141.4 141.1 155.1 181.8 197.1 211.3 209.8 3

 4 Employer social insurance contributions ND 5.1 3.9 3.0 3.3 3.4 4.1 4.1 4.2 4.6 4

 Proprietors’ income with inventory

 5 valuation and capital consumption adjustments ND 35.7 34.6 39.3 34.7 37.5 42.6 43.0 42.0 42.3 5

 Rental income of persons (with capital

 6 consumption adjustment) ND 6.9 6.9 7.5 7.8 8.8 9.7 10.8 12.0 13.1 6

 Corporate profits with inventory

 7 valuation and capital consumption adjustments ND 18.2 24.2 31.4 29.1 36.1 41.2 39.7 40.3 39.5 7

 Corporate profits with inventory

 8 valuation adjustment 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 ND -5.3 -5.9 -2.2 1.9 -5.0 -1.2 1.0 -1.0 -0.3 25

 26 Capital consumption adjustment 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 Current surplus of government enterprises ND 0.4 0.3 0.3 0.3 0.4 0.4 0.4 0.5 0.6 33

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

 34 National Income, from line 1 above ND 201.5 219.0 245.1 240.0 266.9 308.0 326.5 344.3 344.3 34

 Plus:

 35 Private consumption of fixed capital ND 14.2 17.7 20.8 22.6 24.3 27.7 29.5 31.3 33.0 35

 36 Government consumption of fixed capital ND 11.5 11.5 10.6 9.7 9.1 10.0 11.1 12.1 13.0 36

 37 Statistical discrepancy ND 1.2 2.9 -0.2 1.8 1.3 3.5 2.6 3.8 2.9 37

 Less:

 38 Net U.S. income receipts from rest of the world ND 0.7 1.1 1.5 1.3 1.4 1.9 2.0 1.9 2.1 38

 Equals:

 39 Gross Domestic Product ND 227.8 249.9 274.8 272.8 300.2 347.3 367.7 389.7 391.1 39

(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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Historical Annuals, 1945-1954, September 18, 2014 9

F.8 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 49.5 64.8 79.7 79.8 81.9 80.6 1

 2 Net saving ND 15.8 20.0 30.1 17.1 31.4 41.9 39.2 38.4 34.6 2

 3 Net private saving ND 23.1 17.6 29.1 25.2 29.3 36.0 39.5 40.3 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 28.1 7

 8 Net government saving ND -7.4 2.5 1.0 -8.1 2.1 6.0 -0.3 -1.9 -6.0 8

 9 Federal ND -8.2 2.4 0.9 -8.6 1.8 4.4 -2.2 -4.2 -8.1 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 6.0 6.9 13.2 9.3 11.8 12.6 11.9 12.3 11.5 26

 27 Financial business ND 0.5 0.6 0.7 0.7 0.8 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 14.3 17.8 43

 44 Domestic business ND -8.9 -1.7 -6.6 7.2 -5.9 -7.7 0.0 -0.1 6.0 44

 45 Nonfinancial corporate business (3) ND -7.6 -0.1 -0.3 8.7 -2.0 -4.1 2.0 2.0 7.0 45

 46 Nonfinancial noncorporate business ND -2.1 -2.0 -7.3 -2.9 -4.9 -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 1.6 47

 48 Households and institutions ND 13.6 1.8 5.0 2.6 3.7 11.5 13.6 14.4 11.8 48

 49 Government ND 0.2 9.1 4.0 -8.9 0.3 -2.9 -13.1 -15.6 -17.6 49

 50 Federal ND -0.7 9.9 5.5 -6.5 3.4 -0.4 -10.8 -13.3 -13.8 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 -0.2 1.8 1.3 3.5 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.9 and the acquisition of nonproduced nonfinancial assets (net) shown on table F.6.

(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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10 Historical Annuals, 1945-1954, September 18, 2014

F.9 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 the rest of the 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) 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 5-27) 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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Historical Annuals, 1945-1954, September 18, 2014 11

F.10 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 39.7 36.0 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 Securities ND -1.1 1.1 2.1 1.0 1.9 1.6 8.3 4.9 -0.8 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 Corporate equities (2) ND 1.0 1.1 0.9 0.6 0.8 1.5 0.8 0.6 -0.0 12

 13 Mutual fund shares ND 0.2 0.2 0.1 0.3 0.2 0.3 0.5 0.4 0.4 13

 14 Life insurance reserves ND 3.8 3.2 2.8 2.8 2.9 2.7 2.9 3.0 2.7 14

 15 Pension entitlements ND 6.6 6.6 6.9 7.4 7.8 13.7 15.4 16.4 15.9 15

 16 Miscellaneous and other assets ND 3.7 2.5 2.0 1.4 2.7 1.6 3.8 2.4 2.0 16

 17 Gross investment in nonfinancial assets ND 29.2 38.5 50.6 48.3 61.9 60.5 59.4 64.3 64.9 17

 18 Residential fixed investment ND 7.9 12.1 15.7 14.7 20.6 18.6 18.8 19.6 21.3 18

 19 Nonresidential fixed investment ND 5.3 7.6 9.2 9.0 10.4 10.6 9.7 10.8 10.9 19

 20 Consumer durables ND 15.9 20.4 22.9 25.2 30.7 30.0 29.4 33.1 32.6 20

 21 Nonproduced nonfinancial assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Inventories ND 0.1 -1.7 2.8 -0.7 0.2 1.4 1.5 0.8 0.1 22

 23 Consumption of fixed capital ND 16.9 20.5 24.6 26.7 29.7 35.2 36.7 38.2 40.9 23

 24 Residential fixed investment ND 3.1 3.9 4.4 4.6 5.0 5.6 6.0 6.3 6.6 24

 25 Nonresidential fixed investment ND 3.1 4.0 4.8 5.4 5.9 6.8 7.3 7.6 7.8 25

 26 Consumer durables ND 10.7 12.7 15.4 16.6 18.8 22.7 23.4 24.3 26.5 26

 27 Net investment in nonfinancial assets (3) ND 12.3 18.0 26.0 21.6 32.1 25.3 22.7 26.1 24.0 27

 28 Residential fixed investment ND 4.8 8.3 11.3 10.1 15.6 13.0 12.8 13.3 14.7 28

 29 Nonresidential fixed investment ND 2.2 3.7 4.4 3.6 4.4 3.7 2.5 3.2 3.0 29

 30 Consumer durables ND 5.1 7.8 7.6 8.5 11.9 7.2 6.0 8.8 6.1 30

 31 Nonproduced nonfinancial assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 Inventories ND 0.1 -1.7 2.8 -0.7 0.2 1.4 1.5 0.8 0.1 32

 33 Net increase in liabilities ND 10.2 11.8 11.1 9.9 17.9 12.3 15.5 14.0 16.7 33

 34 Home mortgages ND 4.4 5.2 5.2 4.3 7.6 6.4 6.7 7.5 9.4 34

 35 Other mortgages ND 1.0 0.8 1.2 1.5 2.1 2.3 2.1 1.6 2.3 35

 36 Consumer credit ND 3.0 3.5 3.0 3.0 4.6 1.4 5.2 4.1 1.3 36

 37 Policy loans ND -0.1 0.0 0.1 0.2 0.2 0.2 0.1 0.2 0.2 37

 38 Security credit ND -0.7 0.0 -0.0 0.4 0.5 -0.1 0.1 0.4 0.8 38

 39 Other liabilities ND 2.6 2.2 1.6 0.5 2.9 2.0 1.3 0.2 2.7 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 = Personal saving, NIPA concept (FOF) (6) ND 21.6 15.1 21.1 16.7 23.2 36.0 41.5 40.1 34.1 44

 45 Personal saving, NIPA concept (NIPA) ND 19.6 11.0 17.2 13.6 20.0 25.9 27.8 29.2 28.2 45

 46 Difference ND 2.0 4.1 3.8 3.1 3.2 10.1 13.7 10.9 5.9 46

 Memo:

 47 Disposable personal income ND 165.5 174.8 194.5 194.5 215.0 237.4 250.6 266.3 272.4 47

 Personal saving as a percentage of disposable personal income:

 48 FOF concept (FOF data) (line 41) ND 16.9 13.7 15.1 13.3 16.6 18.4 19.1 18.5 14.7 48

 49 NIPA concept (FOF data) (line 44) ND 13.0 8.6 10.8 8.6 10.8 15.2 16.6 15.1 12.5 49

 50 NIPA concept (NIPA data) (line 45) ND 11.8 6.3 8.9 7.0 9.3 10.9 11.1 11.0 10.3 50

 51 Difference (line 46) ND 1.2 2.3 2.0 1.6 1.5 4.2 5.5 4.1 2.2 51

(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 13), life insurance reserves (line 14), and pension entitlements (line 15).

(3) Line 17 less line 23.

(4) Table F.9, line 59 plus line 63.

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

(6) Line 44 and 45 are conceptually equivalent but measure saving using different data. Line 44 is net acquisition of financial assets net of government insurance and pension fund reserves (line 1 less line 43) plus

 net investment in nonfinancial assets net of consumer durables (line 27 less line 42) less net increase in liabilities (line 33) plus net capital transfers paid (line 40). Personal savings, NIPA concept (NIPA) (line 45)

 is disposable personal income (line 47) less personal outlays (table F.100, line 4).
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12 Historical Annuals, 1945-1954, September 18, 2014

L.10 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 Securities 189.8 179.4 177.0 176.9 186.3 211.7 233.9 240.3 239.2 293.1 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 Corporate equities (2) 109.7 101.6 99.2 98.0 105.6 129.8 152.1 151.0 145.8 198.8 12

 13 Mutual fund shares 1.2 1.3 1.4 1.5 3.1 3.3 3.5 3.9 4.1 6.1 13

 14 Life insurance reserves 39.6 43.4 46.5 49.4 52.1 55.0 57.8 60.7 63.6 66.3 14

 15 Pension entitlements 57.0 64.5 71.9 79.3 87.1 95.2 108.8 124.4 140.6 156.6 15

 16 Life insurance companies 2.7 3.1 3.6 4.2 4.8 5.6 6.6 7.7 8.8 10.0 16

 17 Private pension funds 20.7 22.1 23.6 25.0 26.2 27.2 32.1 36.9 42.3 46.7 17

 18 Governments 33.6 39.3 44.7 50.2 56.0 62.4 70.2 79.8 89.5 99.9 18

 19 Miscellaneous and other assets 25.7 29.4 31.9 33.9 35.3 38.0 39.7 44.1 46.5 48.5 19

 20 Total liabilities 45.5 56.6 68.4 79.5 89.5 107.3 119.6 135.1 149.1 165.8 20

 21 Home mortgages 18.7 23.1 28.3 33.4 37.8 45.3 51.8 58.5 66.0 75.4 21

 22 Other mortgages 8.6 9.6 10.4 11.6 13.1 15.2 17.6 19.7 21.3 23.6 22

 23 Consumer credit 6.8 9.8 13.3 16.3 19.4 23.9 25.4 30.5 34.6 36.0 23

 24 Policy loans 2.1 2.0 2.1 2.2 2.4 2.6 2.8 2.9 3.1 3.4 24

 25 Security credit 1.3 0.6 0.6 0.6 1.0 1.5 1.4 1.5 1.9 2.7 25

 26 Other liabilities 8.0 11.5 13.7 15.4 15.9 18.8 20.7 22.0 22.2 24.9 26

(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 13), life insurance reserves (line 14), and pension entitlements (line 15).
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Historical Annuals, 1945-1954, September 18, 2014 13

F.100 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 + Net investment in consumer durables ND 5.1 7.8 7.6 8.5 11.9 7.2 6.0 8.8 6.1 7

 8 + Consumption of fixed capital ND 13.0 15.6 18.8 20.3 22.8 27.2 28.3 29.5 32.0 8

 9 - Net capital transfers paid (4) ND 0.9 1.0 1.1 0.9 0.8 0.9 1.1 1.1 1.2 9

 10 = 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 10

 11 Gross investment ND 40.1 38.6 47.0 45.2 57.6 69.9 75.2 77.7 70.9 11

 12 Capital expenditures ND 23.3 31.6 37.4 38.9 50.1 47.9 47.5 52.0 53.4 12

 13 Residential ND 6.8 10.4 13.4 12.5 17.7 16.1 16.3 17.0 18.5 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 Nonprofit nonresidential ND 0.6 0.7 1.1 1.3 1.7 1.9 1.8 1.9 2.3 15

 16 Nonproduced nonfinancial assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Net lending (+) or net borrowing (-) ND 16.9 7.0 9.5 6.2 7.5 21.9 27.7 25.7 17.5 17

 18 Net acquisition of financial assets ND 23.8 16.1 18.2 14.5 21.0 30.6 40.1 38.4 29.9 18

 19 Foreign deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Checkable deposits and currency ND 5.2 -0.1 -2.4 -1.8 2.6 4.4 2.2 1.3 2.1 20

 21 Time and savings deposits ND 6.3 3.5 2.2 2.6 2.4 5.0 7.5 8.2 9.3 21

 22 Money market fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Credit market instruments ND -0.7 1.2 2.2 0.9 1.6 0.7 7.7 5.0 -0.1 23

 24 Open market paper ND 0.1 0.0 0.1 0.1 0.1 0.3 0.2 0.3 -0.2 24

 25 Treasury securities ND -1.4 -0.1 0.8 1.4 -0.8 -1.1 2.0 0.6 -2.0 25

 26 Agency- and GSE-backed securities ND 0.0 0.1 -0.1 -0.1 0.1 -0.0 -0.1 0.2 -0.0 26

 27 Municipal securities ND -0.1 0.6 0.2 -0.9 1.7 0.3 5.2 2.9 2.1 27

 28 Corporate and foreign bonds ND -0.9 -0.8 0.0 -0.4 -0.3 0.3 -0.3 -0.0 -1.1 28

 29 Other loans and advances (5) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Mortgages ND 1.5 1.4 1.2 0.7 0.7 0.9 0.7 1.0 1.1 30

 31 Consumer credit (student loans) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 Corporate equities (6) ND 1.0 1.1 0.9 0.6 0.8 1.5 0.8 0.6 -0.0 32

 33 Mutual fund shares ND 0.2 0.2 0.1 0.3 0.2 0.3 0.5 0.4 0.4 33

 34 Security credit ND 0.0 -0.1 -0.0 0.0 0.3 -0.1 -0.2 -0.0 0.3 34

 35 Life insurance reserves ND 3.8 3.2 2.8 2.8 2.9 2.7 2.9 3.0 2.7 35

 36 Pension entitlements (7) ND 6.6 6.6 6.9 7.4 7.8 13.7 15.4 16.4 15.9 36

 37 Equity in noncorporate business ND 0.6 0.1 4.8 1.4 2.1 1.7 2.5 2.9 -1.1 37

 38 Miscellaneous assets ND 0.8 0.5 0.4 0.4 0.3 0.6 0.7 0.6 0.4 38

 39 Net increase in liabilities ND 6.9 9.0 8.6 8.3 13.5 8.7 12.4 12.7 12.4 39

 40 Credit market instruments ND 7.3 8.8 8.5 7.8 12.8 8.6 12.1 12.2 11.4 40

 41 Home mortgages (8) ND 4.4 5.2 5.2 4.3 7.6 6.4 6.7 7.5 9.4 41

 42 Consumer credit ND 3.0 3.5 3.0 3.0 4.6 1.4 5.2 4.1 1.3 42

 43 Municipal securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 43

 44 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 44

 45 Other loans and advances ND -0.1 0.0 0.1 0.2 0.2 0.2 0.1 0.2 0.2 45

 46 Commercial mortgages ND 0.1 0.1 0.2 0.2 0.3 0.3 0.3 0.3 0.3 46

 47 Security credit ND -0.7 0.0 -0.0 0.4 0.5 -0.1 0.1 0.4 0.8 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 -3.1 -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.100.a and L.100.a) show estimates of annual flows and year-end

 outstandings of nonprofit organizations.

(2) See table F.10 for derivation of alternative measures of personal saving.

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

(4) Table F.9, line 63.

(5) 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 33) and life insurance reserves (line 35), and pension entitlements (line 36).

(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.108, line 21.
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14 Historical Annuals, 1945-1954, September 18, 2014

F.101 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 10.4 17.9 23.1 24.6 24.1 31.9 32.8 33.1 33.9 3

 4 Capital expenditures ND 25.1 25.3 35.0 24.4 36.1 43.5 38.0 40.0 35.7 4

 5 Fixed investment ND 19.2 25.9 29.5 27.3 30.6 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 27.1 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 Credit market instruments ND -5.0 0.6 1.6 2.6 4.5 1.7 0.3 2.2 -1.3 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 Mortgages ND 0.0 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 22

 23 Consumer credit ND 0.6 0.9 0.9 0.6 1.3 0.7 1.3 0.4 0.3 23

 24 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Trade receivables ND 3.8 5.3 2.1 -0.9 11.0 3.3 4.8 -0.5 3.3 25

 26 U.S. direct investment abroad ND 0.2 0.7 0.7 0.6 0.6 0.5 0.8 0.7 0.6 26

 27 Miscellaneous assets ND 0.1 0.9 1.1 0.8 0.7 1.2 1.3 1.5 1.1 27

 28 Net increase in liabilities ND 15.1 17.0 17.4 3.8 30.3 20.4 12.7 10.6 8.0 28

 29 Credit market instruments ND 7.2 8.7 7.4 3.0 9.2 11.7 8.7 4.8 6.1 29

 30 Commercial paper ND 0.0 0.0 -0.0 -0.0 0.0 0.1 0.1 0.1 0.1 30

 31 Municipal securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 Corporate bonds ND 1.0 2.8 4.3 2.9 1.6 3.3 4.7 3.5 3.5 32

 33 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 33

 34 Other loans and advances ND 0.0 0.2 0.4 0.2 0.6 0.7 0.7 0.2 0.4 34

 35 Mortgages ND 1.7 1.9 2.0 1.9 2.3 2.6 2.1 2.0 2.5 35

 36 Corporate equities ND 1.0 1.1 1.0 1.2 1.3 2.1 2.3 1.8 1.6 36

 37 Trade payables ND 7.8 4.4 2.7 0.0 9.2 -0.0 1.3 0.1 3.8 37

 38 Taxes payable ND -2.0 2.2 0.8 -2.3 7.3 4.5 -3.2 0.6 -3.2 38

 39 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 39

 40 Miscellaneous liabilities ND 0.4 0.6 0.6 0.5 1.2 0.3 0.9 0.3 0.7 40

 41 Proprietors’ net investment ND 0.6 0.1 4.8 1.4 2.1 1.7 2.5 2.9 -1.1 41

 42 Discrepancy ND 3.6 2.1 4.4 3.6 3.5 -0.9 0.8 1.3 3.1 42

(1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business.
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Historical Annuals, 1945-1954, September 18, 2014 15

F.102 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 Credit market instruments ND -5.1 0.5 1.5 2.5 4.3 1.5 -1.1 2.1 -1.3 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 Mortgages ND 0.0 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 27

 28 Consumer credit ND 0.5 0.8 0.8 0.6 1.1 0.6 -0.2 0.3 0.3 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 2.8 5.0 2.0 -1.0 9.9 3.4 3.9 -0.8 3.4 30

 31 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 31

 32 Miscellaneous assets ND -0.0 0.7 0.8 0.7 0.6 1.0 1.0 1.2 0.8 32

 33 Insurance receivables ND 0.3 0.3 0.2 0.2 0.0 0.1 0.1 0.1 0.1 33

 34 Equity in GSEs ND -0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 34

 35 Investment in finance co. subs. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

 36 Other ND -0.3 0.4 0.6 0.5 0.5 0.8 0.9 1.1 0.7 36

 37 Net increase in liabilities ND 11.1 14.1 10.1 0.8 23.8 15.0 7.1 6.3 4.8 37

 38 Net funds raised in markets ND 6.3 8.0 7.1 2.8 7.3 10.5 8.5 5.6 5.2 38

 39 Net new equity issues ND 1.0 1.1 1.0 1.2 1.3 2.1 2.3 1.8 1.6 39

 40 Credit market instruments ND 5.3 6.9 6.1 1.6 6.0 8.4 6.2 3.9 3.6 40

 41 Commercial paper ND 0.0 0.0 -0.0 -0.0 0.0 0.1 0.1 0.1 0.1 41

 42 Municipal securities (5) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42

 43 Corporate bonds (4) ND 1.0 2.8 4.3 2.9 1.6 3.3 4.7 3.5 3.5 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 Trade payables ND 6.4 3.4 1.6 -0.3 8.0 -0.4 0.8 -0.3 2.0 47

 48 Taxes payable ND -2.0 2.2 0.8 -2.3 7.3 4.5 -3.2 0.6 -3.2 48

 49 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 49

 50 Miscellaneous liabilities ND 0.4 0.6 0.6 0.5 1.2 0.3 0.9 0.3 0.7 50

 51 Pension fund contributions payable ND 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.0 0.0 51

 52 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 52

 53 Other ND -0.7 -0.5 -0.3 -0.3 0.4 -3.4 -1.7 -3.0 -1.5 53

 54 Discrepancy ND 3.6 2.1 4.4 3.6 3.5 -0.9 0.8 1.3 3.1 54

 Memo:

 55 Financing gap (7) ND 9.3 3.6 0.7 -6.5 3.8 8.5 1.7 2.7 -3.3 55

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

(2) Table F.9, line 58.

(3) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, 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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16 Historical Annuals, 1945-1954, September 18, 2014

F.103 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 8.4 8.7 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 8.4 8.7 8.9 2

 3 Gross investment ND 3.9 4.9 5.8 6.4 7.0 7.9 8.4 8.7 8.9 3

 4 Capital expenditures ND 6.0 6.9 13.2 9.3 11.8 12.6 11.9 12.3 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 -4.9 -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 Credit market instruments ND 0.1 0.1 0.1 0.1 0.2 0.1 1.4 0.1 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 Mortgages ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Consumer credit ND 0.1 0.1 0.1 0.1 0.2 0.1 1.4 0.1 0.0 16

 17 Trade receivables ND 1.0 0.3 0.1 0.1 1.1 -0.1 0.9 0.4 -0.1 17

 18 Miscellaneous assets ND 0.2 0.2 0.2 0.2 0.1 0.2 0.3 0.3 0.3 18

 19 Insurance receivables ND 0.2 0.3 0.2 0.2 0.1 0.2 0.3 0.3 0.3 19

 20 Equity investment in GSEs (3) 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 Net increase in liabilities ND 3.9 2.8 7.3 3.1 6.5 5.3 5.6 4.2 3.2 22

 23 Credit market instruments ND 1.9 1.7 1.3 1.4 3.1 3.3 2.5 0.9 2.6 23

 24 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 24

 25 Other loans and advances ND 0.1 0.4 0.3 0.3 0.4 0.5 0.3 0.1 0.3 25

 26 Mortgages ND 0.9 0.7 1.0 1.2 1.8 2.0 1.8 1.3 2.0 26

 27 Trade payables ND 1.5 1.0 1.1 0.3 1.3 0.3 0.6 0.4 1.7 27

 28 Taxes payable ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 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 29

 30 Miscellaneous liabilities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

 31 Proprietors’ net investment ND 0.6 0.1 4.8 1.4 2.1 1.7 2.5 2.9 -1.1 31

(1) Net capital transfers paid from table F.9, line 59.

(2) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 11 and 16 respectively.

(3) Equity in the Farm Credit System.
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Historical Annuals, 1945-1954, September 18, 2014 17

F.104 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 Interest payments ND 0.7 0.7 0.8 0.9 1.0 1.1 1.2 1.3 1.4 12

 13 Subsidies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Net saving, NIPA basis ND 0.8 0.1 0.1 0.5 0.3 1.5 1.9 2.3 2.0 14

 15 + Consumption of fixed capital ND 1.6 1.9 2.1 2.2 2.2 2.6 2.8 2.9 3.0 15

 16 - Net capital transfers paid (2) ND -0.2 -0.3 -0.4 -0.5 -0.6 -0.7 -0.7 -0.8 -0.8 16

 17 = 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 17

 18 Gross investment ND 1.3 2.5 3.2 4.3 2.2 5.3 1.5 3.5 4.6 18

 19 Fixed investment ND 1.6 2.9 4.1 5.4 5.9 7.0 7.4 8.0 9.3 19

 20 Nonproduced nonfinancial assets ND 0.1 0.1 0.1 0.2 0.3 0.3 0.3 0.3 0.4 20

 21 Net lending (+) or net borrowing (-) ND -0.4 -0.5 -1.0 -1.3 -4.0 -2.0 -6.2 -4.9 -5.1 21

 22 Net acq. of financial assets ND 0.4 1.8 1.5 0.8 1.8 1.6 2.6 1.6 1.8 22

 23 Checkable deposits and currency ND 0.9 0.7 0.5 0.2 0.5 0.4 0.3 0.4 0.4 23

 24 Time and savings deposits ND 0.2 0.2 0.3 0.2 0.1 0.2 0.1 0.3 0.5 24

 25 Money market fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.2 -0.1 -0.0 26

 27 Credit market instruments ND -0.7 0.7 0.7 0.5 0.7 0.8 1.5 1.0 0.9 27

 28 Open market paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 Treasury securities ND -0.4 0.7 0.4 0.1 0.5 0.5 1.2 0.8 0.4 29

 30 Agency- and GSE-backed securities ND -0.1 0.0 0.2 0.0 -0.1 0.2 0.2 -0.1 0.1 30

 31 Municipal securities ND -0.3 -0.0 0.0 0.3 0.3 0.0 0.1 0.2 0.2 31

 32 Corporate and foreign bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

 33 Mortgages ND 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 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 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

 36 Trade receivables ND 0.1 0.2 0.1 -0.0 0.5 0.2 0.1 0.0 0.2 36

 37 Taxes receivable ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 0.0 37

 38 Miscellaneous assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.0 -0.1 38

 39 Net increase in liabilities ND 0.8 2.3 2.5 2.1 5.7 3.6 8.8 6.5 6.9 39

 40 Credit market instruments ND 0.0 1.6 1.4 0.9 4.6 2.4 7.2 5.0 5.3 40

 41 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 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 employee retirement funds are shown in table F.118.

(2) Table F.9, line 62.

(3) Debt with original maturity of 13 months or less.

(4) Included in miscellaneous liabilities.
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18 Historical Annuals, 1945-1954, September 18, 2014

F.105 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 37.8 48.8 62.9 65.8 68.5 62.4 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 0.0 0.0 0.0 0.0 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 -8.6 1.8 4.4 -2.2 -4.2 -8.1 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 - 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 19

 20 - Net capital transfers paid (2) ND -0.6 -0.7 -0.6 -0.4 -0.2 -0.3 -0.3 -0.4 -0.3 20

 21 = Gross saving less net capital transfers paid ND 1.1 11.5 9.3 -1.2 8.4 11.8 6.0 5.0 2.4 21

 22 Gross investment ND 7.6 21.6 17.7 7.0 17.1 20.9 15.7 14.1 12.5 22

 23 Fixed investment ND 3.1 2.8 4.4 5.9 5.5 12.5 17.2 18.7 16.1 23

 24 Nonproduced nonfinancial assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Net lending (+) or net borrowing (-) ND 4.6 18.8 13.3 1.1 11.5 8.4 -1.5 -4.5 -3.6 25

 26 Net acq. of financial assets ND -15.8 14.7 11.1 7.2 16.2 16.0 10.9 9.6 5.6 26

 27 U.S. official reserve assets ND -0.1 1.4 0.4 0.1 -0.3 0.0 -0.1 -0.1 -0.2 27

 28 Checkable deposits and currency ND -22.7 -0.6 1.2 0.3 -0.2 0.1 2.4 -1.5 -0.3 28

 29 Time and savings deposits ND 0.0 -0.0 0.0 0.1 0.0 0.1 0.1 -0.0 0.0 29

 30 Credit market instruments ND 2.3 4.3 1.4 1.3 0.7 1.2 1.6 0.6 -0.3 30

 31 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 -0.0 0.0 31

 32 Corporate and foreign bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

 33 Other loans and advances ND 2.6 4.4 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 -0.3 0.1 -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 Credit market instruments ND -23.4 -7.2 -5.7 2.6 -1.2 -0.4 5.4 7.0 2.4 44

 45 U.S. savings securities ND 1.2 2.1 1.6 1.5 0.3 -0.5 0.1 0.2 0.6 45

 46 Treasury bills ND -8.2 -10.7 2.4 3.2 -23.0 28.2 -8.8 7.5 2.1 46

 47 Other Treasury securities ND -16.3 1.4 -10.6 -2.2 22.1 -28.0 13.6 -2.3 -0.3 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 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 3.9 3.2 3.3 3.5 4.5 6.2 6.8 7.1 7.3 52

 53 Nonmarketable securities held by pension plans (5) ND 0.4 0.8 0.8 1.0 0.8 0.7 1.0 0.5 0.4 53

 54 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 54

 55 Other ND -0.0 -0.3 -0.3 -0.5 -0.3 -0.0 -0.3 -0.2 -0.2 55

 56 Discrepancy ND -6.5 -10.1 -8.4 -8.2 -8.7 -9.2 -9.7 -9.1 -10.0 56

 Memo:

 57 Change in cash balance (6) ND -22.1 -2.1 1.2 0.5 -0.4 0.2 1.8 -1.4 0.3 57

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

(2) Table F.9, 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) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund,

 and foreign service retirement and disability fund.

(6) Time and savings deposits (line 29) 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, September 18, 2014 19

F.106 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 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 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 - Net capital transfers paid (1) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 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 9

 10 Gross investment ND -4.8 -8.6 -3.2 -0.8 3.2 -0.8 -0.6 1.2 0.9 10

 11 Nonproduced nonfinancial assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Net lending (+) or net borrowing (-) ND -4.8 -8.6 -3.2 -0.8 3.2 -0.8 -0.6 1.2 0.9 12

 13 Net acquisition of financial assets ND -2.0 -2.2 -0.9 0.3 3.8 0.2 0.8 2.0 2.3 13

 14 Monetary gold (3) 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 Net interbank assets ND -0.2 0.1 0.2 0.3 0.2 0.6 0.1 -0.1 0.0 16

 17 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 17

 18 U.S. time deposits ND 0.0 -0.0 0.0 0.1 0.2 -0.3 0.1 0.6 0.5 18

 19 Money market fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 Credit market instruments ND -0.7 0.7 0.1 0.2 1.4 0.1 0.2 0.7 0.6 21

 22 Open market paper ND 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.1 0.2 22

 23 Treasury securities ND -0.5 0.6 0.1 0.1 1.4 -0.0 0.2 0.6 0.4 23

 24 Treasury bills ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Other Treasury securities ND -0.5 0.6 0.1 0.1 1.4 -0.0 0.2 0.6 0.4 25

 26 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Municipal securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 U.S. corporate bonds (4) ND -0.3 0.1 -0.0 0.1 -0.0 0.0 0.0 0.0 0.0 28

 29 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 29

 30 U.S. corporate equities ND -0.1 -0.2 -0.1 -0.0 0.0 0.1 0.3 -0.1 0.5 30

 31 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 Trade receivables ND 0.0 -0.0 -0.1 -0.0 0.0 0.0 0.0 -0.1 -0.0 32

 33 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 33

 34 Net increase in liabilities ND 2.8 6.4 2.3 1.2 0.6 1.0 1.4 0.7 1.3 34

 35 U.S. official reserve assets ND -0.2 1.2 0.4 0.2 -0.0 -0.0 0.0 -0.1 -0.2 35

 36 U.S. private deposits ND 0.0 -0.0 -0.0 0.0 0.0 0.0 -0.0 0.0 0.0 36

 37 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 37

 38 Credit market instruments ND 3.0 4.3 1.4 0.2 0.1 0.6 0.5 0.0 0.3 38

 39 Commercial paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

 40 Bonds ND -0.1 -0.0 0.1 -0.0 0.3 0.3 0.0 -0.1 -0.1 40

 41 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 41

 42 Other loans and advances ND 2.7 4.2 1.1 0.5 0.2 0.2 0.4 0.3 -0.1 42

 43 Foreign corporate equities (6) ND 0.1 0.0 -0.1 -0.0 -0.2 -0.2 0.0 0.1 0.3 43

 44 Trade payables ND -0.0 0.1 0.0 -0.0 -0.0 0.0 0.0 -0.0 0.1 44

 45 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 45

 46 Miscellaneous liabilities ND -0.2 0.1 -0.1 0.2 0.0 0.0 -0.0 -0.0 0.1 46

 47 U.S. equity in IBRD, etc. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47

 48 Nonofficial foreign currencies ND -0.2 0.1 -0.1 0.2 0.0 0.0 -0.0 -0.0 0.1 48

 49 Investment by holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 49

 50 Discrepancy (FOF basis) ND -0.1 -0.7 0.8 -0.0 -1.4 -0.1 0.0 0.1 -1.1 50

 Memo:

 51 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 51

 52 + 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 52

 53 - 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 53

 54 = Balance on current account, NIPAs ND 4.9 9.3 2.4 0.9 -1.8 0.9 0.6 -1.3 0.2 54

(1) Table F.9, 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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20 Historical Annuals, 1945-1954, September 18, 2014

F.107 Financial Business (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Gross saving less net capital transfers paid ND 1.5 1.4 1.9 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 4.3 2

 3 Capital expenditures ND 0.5 0.6 0.7 0.7 0.8 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 0.5 0.6 0.7 0.7 0.8 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 1.5 1.7 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 Credit market instruments ND 0.1 9.5 8.6 9.8 18.8 19.5 24.0 21.2 25.4 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 -15.3 -8.0 -8.4 -1.0 -4.9 -0.5 2.6 1.8 5.1 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 Depository institution loans n.e.c. ND 5.2 4.1 1.5 -1.8 5.6 5.3 2.2 -1.3 0.1 23

 24 Other loans and advances ND 0.1 0.1 0.5 -0.1 1.0 0.8 0.5 0.3 0.5 24

 25 Mortgages ND 5.0 5.9 6.1 5.2 9.1 7.8 7.6 8.4 10.8 25

 26 Consumer credit ND 2.4 2.6 2.1 2.4 3.3 0.7 3.9 3.7 1.0 26

 27 Corporate equities ND 0.3 0.6 0.3 1.0 0.7 0.6 1.6 1.9 1.2 27

 28 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 Trade receivables ND 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.1 29

 30 Security credit ND -2.3 -0.7 0.5 0.8 0.6 -0.3 0.6 0.8 1.5 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 3.1 5.7 5.6 6.7 7.3 11.6 12.1 12.3 12.6 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 Credit market instruments ND 1.2 0.8 1.6 0.8 2.3 1.1 1.5 1.6 -0.4 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 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 44

 45 Other loans and advances ND 0.1 0.1 0.1 -0.1 0.4 0.1 -0.0 0.1 -0.1 45

 46 Mortgages ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 46

 47 Corporate equities ND 0.1 0.4 0.2 0.3 0.4 0.4 0.3 0.6 -0.3 47

 48 Mutual fund shares ND 0.2 0.2 0.1 0.3 0.2 0.3 0.5 0.4 0.4 48

 49 Trade payables ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 49

 50 Security credit ND -1.6 -0.8 0.5 0.5 0.4 -0.3 0.4 0.4 1.0 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 0.3 0.0 -1.3 57

(1) Sum of financial sectors shown on tables F.108 through F.130.
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Historical Annuals, 1945-1954, September 18, 2014 21

F.108 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 Credit market instruments ND -0.8 -0.9 0.9 -4.6 1.8 2.9 0.5 1.3 -0.3 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 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 Rest of world ND 0.1 -0.1 0.1 -0.1 -0.1 0.0 0.0 -0.0 0.1 22

 23 Brokers and dealers (6) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Funding corporations (Maiden Lane) (7) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Funding corporations (AIG) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Funding corporations (Maiden Lane II) (8) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Funding corporations (Maiden Lane III) (9) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 Funding corporations (CPFF) (10) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 Corporate equities (11) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Miscellaneous assets ND -0.0 0.1 0.0 -0.0 0.0 0.0 0.0 -0.0 -0.0 30

 31 Nonofficial foreign currencies (12) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 Other ND -0.0 0.1 0.0 -0.0 0.0 0.0 0.0 -0.0 -0.0 32

 33 Net increase in liabilities ND -0.4 1.1 2.4 -4.5 1.3 2.9 1.4 -0.1 -1.3 33

 34 Depository institution reserves ND 0.2 1.8 2.6 -3.9 1.1 2.4 -0.1 0.2 -1.3 34

 35 Vault cash of depository institutions ND 0.2 0.2 -0.2 0.0 0.2 0.5 0.1 -0.2 -0.0 35

 36 Checkable deposits and currency ND -0.7 -1.1 0.1 -0.8 -0.4 0.4 1.3 -0.1 0.1 36

 37 Due to federal government ND -0.6 -0.5 0.2 -0.3 -0.2 -0.4 0.1 -0.6 0.3 37

 38 Treasury cash holdings ND -0.0 -0.9 -0.0 -0.0 -0.0 -0.0 0.0 -0.5 0.0 38

 39 Treasury general deposit account ND -0.6 0.5 0.3 -0.3 -0.2 -0.4 0.1 -0.0 0.2 39

 40 Treasury temporary supplementary financing account ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

 41 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 41

 42 Due to government-sponsored enterprises ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42

 43 Currency outside banks ND 0.3 -0.3 -0.4 -0.7 -0.0 0.9 1.2 0.6 -0.2 43

 44 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44

 45 Miscellaneous liabilities ND -0.1 0.2 -0.0 0.2 0.4 -0.4 0.1 0.0 -0.0 45

 46 Federal Reserve Bank stock ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 46

 47 Other ND -0.1 0.2 -0.0 0.2 0.3 -0.4 0.1 0.0 -0.0 47

 48 Discrepancy ND 0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 48

(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) Loan extended by the Federal Reserve to Maiden Lane LLC to facilitate the arrangements associated with JPMorgan Chase & Co.’s acquisition of Bear Stearns Companies, Inc.

(8) Loan extended by the Federal Reserve to Maiden Lane II LLC to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of AIG subsidiaries.

(9) Loan extended by the Federal Reserve to Maiden Lane III LLC to purchase CDOs on which AIG has written credit default swap contracts.

(10) Loan extended by the Federal Reserve to Commercial Paper Funding Facility LLC.

(11) 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.

(12) Reciprocal currency arrangements (swap lines) with foreign central banks.
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22 Historical Annuals, 1945-1954, September 18, 2014

F.109 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 0.8 1.2 3

 4 Net acquisition of financial assets ND -6.5 6.9 2.7 5.0 11.7 12.6 14.6 10.4 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 Credit market instruments ND -3.1 5.9 0.6 8.3 9.9 10.2 13.4 9.6 16.0 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 Depository institution loans n.e.c. ND 5.1 4.2 1.4 -1.7 5.7 5.3 2.2 -1.3 -0.0 14

 15 Other loans and advances ND 0.1 0.0 -0.0 0.0 0.1 0.1 0.0 0.1 0.3 15

 16 Mortgages ND 4.4 4.3 3.9 3.0 5.6 4.6 5.3 6.1 7.7 16

 17 Consumer credit ND 1.8 1.7 1.3 1.3 2.3 0.4 2.5 2.1 0.6 17

 18 Corporate equities ND 0.0 -0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 18

 19 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Security credit ND -1.6 -0.7 0.5 0.5 0.1 -0.2 0.6 0.4 0.7 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 0.4 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 Credit market instruments ND 0.2 0.2 0.1 -0.1 0.5 0.2 -0.0 0.2 0.2 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 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.110), foreign banking offices (F.111), banks in U.S.-affiliated areas (F.112), and credit unions (F.113).

(2) Net capital transfers paid from table F.9, 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, September 18, 2014 23

F.110 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 Credit market instruments ND -3.2 5.8 0.4 8.0 9.6 9.8 12.9 9.2 15.6 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 Depository institution loans n.e.c. ND 5.0 4.2 1.3 -1.8 5.6 5.2 2.1 -1.2 -0.0 23

 24 Other loans and advances ND 0.1 0.0 -0.0 0.0 0.1 0.1 0.0 0.1 0.2 24

 25 Mortgages ND 4.3 4.2 3.8 2.9 5.5 4.6 5.3 6.1 7.7 25

 26 Consumer credit ND 1.8 1.7 1.3 1.2 2.2 0.3 2.2 1.8 0.4 26

 27 Corporate equities ND 0.0 -0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 27

 28 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 Security credit ND -1.6 -0.7 0.5 0.4 0.1 -0.3 0.5 0.3 0.6 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 Rest of the world ND 0.0 -0.2 0.3 -0.4 0.2 -0.2 0.2 -0.3 0.1 41

 42 Private domestic ND 7.7 4.1 -1.8 0.4 5.6 6.4 3.3 1.2 4.3 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 Credit market instruments ND 0.2 0.2 0.1 -0.1 0.5 0.2 -0.0 0.2 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 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 0.0 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.9, 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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24 Historical Annuals, 1945-1954, September 18, 2014

F.111 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 0.1 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 Credit market instruments ND 0.1 0.1 0.1 0.2 0.2 0.3 0.2 0.0 0.1 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 Depository institution loans n.e.c. ND 0.1 0.1 0.1 0.1 0.1 0.1 0.1 -0.0 0.0 13

 14 Other loans and advances ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 14

 15 Mortgages ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Corporate equities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Security credit ND 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 17

 18 Miscellaneous assets 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 0.0 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 Acceptance liabilities 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 0.0 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).
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Historical Annuals, 1945-1954, September 18, 2014 25

F.112 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 Credit market instruments ND -0.0 -0.1 -0.0 -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 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 9

 10 Home mortgages ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Commercial mortgages 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 0.1 -0.0 0.0 0.0 0.0 0.0 -0.0 0.0 12

 13 Net increase in liabilities ND -0.0 -0.0 -0.1 -0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Net interbank liabilities ND 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 -0.0 0.0 14

 15 Checkable deposits ND -0.0 -0.0 -0.1 -0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Small time and savings deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Large time deposits 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

 19 Discrepancy ND -0.0 -0.0 -0.0 -0.0 -0.0 0.0 -0.0 0.0 -0.0 19

(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.113 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 Credit market instruments ND 0.1 0.1 0.1 0.1 0.2 0.1 0.2 0.3 0.2 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 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 Home mortgages ND 0.0 0.1 0.1 0.0 0.1 0.0 -0.0 -0.0 0.0 13

 14 Consumer credit ND 0.0 0.0 0.0 0.1 0.1 0.1 0.3 0.3 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 Miscellaneous assets ND -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 16

 17 Net increase in liabilities ND 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.3 0.2 17

 18 Net interbank liabilities ND -0.0 0.0 0.0 0.0 -0.0 -0.2 -0.1 -0.1 -0.2 18

 19 Shares/deposits ND 0.1 0.1 0.1 0.1 0.1 0.2 0.3 0.3 0.3 19

 20 Checkable ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Small time and savings ND 0.1 0.1 0.1 0.1 0.1 0.2 0.3 0.3 0.3 21

 22 Large time ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Federal funds and security repos ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Other loans and advances ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Miscellaneous liabilities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 25

 26 Discrepancy ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 26
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26 Historical Annuals, 1945-1954, September 18, 2014

F.114 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 Credit market instruments 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 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 Net increase in liabilities ND 0.8 0.9 0.9 0.8 0.5 0.9 1.1 1.1 0.6 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 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.1 0.1 20

 21 Taxes payable (net) ND -0.0 0.0 0.1 0.1 -0.1 -0.0 0.1 0.1 -0.1 21

 22 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 22

 23 Miscellaneous liabilities ND 0.7 0.8 0.7 0.7 0.5 0.9 1.0 0.8 0.6 23

 24 Investment by parent companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Policy payables ND 0.7 0.8 0.7 0.7 0.5 0.9 1.0 0.8 0.6 25

 26 Discrepancy ND -0.0 -0.1 -0.1 0.2 -0.4 0.1 0.0 -0.1 -0.3 26

(1) Net capital transfers paid from table F.9, line 51.
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Historical Annuals, 1945-1954, September 18, 2014 27

F.115 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 Credit market instruments ND 3.2 3.0 3.5 3.5 3.5 3.6 4.4 4.7 4.8 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 Other loans and advances ND -0.1 0.0 0.1 0.2 0.2 0.2 0.1 0.2 0.2 13

 14 Mortgages ND 0.5 1.5 2.2 2.1 3.2 3.2 1.9 2.1 2.7 14

 15 Corporate equities ND 0.3 0.2 0.0 0.2 0.3 0.1 0.2 0.1 0.3 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 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 ND -0.3 0.4 0.7 0.7 0.8 0.7 0.2 0.1 0.2 18

 19 Equity in FHLB ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 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 20

 21 Other ND -0.4 0.4 0.7 0.6 0.7 0.7 0.1 0.0 0.1 21

 22 Net increase in liabilities ND 3.3 3.4 3.5 3.7 3.7 4.0 4.6 4.6 4.8 22

 23 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Corporate equity issues ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 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 Life insurance reserves ND 2.6 2.5 2.6 2.7 2.6 2.6 2.8 2.9 3.0 26

 27 Pension entitlements (2) ND 0.4 0.5 0.6 0.6 0.8 1.0 1.1 1.1 1.2 27

 28 Taxes payable (net) ND -0.0 -0.0 0.0 0.0 0.0 0.1 0.0 0.1 -0.0 28

 29 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 29

 30 Miscellaneous liabilities ND 0.3 0.4 0.3 0.4 0.3 0.4 0.6 0.5 0.7 30

 31 Investment by parent companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 Other reserves (3) ND 0.2 0.1 0.2 0.2 0.2 0.3 0.3 0.4 0.4 32

 33 Unallocated insurance contracts ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33

 34 Other ND 0.1 0.3 0.1 0.2 0.0 0.1 0.3 0.1 0.3 34

 35 Discrepancy ND 0.5 -0.2 -0.4 -0.3 -0.7 -0.2 0.4 0.2 0.2 35

(1) Additional detail on the financial assets and liabilities held in life insurer’s general and separate accounts is available on tables F.115.g and F.115.s.

(2) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are shown on line 33.

(3) Includes reserves for accident and health policies, policy dividend accumulation, and contract claims.
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28 Historical Annuals, 1945-1954, September 18, 2014

F.116 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 Credit market instruments ND 0.5 0.6 0.7 0.8 0.9 1.5 2.1 2.6 2.8 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 0.3 0.3 0.3 0.5 0.5 0.6 0.6 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 Corporate and foreign bonds ND 0.2 0.2 0.3 0.3 0.4 0.8 1.4 1.6 1.8 12

 13 Mortgages ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 13

 14 Corporate equities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.7 0.8 1.0 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 Miscellaneous assets ND 5.6 5.4 5.6 5.9 6.0 11.1 11.0 11.7 10.8 16

 17 Unallocated insurance contracts (3) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Contributions receivable ND 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.0 0.0 18

 19 Nonmarketable Treasury securities (4) ND 0.4 0.8 0.8 1.0 0.8 0.7 1.0 0.5 0.4 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) Assets of pension plans held at life insurance companies; series begins 1985:Q4.

(4) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund,

 and foreign service retirement and disability fund.

(5) 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 table L.226.i 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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Historical Annuals, 1945-1954, September 18, 2014 29

F.117 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 Credit market instruments ND 0.3 0.3 0.3 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 Corporate and foreign bonds ND 0.2 0.2 0.2 0.2 0.2 0.7 1.1 1.1 1.3 12

 13 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 0.0 0.0 0.0 0.0 0.6 0.8 1.0 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 Miscellaneous assets ND 1.1 1.2 1.1 0.9 0.2 3.7 2.8 3.3 2.3 16

 17 Unallocated insurance contracts (3) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Contributions receivable ND 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.0 0.0 18

 19 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 19

 20 Other ND -0.1 0.2 0.2 0.1 -0.6 0.0 0.2 0.0 0.0 20

 21 Pension entitlements (liabilities) (5) ND 1.4 1.5 1.4 1.3 0.6 4.6 5.0 5.6 4.7 21

 Memo:

 Net acquisition of financial assets (6)

 22 Defined benefit plans ND 1.4 1.3 1.2 1.1 0.9 4.4 4.2 4.9 3.9 22

 23 Defined contribution plans ND -0.0 0.2 0.2 0.1 -0.3 0.2 0.8 0.6 0.8 23

(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.117.b and F.117.c.
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30 Historical Annuals, 1945-1954, September 18, 2014

F.118 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 Credit market instruments ND 0.3 0.3 0.4 0.5 0.6 0.7 1.0 1.3 1.5 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 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

 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.118.b and F.118.c.

F.119 Federal Government Employee Retirement Funds

Billions of dollars

 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 Credit market instruments 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 Miscellaneous assets ND 3.9 3.4 3.6 4.0 4.7 6.3 7.2 7.4 7.5 7

 8 Nonmarketable Treasury securities (3) ND 0.4 0.8 0.8 1.0 0.8 0.7 1.0 0.5 0.4 8

 9 Claims of pension fund on sponsor (4) ND 3.5 2.6 2.8 2.9 3.9 5.6 6.2 6.9 7.1 9

 10 Pension entitlements (liabilities) (5) ND 3.9 3.4 3.6 4.0 4.7 6.3 7.2 7.4 7.5 10

 Memo:

 Net acquisition of financial assets (6)

 11 Defined benefit plans ND 3.9 3.4 3.6 4.0 4.7 6.3 7.2 7.4 7.5 11

 12 Defined contibution plans ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).

(2) Includes nonmarketable Treasury securities held by the Thrift Savings Plan.

(3) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund,

 and foreign service retirement and disability fund.

(4) Unfunded defined benefit pension entitlements and suspended investments in the Thrift Savings Plan G Fund by the Treasury.

(5) 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.

(6) 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, September 18, 2014 31

F.120 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 Credit market instruments 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.115).

F.121 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 Credit market instruments 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 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.115).

F.122 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 Credit market instruments 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 Credit market instruments 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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32 Historical Annuals, 1945-1954, September 18, 2014

F.123 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 Credit market instruments ND 0.1 0.2 0.4 -0.0 0.5 0.4 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 Other loans and advances ND 0.2 0.3 0.2 -0.1 0.5 0.3 -0.0 -0.1 -0.0 13

 14 Sallie Mae ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Farm Credit System ND 0.1 0.2 0.2 0.0 0.1 0.2 0.0 -0.2 0.0 15

 16 FHLB loans ND 0.1 0.1 0.1 -0.1 0.4 0.1 -0.0 0.1 -0.1 16

 17 Mortgages ND -0.1 -0.1 -0.0 0.0 0.0 0.1 0.1 0.1 0.1 17

 18 Home ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Consolidated trusts (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Other ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Multifamily residential ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Consolidated trusts (2) 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 Farm ND -0.1 -0.1 -0.0 0.0 0.0 0.1 0.1 0.1 0.1 24

 25 Consumer credit (3) 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 -0.0 -0.0 0.0 0.0 -0.0 -0.0 0.1 0.1 26

 27 Net increase in liabilities ND 0.0 0.1 0.3 -0.0 0.5 0.4 0.1 0.2 0.4 27

 28 Federal funds and security repos ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 Credit market instruments ND 0.3 0.1 0.3 -0.1 0.4 0.2 0.0 -0.0 -0.0 29

 30 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 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 (table F.124) are consolidated on

 Fannie Mae’s and Freddie Mac’s balance sheets.

(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.124 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 are consolidated on

 Fannie Mae’s and Freddie Mac’s balance sheets (table F.123). 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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Historical Annuals, 1945-1954, September 18, 2014 33

F.125 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 Treasury securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 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 5

 6 Other loans and advances ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Mortgages (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Home ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Multifamily residential ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Commercial ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Consumer credit ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Trade credit ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Net increase in liabilities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Commercial paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Corporate bonds (net) (3) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Discrepancy ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 Memo:

 Securitized assets not included above

 17 Consumer leases (4) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 REIT assets (5) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

(1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.

(3) Net issuance less net acquisition of corporate bonds held as assets.

(4) 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.

(5) Included in table F.127.

F.126 Finance Companies (1)

Billions of dollars

 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 Credit market instruments ND 0.6 0.7 0.9 0.9 1.4 0.4 2.1 1.7 0.7 6

 7 Corporate and foreign bonds 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 -0.1 -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 Credit market instruments ND 0.7 0.5 1.2 1.0 1.4 0.7 1.5 1.4 -0.6 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 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 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 Taxes payable ND 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.1 -0.1 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 0.2 0.2 -0.0 0.2 0.3 -0.1 0.5 0.2 0.7 21

 22 Investment by parent ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Other ND 0.2 0.2 -0.0 0.2 0.3 -0.1 0.5 0.2 0.7 23

 24 Discrepancy ND 0.1 0.1 0.1 0.1 0.1 0.2 -0.4 0.0 -0.9 24

 Memo:

 25 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 25

(1) Includes retail captive finance companies and mortgage companies.

(2) See footnote (4), table F.125.
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34 Historical Annuals, 1945-1954, September 18, 2014

F.127 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 Credit market instruments 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 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 Credit market instruments 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 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 19

 20 Mortgages 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Miscellaneous liabilities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Discrepancy ND 0.0 0.0 0.0 0.0 -0.0 -0.0 0.0 -0.0 0.0 23

 Memo:

 24 Securitized assets included above ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 Home mortgages ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Multifamily residential mortgages ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 Commercial mortgages ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

(1) Additional detail on financial assets and liabilities for equity and mortgage REITs is available on tables F.127.e and F.127.m.
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Historical Annuals, 1945-1954, September 18, 2014 35

F.128 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 Credit market instruments 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 Other loans and advances ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Corporate equities ND -0.1 0.0 0.0 0.2 -0.1 0.0 -0.0 0.0 -0.1 13

 14 Security credit ND -0.7 0.0 -0.0 0.4 0.5 -0.1 0.1 0.4 0.8 14

 15 U.S. direct investment abroad ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Miscellaneous assets ND -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.1 -0.1 0.2 16

 17 Net increase in liabilities ND -1.6 -0.8 0.5 0.5 0.4 -0.3 0.4 0.4 1.0 17

 18 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Credit market instruments ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Corporate bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Depository institution loans n.e.c. (1) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 Security credit ND -1.6 -0.8 0.5 0.5 0.4 -0.3 0.4 0.4 1.0 24

 25 From households ND 0.0 -0.1 -0.0 0.0 0.3 -0.1 -0.2 -0.0 0.3 25

 26 From U.S.-chartered depository institutions ND -1.6 -0.7 0.5 0.4 0.1 -0.3 0.5 0.3 0.6 26

 27 From foreign banking offices in U.S. ND 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 27

 28 Taxes payable ND 0.0 -0.0 -0.0 0.0 0.0 -0.0 0.0 0.0 0.0 28

 29 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 29

 30 Miscellaneous liabilities ND -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.1 -0.0 -0.0 30

 31 Investment by parent companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 Other ND -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.1 -0.0 -0.0 32

 33 Proprietors’ net investment ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33

 34 Discrepancy ND 0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 0.0 0.0 34

(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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36 Historical Annuals, 1945-1954, September 18, 2014

F.129 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 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 Credit market instruments 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 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 Federal funds and security repos ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Credit market instruments 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 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 and savings and loan 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, September 18, 2014 37

F.130 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 Credit market instruments 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 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 Credit market instruments 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 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 16

 17 Other loans and advances (4) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Corporate equities (5) ND 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. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Miscellaneous liabilities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 -0.0 20

 21 Securities loaned (net) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Equity interest under PPIP ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Other (net) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 -0.0 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) 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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38 Historical Annuals, 1945-1954, September 18, 2014

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, September 18, 2014 39

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 Rest of the world ND -0.2 0.1 0.2 0.3 0.2 0.6 0.1 -0.1 0.0 8

 9 Monetary authority ND -0.2 -0.0 0.0 -0.0 0.9 -0.2 -0.1 -0.1 -0.1 9

 10 U.S.-chartered depository institutions ND 0.4 1.9 2.3 -3.9 1.3 2.9 -0.1 -0.0 -1.3 10

 11 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 11

 12 Credit unions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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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40 Historical Annuals, 1945-1954, September 18, 2014

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 State and local governments ND 0.9 0.7 0.5 0.2 0.5 0.4 0.3 0.4 0.4 21

 22 Federal government ND -22.7 -0.6 1.2 0.3 -0.2 0.1 2.4 -1.5 -0.3 22

 23 Rest of the world ND -0.4 -0.6 0.5 -0.2 0.0 -0.3 0.3 -0.5 0.2 23

 24 Checkable deposits ND -0.4 -0.6 0.5 -0.2 0.0 -0.3 0.3 -0.5 0.2 24

 25 Currency ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Financial sectors ND 0.4 0.3 0.0 0.1 0.5 0.3 0.1 0.2 0.0 26

 27 Property-casualty insurance companies ND 0.2 0.2 0.0 0.1 0.1 0.0 0.1 0.1 -0.1 27

 28 Life insurance companies ND -0.0 0.2 -0.1 -0.0 0.1 0.1 0.1 0.1 0.0 28

 29 Private pension funds ND 0.0 0.0 0.0 0.0 0.1 0.1 -0.0 0.1 -0.0 29

 30 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 30

 31 Money market 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 0.0 -0.0 32

 33 Finance companies ND -0.0 -0.0 0.1 0.1 0.1 0.1 0.0 0.0 -0.0 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 0.2 -0.1 -0.1 -0.1 0.1 -0.0 -0.1 -0.1 0.1 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, September 18, 2014 41

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 State and local governments ND 0.2 0.2 0.3 0.2 0.1 0.2 0.1 0.3 0.5 17

 18 Federal government ND 0.0 -0.0 0.0 0.1 0.0 0.1 0.1 -0.0 0.0 18

 19 Rest of the world ND 0.0 -0.0 0.0 0.1 0.2 -0.3 0.1 0.6 0.5 19

 20 Financial sectors ND -0.0 -0.0 0.0 0.0 0.0 0.0 0.4 0.1 0.1 20

 21 Private pension funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.1 0.1 21

 22 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 22

 23 Money market mutual 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 Finance companies 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

(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 Rest of the world 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 Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12
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42 Historical Annuals, 1945-1954, September 18, 2014

F.207 Federal Funds and Security Repurchase Agreements

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 Rest of the world ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Monetary authority 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 0.0 -0.0 -0.0 0.0 -0.0 0.0 -0.0 -0.0 4

 5 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 5

 6 Credit unions 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 Government-sponsored enterprises ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 REITs 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 Net change in assets ND 0.0 0.1 0.0 -0.0 0.0 0.1 0.9 -0.1 -0.5 13

 14 Nonfinancial corporate business 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 0.2 -0.1 -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 Monetary authority ND 0.0 0.0 0.0 0.0 0.1 0.1 0.5 -0.1 -0.6 17

 18 U.S.-chartered depository institutions ND 0.0 0.1 0.0 -0.0 -0.0 -0.1 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 Credit unions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Property-casualty insurance companies 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Private pension funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 23

 24 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 24

 25 Money market mutual funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Mutual funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 26

 27 Government-sponsored enterprises ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 Brokers and dealers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 Holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

 31 Discrepancy ND 0.0 -0.1 -0.0 0.0 -0.0 -0.1 -0.9 0.1 0.5 31
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Historical Annuals, 1945-1954, September 18, 2014 43

F.208 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 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 Rest of the world ND 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.1 0.2 21

 22 Monetary authority ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 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 23

 24 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 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 Private pension funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 -0.1 0.0 0.0 31

 32 Government-sponsored enterprises ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

 33 Brokers and dealers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33

 34 Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 -0.0 34

(1) Excludes banks’ holdings of own acceptances.
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44 Historical Annuals, 1945-1954, September 18, 2014

F.209 Treasury Securities

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Net issues ND -23.2 -7.2 -6.6 2.5 -0.6 -0.3 5.0 5.4 2.3 1

 2 U.S. savings securities (1) ND 1.2 2.1 1.6 1.5 0.3 -0.5 0.1 0.2 0.6 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 securities ND -16.3 1.4 -10.6 -2.2 22.1 -28.0 13.6 -2.3 -0.3 4

 5 Net purchases ND -23.2 -7.2 -6.6 2.5 -0.6 -0.3 5.0 5.4 2.3 5

 6 Household sector ND -1.4 -0.1 0.8 1.4 -0.8 -1.1 2.0 0.6 -2.0 6

 7 U.S. savings securities (1) ND 1.2 2.1 1.6 1.5 0.3 -0.5 0.1 0.2 0.6 7

 8 Bills and other Treasury securities ND -2.6 -2.1 -0.8 -0.0 -1.0 -0.6 1.9 0.5 -2.5 8

 9 Nonfinancial corporate business ND -5.7 -0.5 0.6 1.8 3.2 0.8 -1.0 1.6 -1.7 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 -0.4 0.7 0.4 0.1 0.5 0.5 1.2 0.8 0.4 11

 12 Rest of the world ND -0.5 0.6 0.1 0.1 1.4 -0.0 0.2 0.6 0.4 12

 13 Treasury bills ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Other Treasury securities ND -0.5 0.6 0.1 0.1 1.4 -0.0 0.2 0.6 0.4 14

 15 Monetary authority ND -0.9 -0.8 0.8 -4.4 1.8 2.9 0.4 1.3 -0.4 15

 16 Treasury bills ND 1.0 -4.0 -6.7 -0.5 -7.5 9.6 -7.5 2.7 7.6 16

 17 Other Treasury securities ND -2.0 3.2 7.4 -4.0 9.4 -6.7 7.9 -1.4 -8.1 17

 18 U.S.-chartered depository institutions ND -15.2 -5.6 -7.4 4.3 -5.5 -1.4 1.6 -0.0 5.2 18

 19 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 19

 20 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 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 Property-casualty insurance companies ND 0.6 0.6 0.5 0.4 0.4 0.2 0.4 0.3 0.1 22

 23 Treasury bills ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Other Treasury securities ND 0.6 0.6 0.5 0.4 0.4 0.2 0.4 0.3 0.1 24

 25 Life insurance companies ND 1.0 -1.6 -3.2 -1.5 -1.8 -2.5 -0.8 -0.4 -0.8 25

 26 Treasury bills ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Other Treasury securities ND 1.0 -1.6 -3.2 -1.5 -1.8 -2.5 -0.8 -0.4 -0.8 27

 28 Private pension funds ND 0.0 0.1 0.0 0.1 0.0 0.1 0.0 0.2 0.0 28

 29 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 29

 30 Federal government retirement funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

 31 Money market mutual funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 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 0.0 -0.0 0.0 34

 35 Treasury bills ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

 36 Other Treasury securities ND -0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 36

 37 Closed-end funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 37

 38 Exchange-traded 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 0.1 -0.0 -0.1 0.1 0.1 0.1 0.3 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 Brokers and dealers ND -1.0 -0.7 0.6 -0.1 -0.1 -0.3 0.4 -0.1 0.0 41

 42 Holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42

 Memo:

 43 Federal government borrowing (2) ND -23.4 -7.2 -5.7 2.6 -1.2 -0.4 5.4 7.0 2.4 43

(1) Includes U.S. savings bonds, U.S. individual retirement bonds, U.S. retirement plan bonds, U.S. savings stamps, and matured U.S. savings securities.

(2) Total issues of Treasury securities (line 1) plus budget agency securities (table F.210, line 2) and federal mortgage borrowing (table F.217, line 11).
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Historical Annuals, 1945-1954, September 18, 2014 45

F.210 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 State and local governments ND -0.1 0.0 0.2 0.0 -0.1 0.2 0.2 -0.1 0.1 8

 9 Federal government 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Monetary authority 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 0.2 0.0 1.0 0.0 -0.2 -0.1 0.3 1.5 -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 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 0.0 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 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Federal government retirement funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Money market mutual funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 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 ABS issuers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 REITs ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Brokers and dealers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Holding companies 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.209, line 43.
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46 Historical Annuals, 1945-1954, September 18, 2014

F.211 Municipal Securities and Loans

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 Rest of the world ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 U.S.-chartered depository institutions ND 0.4 0.9 0.4 0.9 1.6 1.1 1.2 0.7 1.9 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 -0.0 14

 15 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 15

 16 Credit unions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Property-casualty insurance companies ND -0.0 0.1 0.2 0.3 0.3 0.3 0.4 0.7 0.8 17

 18 Life insurance companies ND -0.1 -0.0 0.3 0.2 0.1 -0.0 0.0 0.1 0.5 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

(1) Debt with original maturity of 13 months or less.

(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).
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Historical Annuals, 1945-1954, September 18, 2014 47

F.212 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 Rest of the world (1) ND -0.1 -0.0 0.1 -0.0 0.3 0.3 0.0 -0.1 -0.1 3

 4 Financial sectors ND 0.1 0.1 0.4 0.3 0.2 0.4 0.0 1.4 -0.3 4

 5 U.S.-chartered depository institutions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 ABS issuers (net) (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Finance companies ND 0.1 0.1 0.4 0.3 0.2 0.4 0.0 1.4 -0.3 7

 8 REITs ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Brokers and dealers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Holding companies 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 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 State and local governments ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 Rest of the world (4) ND -0.3 0.1 -0.0 0.1 -0.0 0.0 0.0 0.0 0.0 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 -0.3 0.1 -0.0 0.1 -0.0 0.0 0.0 0.0 0.0 18

 19 U.S.-chartered depository institutions ND 0.2 0.3 0.1 0.4 0.1 -0.0 0.2 0.3 0.1 19

 20 MBS and other ABS ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Other ND 0.2 0.3 0.1 0.4 0.1 -0.0 0.2 0.3 0.1 21

 22 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 22

 23 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 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 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Property-casualty insurance companies ND 0.0 0.1 0.1 -0.0 0.0 0.1 0.1 0.1 0.1 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 0.0 0.1 0.1 -0.0 0.0 0.1 0.1 0.1 0.1 29

 30 Life insurance companies ND 1.8 3.0 4.2 2.6 1.8 2.7 3.1 2.7 2.1 30

 31 MBS and other ABS ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 Other ND 1.8 3.0 4.2 2.6 1.8 2.7 3.1 2.7 2.1 32

 33 Private pension funds ND 0.2 0.2 0.2 0.2 0.2 0.7 1.1 1.1 1.3 33

 34 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 34

 35 Federal government retirement funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

 36 Money market mutual funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

 37 Mutual funds ND 0.0 -0.0 0.0 0.0 0.0 0.0 0.1 -0.0 0.1 37

 38 Closed-end funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 38

 39 Exchange-traded funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

 40 Government-sponsored enterprises ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

 41 MBS and other ABS 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 Finance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 43

 44 REITs ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44

 45 Brokers and dealers ND -0.1 0.0 0.0 0.2 -0.1 0.0 0.1 -0.0 0.1 45

 46 Holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 46

 47 Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47

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

(2) Net issuance less net acquisition of corporate bonds held as assets.

(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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48 Historical Annuals, 1945-1954, September 18, 2014

F.213 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 Rest of the world (2) ND 0.1 0.0 -0.1 -0.0 -0.2 -0.2 0.0 0.1 0.3 3

 4 Financial sectors ND 0.1 0.4 0.2 0.3 0.4 0.4 0.3 0.6 -0.3 4

 5 U.S.-chartered depository institutions ND 0.1 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.2 5

 6 Property-casualty insurance companies ND 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.1 0.1 6

 7 Life insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Closed-end funds ND 0.0 0.3 0.1 0.3 0.3 0.2 0.1 0.4 -0.6 8

 9 Exchange-traded funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 REITs ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Government-sponsored enterprises ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Brokers and dealers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Funding corporations (3) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 State and local governments ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Federal government ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Rest of the world (4) ND -0.1 -0.2 -0.1 -0.0 0.0 0.1 0.3 -0.1 0.5 19

 20 Monetary authority ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 U.S.-chartered depository institutions ND 0.0 -0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 21

 22 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 22

 23 Property-casualty insurance companies ND -0.0 0.0 0.1 0.1 0.1 0.1 0.2 0.2 0.2 23

 24 Life insurance companies ND 0.3 0.2 0.0 0.2 0.3 0.1 0.2 0.1 0.3 24

 25 Private pension funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.6 0.8 1.0 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 Federal government retirement funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 Mutual funds ND 0.1 0.2 0.1 0.2 0.1 0.2 0.4 0.4 0.3 28

 29 Closed-end funds ND 0.0 0.2 0.1 0.2 0.2 0.2 0.0 0.4 -0.6 29

 30 Exchange-traded funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

 31 Brokers and dealers ND -0.1 0.0 0.0 0.2 -0.1 0.0 -0.0 0.0 -0.1 31

 32 Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

(1) Excludes mutual fund shares shown on table F.214.

(2) Net purchases of foreign corporate equities and investment fund shares by U.S. residents; includes American Depositary Receipts (ADRs).

(3) 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.

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

F.214 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 Rest of the world 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Credit unions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Property-casualty insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Life insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Private pension funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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

(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, September 18, 2014 49

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 5.2 4.1 1.5 -1.8 5.6 5.3 2.2 -1.3 0.1 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 Rest of the world ND 0.3 0.2 0.2 -0.3 -0.3 0.2 0.0 -0.1 0.5 5

 6 Foreign official institutions ND 0.0 0.1 -0.0 -0.0 0.1 0.2 -0.0 -0.1 0.2 6

 7 Foreign banks ND 0.3 -0.1 0.2 -0.3 -0.0 0.1 -0.1 -0.0 0.2 7

 8 Other foreign ND -0.0 0.2 0.0 -0.0 -0.3 -0.1 0.2 -0.1 0.1 8

 9 Financial sectors ND 0.5 0.3 0.6 0.5 1.2 -0.1 1.1 -0.2 -0.1 9

 10 Finance companies ND 0.5 0.3 0.6 0.5 1.2 -0.1 1.1 -0.2 -0.1 10

 11 REITs ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Brokers and dealers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Net change in assets ND 5.2 4.1 1.5 -1.8 5.6 5.3 2.2 -1.3 0.1 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 5.0 4.2 1.3 -1.8 5.6 5.2 2.1 -1.2 -0.0 17

 18 Foreign banking offices in U.S. ND 0.1 0.1 0.1 0.1 0.1 0.1 0.1 -0.0 0.0 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, consumer credit, and security credit which are shown on other instrument tables.

(2) Loans from Federal Reserve banks to households, rest of the world, broker and dealers, and funding corporations. See loan details on table F.108.
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50 Historical Annuals, 1945-1954, September 18, 2014

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 2.7 4.5 1.8 0.7 1.4 1.5 1.5 0.5 0.1 1

 2 U.S. government loans ND 2.6 4.4 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 Rest of the world ND 2.7 4.1 1.1 0.5 0.1 0.2 0.4 0.2 -0.2 7

 8 Government-sponsored enterprises ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Finance 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 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 Govt.-sponsored enterprises loans (1) ND 0.2 0.3 0.2 -0.1 0.5 0.3 -0.0 -0.1 -0.0 23

 24 Liab.: Household sector (SLMA) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Nonfinancial corporate business (FCS) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 25

 26 Nonfinancial noncorporate business (FCS) ND 0.1 0.2 0.2 0.0 0.1 0.2 0.0 -0.2 0.0 26

 27 U.S.-chartered dep. inst. (FHLB & SLMA) ND 0.1 0.1 0.1 -0.1 0.4 0.1 -0.0 0.1 -0.1 27

 28 Credit unions (FHLB) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 Life insurance companies (FHLB) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 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 30

 31 Liab.: Nonfinancial corporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 Finance company loans to business ND -0.1 -0.2 0.1 -0.2 0.2 0.2 0.4 0.1 0.0 32

 33 Liab.: Nonfinancial corporate business ND -0.0 -0.2 0.1 -0.2 0.2 0.2 0.4 0.1 0.0 33

 34 Nonfinancial noncorporate business ND -0.0 -0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 34

 35 Loans to nonfinancial corporate business (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

 36 Asset: Household sector ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

 37 Life insurance companies 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 ABS issuers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

 40 Brokers and dealers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

 41 Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 41

(1) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4.

(2) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere.
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Historical Annuals, 1945-1954, September 18, 2014 51

F.217 Total Mortgages

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 State and local governments ND 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 17

 18 Federal government ND -0.3 -0.1 0.0 0.5 0.3 0.5 0.6 0.4 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
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52 Historical Annuals, 1945-1954, September 18, 2014

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 0.1 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 State and local governments ND 0.0 0.0 0.1 0.1 0.0 0.1 0.1 0.1 0.1 9

 10 Federal government ND -0.2 -0.0 0.1 0.5 0.3 0.5 0.5 0.2 0.0 10

 11 U.S.-chartered depository institutions ND 3.4 3.5 2.9 2.3 4.4 3.5 4.6 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 0.2 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 State and local governments ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Federal government ND -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 11

 12 U.S.-chartered depository institutions ND 0.1 0.2 0.3 0.3 0.8 0.6 0.3 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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Historical Annuals, 1945-1954, September 18, 2014 53

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 State and local governments ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 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 State and local governments 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 -0.1 -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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54 Historical Annuals, 1945-1954, September 18, 2014

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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Historical Annuals, 1945-1954, September 18, 2014 55

F.223 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 State and local governments ND 0.1 -0.1 0.1 0.2 0.1 0.1 0.5 0.5 0.6 5

 6 Federal government ND -2.0 -0.7 0.0 0.0 1.1 1.6 0.1 -0.2 -0.2 6

 7 Rest of the world ND -0.0 0.1 0.0 -0.0 -0.0 0.0 0.0 -0.0 0.1 7

 8 Brokers and dealers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 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 State and local governments ND 0.1 0.2 0.1 -0.0 0.5 0.2 0.1 0.0 0.2 12

 13 Federal government ND -0.8 -0.1 0.0 0.0 0.4 0.9 1.0 -0.0 0.2 13

 14 Rest of the world ND 0.0 -0.0 -0.1 -0.0 0.0 0.0 0.0 -0.1 -0.0 14

 15 Property-casualty insurance companies ND 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.1 15

 16 ABS issuers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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.224 Security Credit

Billions of dollars

 1 Net change in liabilities ND -2.3 -0.7 0.5 0.9 0.9 -0.4 0.5 0.8 1.8 1

 2 Household sector ND -0.7 0.0 -0.0 0.4 0.5 -0.1 0.1 0.4 0.8 2

 3 Brokers and dealers ND -1.6 -0.8 0.5 0.5 0.4 -0.3 0.4 0.4 1.0 3

 4 Net change in assets ND -2.3 -0.7 0.5 0.9 0.9 -0.4 0.5 0.8 1.8 4

 5 Household sector ND 0.0 -0.1 -0.0 0.0 0.3 -0.1 -0.2 -0.0 0.3 5

 6 U.S.-chartered depository institutions ND -1.6 -0.7 0.5 0.4 0.1 -0.3 0.5 0.3 0.6 6

 7 Foreign banking offices in U.S. ND 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 7

 8 Brokers and dealers ND -0.7 0.0 -0.0 0.4 0.5 -0.1 0.1 0.4 0.8 8
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56 Historical Annuals, 1945-1954, September 18, 2014

F.225 Life Insurance Reserves

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 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

F.226 Pension Entitlements

Billions of dollars

 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 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 4

 5 Federal government retirement funds (3) ND 3.9 3.4 3.6 4.0 4.7 6.3 7.2 7.4 7.5 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

(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) (table F.226.i), except those at life insurance companies.

F.227 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 State and local governments ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 0.0 10

 11 Federal government ND 5.8 9.6 8.2 5.2 15.6 13.7 6.0 10.7 6.0 11

 12 Discrepancy ND -7.8 -7.5 -7.3 -7.3 -8.2 -9.0 -8.8 -9.5 -9.5 12

F.228 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, September 18, 2014 57

F.229 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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58 Historical Annuals, 1945-1954, September 18, 2014

F.230 Total Miscellaneous Financial Claims

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Net change in liabilities ND 6.0 6.5 5.9 6.9 8.8 8.8 11.5 10.4 12.1 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 State and local governments ND 0.6 0.8 0.9 1.0 1.0 1.1 1.1 1.0 1.0 5

 6 Federal government ND 3.9 3.2 3.3 3.5 4.5 6.2 6.8 7.1 7.3 6

 7 Rest of the world ND -0.2 0.1 -0.1 0.2 0.0 0.0 -0.0 -0.0 0.1 7

 8 Monetary authority ND -0.1 0.2 -0.0 0.2 0.4 -0.4 0.1 0.0 -0.0 8

 9 U.S.-chartered depository institutions ND 0.4 0.1 0.1 0.2 0.5 0.1 0.4 0.1 0.6 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 -0.1 10

 11 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 11

 12 Credit unions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 12

 13 Property-casualty insurance companies ND 0.7 0.8 0.7 0.7 0.5 0.9 1.0 0.8 0.6 13

 14 Life insurance companies ND 0.3 0.4 0.3 0.4 0.3 0.4 0.6 0.5 0.7 14

 15 Government-sponsored enterprises ND -0.3 0.0 0.0 0.1 0.1 0.2 0.0 0.2 0.4 15

 16 Finance companies ND 0.2 0.2 -0.0 0.2 0.3 -0.1 0.5 0.2 0.7 16

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

 18 Brokers and dealers ND -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.1 -0.0 -0.0 18

 19 Holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 -0.0 20

 21 Net change in assets ND 3.8 7.2 7.0 8.1 8.3 13.3 14.5 14.5 14.2 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 -0.3 0.1 -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 -0.0 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 Life insurance companies ND -0.3 0.4 0.7 0.7 0.8 0.7 0.2 0.1 0.2 32

 33 Private pension funds ND 1.1 1.2 1.1 0.9 0.2 3.7 2.8 3.3 2.3 33

 34 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 34

 35 Federal government retirement funds ND 3.9 3.4 3.6 4.0 4.7 6.3 7.2 7.4 7.5 35

 36 Money market mutual funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

 37 Mutual funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 37

 38 Government-sponsored enterprises ND -0.0 -0.0 -0.0 0.0 0.0 -0.0 -0.0 0.1 0.1 38

 39 Finance companies ND 0.1 0.1 -0.0 0.1 0.1 -0.1 0.2 0.0 0.2 39

 40 REITs ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

 41 Brokers and dealers ND -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.1 -0.1 0.2 41

 42 Holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42

 43 Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 43

 44 Discrepancy ND 2.2 -0.7 -1.1 -1.2 0.5 -4.4 -3.0 -4.0 -2.1 44
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Historical Annuals, 1945-1954, September 18, 2014 59

F.231 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 ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Asset: Federal government ND 0.0 0.0 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 Life insurance companies (FHLB) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 Holding company net transactions with subsidiaries:

 12 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 12

 13 Property-casualty insurance companies 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Finance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Brokers and dealers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Rest of the world ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Asset: Holding companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 NFC investment in finance company subsidiaries:

 19 Liab.: Finance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Asset: Nonfinancial corporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 Funding corporations’ investment in subsidiaries:

 21 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 21

 22 Brokers and dealers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Asset: Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 Equity investment under Public-Private Inv. Program:

 24 Liab.: Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Asset: Households (2) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Federal government ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

(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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60 Historical Annuals, 1945-1954, September 18, 2014

F.232 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

 Deferred and unpaid life insurance premiums:

 8 Liab.: Household sector ND 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 8

 9 Asset: Life insurance companies ND 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 9

 Life insurance company reserves:

 10 Liab.: Life insurance companies ND 0.2 0.1 0.2 0.2 0.2 0.3 0.3 0.4 0.4 10

 11 Accident and health ND 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.0 11

 12 Policy dividend accumulation ND 0.2 0.1 0.1 0.2 0.2 0.2 0.2 0.3 0.3 12

 13 Contract claims ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Asset: Household sector ND 0.2 0.1 0.2 0.2 0.2 0.3 0.3 0.4 0.4 14

 Policy payables:

 15 Liab.: Property-casualty insurance companies ND 0.7 0.8 0.7 0.7 0.5 0.9 1.0 0.8 0.6 15

 16 Asset: Household sector ND 0.2 0.3 0.3 0.3 0.4 0.5 0.6 0.4 0.2 16

 17 Nonfinancial corporate business ND 0.3 0.3 0.2 0.2 0.0 0.1 0.1 0.1 0.1 17

 18 Nonfinancial noncorporate business ND 0.2 0.3 0.2 0.2 0.1 0.2 0.3 0.3 0.3 18

 Unallocated insurance company contracts:

 19 Liab.: Life insurance companies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Asset: Private pension funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 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 21

 Pension fund contributions payable:

 22 Liab.: Nonfinancial corporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.0 0.0 22

 23 Asset: Private pension funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.0 0.0 23

 Securities borrowed (net):

 24 Liab.: Funding corporations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Asset: Brokers and dealers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 Nonmarketable government securities:

 26 Liab.: Federal government ND 0.4 0.8 0.8 1.0 0.8 0.7 1.0 0.5 0.4 26

 27 Asset: Federal government retirement funds ND 0.4 0.8 0.8 1.0 0.8 0.7 1.0 0.5 0.4 27

 Retiree health care funds (2):

 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 (3):

 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 State and local governments ND 0.6 0.8 0.9 1.0 1.0 1.1 1.1 1.0 1.0 31

 32 Federal government ND 3.5 2.6 2.8 2.9 3.9 5.6 6.2 6.9 7.1 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 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 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

(1) Reciprocal currency arrangements (swap lines) with foreign central banks.

(2) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund.

(3) Assets of the household sector.
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Historical Annuals, 1945-1954, September 18, 2014 61

F.233 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 0.7 0.7 1.2 1.1 1.1 2.3 1.5 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 State and local governments ND 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.0 -0.1 20

 21 Federal government ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 -0.7 -0.0 0.3 -0.4 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 -0.0 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 -0.7 -1.1 -1.2 0.5 -4.4 -3.0 -4.0 -2.1 37
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62 Historical Annuals, 1945-1954, September 18, 2014

F.11 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 -10.1 -20.4 -18.3 -16.1 -14.0 1

 2 Household sector ND -2.0 -4.1 -3.8 -3.1 -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 State and local governments ND 1.3 -0.2 -0.6 -1.1 0.9 -0.5 3.9 2.5 1.3 4

 5 Federal government ND -6.5 -10.1 -8.4 -8.2 -8.7 -9.2 -9.7 -9.1 -10.0 5

 6 Rest of the world ND -0.1 -0.7 0.8 -0.0 -1.4 -0.1 0.0 0.1 -1.1 6

 7 Financial sectors ND 0.1 -0.4 -0.3 0.0 -1.3 0.3 0.3 0.0 -1.3 7

 8 Monetary authority 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 0.0 0.2 0.2 -0.1 0.3 0.4 0.1 -0.1 9

 10 Foreign banking officed in U.S. ND -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 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 11

 12 Credit unions ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 12

 13 Property-casualty insurance companies ND -0.0 -0.1 -0.1 0.2 -0.4 0.1 0.0 -0.1 -0.3 13

 14 Life insurance companies ND 0.5 -0.2 -0.4 -0.3 -0.7 -0.2 0.4 0.2 0.2 14

 15 Mutual funds ND -0.1 -0.0 0.1 -0.1 -0.0 -0.0 -0.0 -0.0 -0.1 15

 16 Government-sponsored enterprises ND -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 0.0 0.0 16

 17 Issuers of asset-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Finance companies ND 0.1 0.1 0.1 0.1 0.1 0.2 -0.4 0.0 -0.9 18

 19 REITs ND 0.0 0.0 0.0 0.0 -0.0 -0.0 0.0 -0.0 0.0 19

 20 Brokers and dealers ND 0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 0.0 0.0 20

 21 Holding companies ND -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.2 -0.2 21

F.12 Instrument Discrepancies

Billions of dollars

 1 All types ND -3.6 -13.5 -7.9 -8.7 -10.1 -20.4 -18.3 -16.1 -14.0 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 State and local governments ND 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.2 -0.0 7

 8 Federal government ND 0.6 -1.6 0.1 0.1 -0.2 -0.0 -0.6 0.2 0.6 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 -0.7 -1.1 -1.2 0.5 -4.4 -3.0 -4.0 -2.1 12

 13 Nonfinancial ND -1.2 -2.9 0.2 -1.8 -1.3 -3.5 -2.7 -3.8 -3.0 13

 Nonfinancial components (sign reversed):

 14 Statistical discrepancy (NIPA) ND 1.2 2.9 -0.2 1.8 1.3 3.5 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, September 18, 2014 63

L.100 Households and Nonprofit Organizations (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets 608.5 660.1 706.6 734.0 757.5 817.2 893.4 931.9 960.8 1050.1 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 Credit market instruments 91.0 90.3 91.5 93.7 94.6 96.2 96.9 104.7 109.6 109.5 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 Other loans and advances (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 (student loans) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Corporate equities (3) 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 Security credit 0.7 0.7 0.7 0.7 0.7 1.0 0.9 0.7 0.7 1.0 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 197.4 234.2 267.4 283.1 284.9 301.8 328.6 330.7 330.3 333.9 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 Credit market instruments 28.2 35.5 44.3 52.8 60.7 73.5 82.0 94.2 106.4 117.8 26

 27 Home mortgages (5) 18.7 23.1 28.3 33.4 37.8 45.3 51.8 58.5 66.0 75.4 27

 28 Consumer credit 6.8 9.8 13.3 16.3 19.4 23.9 25.4 30.5 34.6 36.0 28

 29 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Depository institution loans n.e.c. (6) 0.3 0.2 0.2 0.2 0.2 0.3 0.5 0.4 0.5 0.7 30

 31 Other loans and advances 2.1 2.0 2.1 2.2 2.4 2.6 2.8 2.9 3.1 3.4 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 Security credit 1.3 0.6 0.6 0.6 1.0 1.5 1.4 1.5 1.9 2.7 33

 34 Trade payables 0.5 0.7 0.8 0.9 0.9 1.0 1.0 1.1 1.2 1.3 34

 35 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 35

(1) Sector includes domestic hedge funds, private equity funds, and personal trusts. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end

 outstandings of nonprofit organizations.

(2) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds.

(3) 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 19) and pension entitlements (line 20).

(4) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs, 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.108, line 19.
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64 Historical Annuals, 1945-1954, September 18, 2014

L.101 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 Credit market instruments 22.1 17.1 17.7 19.3 21.9 26.4 28.1 28.4 30.6 29.3 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 Mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Consumer credit 3.4 4.0 4.9 5.8 6.4 7.7 8.5 9.7 10.1 10.5 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 24.4 28.1 33.4 35.5 34.6 45.7 48.9 53.7 53.3 56.6 15

 16 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 16

 17 Miscellaneous assets 2.0 2.4 2.9 3.4 3.8 4.1 4.5 5.0 5.7 6.0 17

 18 Total liabilities 85.2 99.5 115.1 126.5 127.4 154.3 170.8 178.7 184.9 192.4 18

 19 Credit market instruments 55.9 63.9 72.6 80.0 82.9 92.1 103.8 112.5 117.6 123.8 19

 20 Commercial paper 0.1 0.1 0.2 0.2 0.2 0.2 0.3 0.3 0.4 0.5 20

 21 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Corporate bonds 23.9 24.9 27.7 32.0 34.9 36.5 39.8 44.5 48.0 51.5 22

 23 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 23

 24 Other loans and advances 4.9 5.7 5.8 6.3 6.5 7.1 7.8 8.5 9.1 9.4 24

 25 Mortgages 16.8 18.5 20.4 22.4 24.3 26.6 29.2 31.3 33.3 35.8 25

 26 Trade payables 17.3 25.1 29.5 32.2 32.2 41.5 41.4 42.8 42.9 46.6 26

 27 Taxes payable 10.1 8.1 10.3 11.1 8.8 16.1 20.5 17.4 18.0 14.8 27

 28 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 28

 29 Miscellaneous liabilities 0.4 0.7 1.1 1.4 1.5 2.3 2.4 3.1 3.2 3.8 29

(1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business.
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Historical Annuals, 1945-1954, September 18, 2014 65

L.102 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 Credit market instruments 21.6 16.5 16.9 18.4 20.9 25.3 26.8 25.7 27.8 26.5 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 Mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Consumer credit 2.8 3.3 4.1 4.9 5.5 6.6 7.2 7.1 7.3 7.7 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 19.8 22.6 27.6 29.6 28.6 38.6 42.0 45.9 45.0 48.4 15

 16 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 16

 17 Miscellaneous assets 0.5 0.7 1.0 1.3 1.5 1.6 1.9 2.0 2.5 2.6 17

 18 Insurance receivables 0.4 0.7 1.0 1.2 1.4 1.4 1.6 1.7 1.8 1.9 18

 19 Equity in GSEs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 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 20

 21 Other 0.1 0.0 0.0 0.1 0.1 0.2 0.3 0.4 0.6 0.7 21

 22 Total liabilities 70.3 80.3 93.2 102.0 101.3 123.9 136.7 141.5 146.4 149.6 22

 23 Credit market instruments 44.7 49.9 56.8 62.8 64.4 70.4 78.9 85.1 89.3 92.8 23

 24 Commercial paper 0.1 0.1 0.2 0.2 0.2 0.2 0.3 0.3 0.4 0.5 24

 25 Municipal securities (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Corporate bonds (1) 23.9 24.9 27.7 32.0 34.9 36.5 39.8 44.5 48.0 51.5 26

 27 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 27

 28 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 28

 29 Mortgages 8.5 9.3 10.5 11.5 12.2 12.6 13.2 13.5 14.1 14.6 29

 30 Trade payables 13.7 20.1 23.4 25.0 24.8 32.7 32.4 33.1 32.9 34.9 30

 31 Taxes payable 10.1 8.1 10.3 11.1 8.8 16.1 20.5 17.4 18.0 14.8 31

 32 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 32

 33 Miscellaneous liabilities 0.4 0.7 1.1 1.4 1.5 2.3 2.4 3.1 3.2 3.8 33

 34 Pension fund contributions payable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.2 0.2 34

 35 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 35

 36 Other -16.5 -17.3 -18.0 -18.6 -19.2 -18.9 -22.6 -23.3 -26.4 -28.0 36

 Memo:

 37 Trade receivables net of payables 6.1 2.5 4.1 4.6 3.9 5.8 9.6 12.7 12.2 13.5 37

 38 Market value of equities 103.7 97.3 95.1 94.1 103.8 126.7 147.6 146.6 144.1 194.8 38

 39 Securities and mortgages 32.4 34.2 38.2 43.5 47.1 49.1 53.0 58.0 62.2 66.2 39

 40 Loans and short-term paper 12.2 15.7 18.6 19.3 17.3 21.3 25.8 27.1 27.1 26.7 40

 41 Total short-term liabilities (4) 36.0 43.9 52.4 55.4 50.9 70.1 78.8 77.7 77.9 76.3 41

 42 Total liquid assets (5) 38.8 33.8 35.3 36.4 39.4 44.0 46.6 46.4 48.2 48.5 42

 Analytical measures (percent)

 43 Long-term debt/credit market debt 72.7 68.5 67.2 69.3 73.1 69.8 67.2 68.1 69.6 71.3 43

 44 Short-term debt/credit market debt 27.3 31.5 32.8 30.7 26.9 30.2 32.8 31.9 30.4 28.7 44

 45 Liquid assets/short-term liabilities 107.7 76.9 67.4 65.7 77.4 62.7 59.1 59.8 61.8 63.6 45

(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 24, 27, 28, 30, and 31. Includes loans due in more than one year and excludes current maturities of bonds and mortgages.

(5) Sum of lines 2 through 6, lines 8 through 11, and line 14.
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66 Historical Annuals, 1945-1954, September 18, 2014

L.103 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 Credit market instruments 0.6 0.7 0.8 0.9 1.0 1.1 1.3 2.7 2.8 2.8 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 Mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Consumer credit 0.6 0.7 0.8 0.9 1.0 1.1 1.3 2.7 2.8 2.8 9

 10 Trade receivables 4.5 5.6 5.9 5.9 6.0 7.1 7.0 7.8 8.2 8.2 10

 11 Miscellaneous assets 1.5 1.7 1.9 2.1 2.3 2.4 2.6 2.9 3.2 3.5 11

 12 Insurance receivables 1.3 1.5 1.8 2.0 2.2 2.3 2.5 2.8 3.1 3.3 12

 13 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 13

 14 Other 0.0 0.0 -0.0 -0.0 0.0 0.0 -0.0 0.0 -0.0 0.0 14

 15 Total liabilities 14.9 19.1 21.9 24.4 26.1 30.4 34.1 37.1 38.4 42.7 15

 16 Credit market instruments 11.3 14.0 15.8 17.2 18.5 21.6 24.9 27.4 28.4 30.9 16

 17 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 17

 18 Other loans and advances 1.7 2.6 3.0 3.3 3.6 3.9 4.4 4.7 4.8 5.1 18

 19 Mortgages 8.3 9.2 9.9 10.9 12.1 14.0 16.0 17.8 19.1 21.2 19

 20 Trade payables 3.6 5.1 6.1 7.2 7.5 8.7 9.0 9.6 10.0 11.7 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. 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 22

 23 Miscellaneous liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

(1) Equity in the Farm Credit System.
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Historical Annuals, 1945-1954, September 18, 2014 67

L.104 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 Credit market instruments 7.5 6.8 7.5 8.2 8.6 9.4 10.1 11.7 12.6 13.5 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 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 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 Credit market instruments 12.6 12.7 14.3 15.7 16.6 21.2 23.6 30.8 35.8 41.1 19

 20 Municipal securities 12.1 12.2 13.8 15.1 16.1 20.7 22.8 29.7 35.0 40.7 20

 21 Short-term (2) 0.3 0.3 0.5 0.7 0.9 1.3 1.6 1.8 1.9 2.1 21

 22 Long-term 11.8 11.9 13.3 14.5 15.2 19.4 21.2 27.9 33.1 38.6 22

 23 U.S. government loans 0.5 0.5 0.5 0.6 0.5 0.6 0.8 1.1 0.8 0.4 23

 24 Trade payables 0.6 0.8 0.6 0.8 1.0 1.1 1.2 1.6 2.2 2.7 24

 25 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 25

(1) Data for employee retirement funds are shown in table L.118.

(2) Debt with original maturity of 13 months or less.

(3) Included in miscellaneous liabilities.
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68 Historical Annuals, 1945-1954, September 18, 2014

L.105 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 Credit market instruments 5.2 8.3 12.6 13.9 15.1 15.9 17.1 18.7 20.7 20.4 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 Other loans and advances 3.8 7.3 11.6 12.9 13.7 14.1 14.8 15.8 17.3 17.0 8

 9 Mortgages 1.4 1.0 0.9 1.0 1.5 1.8 2.3 2.9 3.3 3.4 9

 10 Consumer credit (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Corporate equities (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Trade receivables 0.9 0.1 0.0 0.0 0.0 0.4 1.3 2.3 2.2 2.4 12

 13 Taxes receivable 9.6 8.2 10.6 11.4 9.1 16.5 21.6 9.3 7.4 4.5 13

 14 Miscellaneous assets 1.5 1.2 1.3 1.2 1.4 1.4 1.3 1.3 1.3 1.5 14

 15 Total liabilities 288.7 268.6 264.5 262.2 268.3 272.5 279.9 292.2 306.2 315.4 15

 16 SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Treasury currency 2.3 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.5 2.5 18

 19 Credit market instruments 251.5 228.0 220.8 215.1 217.7 216.5 216.1 221.4 228.4 230.8 19

 20 U.S. savings securities 42.9 44.2 46.2 47.8 49.3 49.6 49.1 49.2 49.4 50.0 20

 21 Treasury bills 55.2 47.0 36.4 38.7 42.0 19.0 47.2 38.4 45.9 48.0 21

 22 Other Treasury securities 153.0 136.8 138.1 127.6 125.4 147.6 119.5 133.2 130.9 130.6 22

 23 Budget agency securities 0.3 0.1 0.1 0.9 1.0 0.4 0.2 0.6 2.3 2.3 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 Trade payables 2.7 0.7 0.0 0.0 0.0 1.1 2.7 2.8 2.6 2.4 25

 26 Insurance reserves 3.6 4.8 5.4 5.6 5.7 6.0 6.1 6.2 6.3 6.0 26

 27 Miscellaneous liabilities 28.7 32.7 35.9 39.2 42.5 46.6 52.6 59.3 66.5 73.7 27

 28 Nonmarketable securities held by pension plans (3) 2.9 3.3 4.1 4.9 6.0 6.7 7.5 8.4 8.9 9.4 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) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military

 retirement fund, and foreign service retirement and disability fund.
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Historical Annuals, 1945-1954, September 18, 2014 69

L.106 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 Credit market instruments 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 Credit market instruments 5.0 8.0 12.3 13.7 13.8 13.9 14.6 15.0 16.2 16.4 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 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 28

 29 Other loans and advances 1.6 4.4 8.5 9.6 10.0 10.1 10.4 10.8 12.1 12.0 29

 30 Trade payables 0.4 0.4 0.4 0.5 0.4 0.4 0.5 0.5 0.5 0.6 30

 31 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 31

 32 Miscellaneous liabilities 1.0 0.8 1.0 0.9 1.0 1.1 1.1 1.1 1.1 1.2 32

 33 U.S. equity in IBRD, etc. 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 33

 34 Nonofficial foreign currencies 0.4 0.2 0.3 0.2 0.4 0.4 0.4 0.4 0.4 0.5 34

 35 Investment by holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

 Memo:

 36 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 36

 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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L.107 Financial Business (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets 336.2 340.1 359.9 379.2 395.5 424.5 458.6 499.0 533.8 576.5 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 Credit market instruments 226.0 226.1 235.6 244.2 254.1 272.9 292.4 316.3 337.6 363.0 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 158.0 142.7 134.8 126.4 125.5 120.6 120.1 122.8 124.5 129.6 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 Depository institution loans n.e.c. 11.3 16.5 20.6 22.2 20.4 26.0 31.4 33.6 32.2 32.3 17

 18 Other loans and advances 5.4 5.5 5.7 6.2 6.1 7.1 7.9 8.4 8.7 9.2 18

 19 Mortgages 22.3 27.2 33.1 39.2 44.4 53.5 61.3 68.9 77.3 88.1 19

 20 Consumer credit 3.4 5.8 8.4 10.5 12.9 16.2 16.9 20.8 24.5 25.5 20

 21 Corporate equities 5.3 5.5 5.9 6.2 8.8 9.9 10.9 13.9 15.2 20.2 21

 22 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Trade receivables 0.4 0.5 0.6 0.7 0.7 0.7 0.9 0.9 1.0 1.1 23

 24 Security credit 4.5 2.2 1.6 2.0 2.9 3.5 3.2 3.8 4.6 6.1 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 54.2 58.6 64.7 70.6 77.1 84.2 94.8 106.0 118.4 131.1 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 Credit market instruments 1.7 2.9 3.7 5.2 6.0 8.4 9.5 11.0 12.6 12.2 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 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 38

 39 Other loans and advances 0.2 0.3 0.4 0.5 0.4 0.8 0.9 0.9 1.0 0.9 39

 40 Mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

 41 Mutual fund shares 1.2 1.3 1.4 1.5 3.1 3.3 3.5 3.9 4.1 6.1 41

 42 Trade payables 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.2 0.2 0.2 42

 43 Security credit 4.0 2.4 1.6 2.1 2.6 3.0 2.7 3.1 3.4 4.5 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.108 through L.130.
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Historical Annuals, 1945-1954, September 18, 2014 71

L.108 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 Credit market instruments 24.3 23.5 22.6 23.5 19.0 20.7 23.6 24.1 25.3 25.0 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 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 Rest of world 0.0 0.1 0.1 0.2 0.1 0.0 0.0 0.0 0.0 0.1 20

 21 Brokers and dealers (6) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Funding corporations (Maiden Lane) (7) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Funding corporations (AIG) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Funding corporations (Maiden Lane II) (8) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Funding corporations (Maiden Lane III)(9) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Funding corporations (CPFF) (10) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Corporate equities (11) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 Miscellaneous assets 0.1 0.1 0.2 0.2 0.1 0.2 0.2 0.2 0.2 0.2 28

 29 Nonofficial foreign currencies (12) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Other 0.1 0.1 0.2 0.2 0.1 0.2 0.2 0.2 0.2 0.2 30

 31 Total liabilities 49.0 48.6 49.7 52.1 47.6 48.9 51.7 53.1 53.1 51.8 31

 32 Depository institution reserves 15.9 16.1 17.9 20.5 16.6 17.7 20.1 20.0 20.2 18.9 32

 33 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 33

 34 Checkable deposits and currency 31.1 30.4 29.3 29.4 28.5 28.2 28.6 29.9 29.8 29.9 34

 35 Due to federal government 3.3 2.7 2.2 2.4 2.1 2.0 1.5 1.7 1.1 1.4 35

 36 Treasury cash holdings 2.3 2.3 1.3 1.3 1.3 1.3 1.3 1.3 0.8 0.8 36

 37 Treasury general deposit account 1.0 0.4 0.9 1.1 0.8 0.7 0.2 0.4 0.3 0.6 37

 38 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 38

 39 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 39

 40 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 40

 41 Currency outside banks 26.6 26.9 26.7 26.2 25.6 25.6 26.5 27.7 28.3 28.0 41

 42 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42

 43 Miscellaneous liabilities 0.1 0.1 0.3 0.3 0.5 0.9 0.4 0.5 0.6 0.5 43

 44 Federal Reserve Bank stock 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 44

 45 Other -0.0 -0.1 0.1 0.1 0.3 0.6 0.2 0.3 0.3 0.3 45

(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.

(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) Loan extended by the Federal Reserve to Maiden Lane LLC to facilitate the arrangements associated with JPMorgan Chase & Co.’s acquisition of Bear Stearns Companies, Inc.

(8) Loan extended by the Federal Reserve to Maiden Lane II LLC to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of AIG subsidiaries.

(9) Loan extended by the Federal Reserve to Maiden Lane III LLC to purchase CDOs on which AIG has written credit default swap contracts.

(10) Loan extended by the Federal Reserve to Commercial Paper Funding Facility LLC.

(11) 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.

(12) Reciprocal currency arrangements (swap lines) with foreign central banks.
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72 Historical Annuals, 1945-1954, September 18, 2014

L.109 Private Depository Institutions (1)

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets 168.3 161.8 168.7 171.8 176.9 188.5 201.2 215.7 226.1 242.8 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 Credit market instruments 141.8 138.7 144.6 145.2 153.5 163.4 173.6 186.9 196.5 212.5 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 Depository institution loans n.e.c. 11.3 16.4 20.6 22.0 20.3 26.0 31.3 33.5 32.2 32.2 11

 12 Other loans and advances 0.2 0.2 0.3 0.3 0.3 0.4 0.5 0.5 0.6 0.9 12

 13 Mortgages 14.5 18.9 23.2 27.1 30.0 35.7 40.2 45.5 51.6 59.3 13

 14 Consumer credit 2.5 4.3 6.0 7.3 8.6 10.9 11.3 13.7 15.9 16.4 14

 15 Corporate equities 0.2 0.2 0.1 0.2 0.2 0.2 0.2 0.3 0.4 0.6 15

 16 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Security credit 3.3 1.6 0.9 1.4 1.9 2.0 1.8 2.3 2.7 3.4 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 2.5 2.6 3.0 2.8 3.3 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 Credit market instruments 0.4 0.5 0.7 0.8 0.7 1.2 1.4 1.4 1.5 1.7 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 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.110), foreign banking offices (L.111), banks in U.S.-affiliated areas (L.112), and credit unions (L.113).

(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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Historical Annuals, 1945-1954, September 18, 2014 73

L.110 U.S.-Chartered Depository Institutions

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets 167.0 160.4 167.1 170.1 174.8 186.0 198.2 212.4 222.4 238.5 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 Credit market instruments 140.6 137.4 143.2 143.6 151.6 161.2 171.0 183.9 193.1 208.8 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 Depository institution loans n.e.c. 11.2 16.2 20.4 21.7 19.9 25.6 30.8 32.9 31.6 31.6 21

 22 Other loans and advances 0.1 0.2 0.2 0.2 0.2 0.3 0.4 0.4 0.5 0.7 22

 23 Mortgages 14.3 18.7 22.9 26.7 29.6 35.1 39.7 45.0 51.1 58.7 23

 24 Consumer credit 2.5 4.3 6.0 7.2 8.5 10.6 11.0 13.2 15.0 15.4 24

 25 Corporate equities 0.2 0.2 0.1 0.2 0.2 0.2 0.2 0.3 0.4 0.6 25

 26 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Security credit 3.3 1.6 0.9 1.4 1.8 1.9 1.6 2.1 2.4 3.0 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 Rest of the world 1.4 1.4 1.2 1.5 1.1 1.3 1.1 1.3 0.9 1.1 39

 40 Private domestic 75.5 83.3 87.4 85.5 86.0 91.6 98.0 101.3 102.6 106.8 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 Credit market instruments 0.3 0.5 0.6 0.7 0.6 1.1 1.3 1.3 1.4 1.6 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 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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74 Historical Annuals, 1945-1954, September 18, 2014

L.111 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 1.6 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 Credit market instruments 0.4 0.5 0.5 0.6 0.8 1.0 1.3 1.5 1.5 1.6 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 Depository institution loans n.e.c. 0.1 0.2 0.2 0.3 0.4 0.4 0.6 0.6 0.6 0.6 11

 12 Other loans and advances 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 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 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Security credit 0.0 0.0 0.0 0.0 0.1 0.1 0.2 0.2 0.3 0.4 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 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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Historical Annuals, 1945-1954, September 18, 2014 75

L.112 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 Credit market instruments 0.6 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 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 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 7

 8 Home mortgages 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 8

 9 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Miscellaneous assets 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 10

 11 Total liabilities 0.9 0.9 0.9 0.8 0.8 0.8 0.8 0.9 0.9 0.9 11

 12 Net interbank liabilities -0.2 -0.2 -0.2 -0.2 -0.1 -0.1 -0.2 -0.2 -0.2 -0.2 12

 13 Checkable deposits 0.9 0.9 0.9 0.8 0.8 0.8 0.8 0.9 0.9 0.9 13

 14 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 14

 15 Large time deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Miscellaneous liabilities 0.2 0.2 0.2 0.1 0.1 0.1 0.2 0.2 0.2 0.2 16

(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.113 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 Credit market instruments 0.2 0.2 0.3 0.5 0.6 0.7 0.8 1.1 1.4 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 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 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 10

 11 Home mortgages 0.1 0.2 0.2 0.3 0.3 0.4 0.4 0.4 0.4 0.4 11

 12 Consumer credit 0.0 0.0 0.1 0.1 0.2 0.3 0.3 0.6 0.9 1.1 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 0.2 0.2 0.3 0.4 0.5 0.7 0.7 0.9 1.2 1.4 15

 16 Net interbank liabilities -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.4 -0.5 -0.6 -0.8 16

 17 Shares/deposits 0.4 0.4 0.5 0.6 0.7 0.9 1.1 1.4 1.7 2.0 17

 18 Checkable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Small time and savings 0.4 0.4 0.5 0.6 0.7 0.9 1.1 1.4 1.7 2.0 19

 20 Large time 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 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 21

 22 Other loans and advances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Miscellaneous liabilities -0.0 -0.0 -0.0 -0.0 0.0 0.0 0.1 0.1 0.1 0.2 23
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76 Historical Annuals, 1945-1954, September 18, 2014

L.114 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 Credit market instruments 3.5 4.1 4.8 5.7 6.4 7.2 7.8 8.7 9.9 10.8 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 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 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 Total liabilities 3.9 4.6 5.5 6.3 7.1 7.5 8.4 9.5 10.5 11.0 16

 17 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Taxes payable (net) 0.0 0.0 0.0 0.1 0.2 0.2 0.1 0.2 0.4 0.2 18

 19 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 19

 20 Miscellaneous liabilities 3.6 4.3 5.1 5.9 6.5 7.0 7.9 8.9 9.7 10.3 20

 21 Investment by parent companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Policy payables 3.6 4.3 5.1 5.9 6.5 7.0 7.9 8.9 9.7 10.3 22
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Historical Annuals, 1945-1954, September 18, 2014 77

L.115 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 Credit market instruments 41.2 44.4 47.4 50.9 54.4 57.9 61.6 65.9 70.6 75.4 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 Other loans and advances 2.0 1.9 1.9 2.1 2.2 2.4 2.6 2.7 2.9 3.1 11

 12 Mortgages 6.6 7.2 8.7 10.8 12.9 16.1 19.3 21.3 23.3 26.0 12

 13 Corporate equities 1.0 1.2 1.4 1.4 1.7 2.1 2.2 2.4 2.6 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 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 15

 16 Miscellaneous assets 0.9 0.9 1.0 1.1 1.2 1.5 1.7 1.8 1.9 2.1 16

 17 Equity in FHLB 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 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 18

 19 Other 0.2 0.2 0.2 0.3 0.3 0.5 0.6 0.6 0.7 0.8 19

 20 Total liabilities 41.6 44.9 48.3 51.8 55.5 59.2 63.2 67.8 72.5 77.3 20

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

 22 Other loans and advances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Life insurance reserves 36.0 38.6 41.1 43.8 46.4 49.1 51.6 54.5 57.4 60.4 23

 24 Pension entitlements (2) 2.7 3.1 3.6 4.2 4.8 5.6 6.6 7.7 8.8 10.0 24

 25 Taxes payable (net) 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.2 0.2 25

 26 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 26

 27 Miscellaneous liabilities 2.6 2.9 3.3 3.5 3.9 4.2 4.6 5.2 5.7 6.3 27

 28 Investment by parent companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 Other reserves (3) 1.4 1.6 1.7 1.9 2.1 2.4 2.6 3.6 4.0 4.3 29

 30 Unallocated insurance contracts 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

 31 Other 1.2 1.3 1.6 1.6 1.8 1.8 2.0 1.6 1.8 2.0 31

(1) Additional detail on the financial assets and liabilities held in life insurer’s general and separate accounts is available on tables L.115.g and L.115.s.

(2) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are shown on line 30.

(3) Includes reserves for accident and health policies, policy dividend accumulation, and contract claims.
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78 Historical Annuals, 1945-1954, September 18, 2014

L.116 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 Credit market instruments 6.4 6.9 7.5 8.2 9.0 10.0 11.5 13.6 16.2 19.0 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 3.6 3.8 4.0 4.3 4.6 4.8 5.4 5.9 6.5 7.1 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 1.9 2.2 2.4 2.7 3.0 3.4 4.2 5.6 7.2 9.0 10

 11 Mortgages 0.0 0.0 0.1 0.1 0.1 0.2 0.2 0.3 0.4 0.5 11

 12 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.3 1.9 2.5 3.3 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 47.8 54.3 60.5 66.6 72.8 79.2 89.9 100.2 111.9 123.1 14

 15 Unallocated insurance contracts (3) 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 Nonmarketable Treasury securities (4) 2.9 3.3 4.1 4.9 6.0 6.7 7.5 8.4 8.9 9.4 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) Assets of pension plans held at life insurance companies; series begins 1985:Q4.

(4) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund,

 and foreign service retirement and disability fund.

(5) 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 table L.226.i 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, September 18, 2014 79

L.117 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 Credit market instruments 3.9 4.1 4.4 4.7 5.0 5.3 6.0 7.2 8.5 9.8 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 Corporate and foreign bonds 1.8 2.0 2.2 2.4 2.6 2.8 3.5 4.5 5.6 6.9 10

 11 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 0.3 1.8 2.4 3.2 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 16.7 17.8 19.0 20.1 21.0 21.6 25.4 27.0 30.4 32.6 14

 15 Unallocated insurance contracts (3) 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 (4) 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 -0.2 -0.0 0.2 0.3 0.4 0.4 0.7 0.7 0.7 18

 19 Pension entitlements (liabilities) (5) 20.7 22.1 23.6 25.0 26.2 27.2 32.1 36.9 42.3 46.7 19

 Memo:

 Funded status of defined benefit plans:

 20 Pension entitlements 19.9 21.3 22.6 23.8 24.9 25.8 30.2 34.4 39.4 43.3 20

 21 Funded by assets (6) 3.0 3.2 3.6 3.9 4.2 4.6 5.3 8.2 9.9 11.7 21

 22 Unfunded (line 17) 16.9 18.1 19.1 19.9 20.7 21.2 24.9 26.2 29.5 31.6 22

 Total financial assets (7)

 23 Defined benefit plans 19.9 21.3 22.6 23.8 24.9 25.8 30.2 34.4 39.3 43.2 23

 24 Defined contribution plans 0.8 0.8 1.0 1.1 1.3 1.4 1.8 2.5 2.9 3.4 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. 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.117.b and L.117.c.
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80 Historical Annuals, 1945-1954, September 18, 2014

L.118 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 Credit market instruments 2.5 2.8 3.1 3.5 4.1 4.7 5.4 6.4 7.7 9.2 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 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.118.b and L.118.c.

L.119 Federal Government Employee Retirement Funds

Billions of dollars

 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 Credit market instruments 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 Miscellaneous assets 24.1 28.2 31.6 35.1 39.0 43.3 49.3 56.4 63.8 71.2 7

 8 Nonmarketable Treasury securities (3) 2.9 3.3 4.1 4.9 6.0 6.7 7.5 8.4 8.9 9.4 8

 9 Claims of pension fund on sponsor (4) 21.2 24.9 27.5 30.2 33.0 36.5 41.8 48.0 54.8 61.9 9

 10 Pension entitlements (liabilities) (5) 24.1 28.2 31.6 35.1 39.0 43.3 49.3 56.4 63.8 71.2 10

 Memo:

 Funded status of defined benefit plans:

 11 Pension entitlements 24.1 28.2 31.6 35.1 39.0 43.3 49.3 56.4 63.8 71.2 11

 12 Funded by assets (6) 2.9 3.3 4.1 4.9 6.0 6.7 7.5 8.4 8.9 9.4 12

 13 Unfunded (line 9) 21.2 24.9 27.5 30.2 33.0 36.5 41.8 48.0 54.8 61.9 13

 Total financial assets (7)

 14 Defined benefit plans 24.1 28.2 31.6 35.1 39.0 43.3 49.3 56.4 63.8 71.2 14

 15 Defined contribution plans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).

(2) Includes nonmarketable Treasury securities held by the Thrift Savings Plan.

(3) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund,

 and foreign service retirement and disability fund.

(4) Unfunded defined benefit pension entitlements and suspended investments in the Thrift Savings Plan G Fund by the Treasury. Negative values indicate overfunding.

(5) 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.

(6) Total defined benefit financial assets less defined benefit claims of pension fund on sponsor.

(7) 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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L.120 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 Credit market instruments 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.115).

L.121 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 Credit market instruments 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 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.115).

L.122 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 Credit market instruments 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 Credit market instruments 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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82 Historical Annuals, 1945-1954, September 18, 2014

L.123 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 Credit market instruments 2.0 2.1 2.3 2.7 2.6 3.1 3.5 3.6 3.7 4.0 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 Other loans and advances 0.7 0.8 1.1 1.4 1.3 1.8 2.1 2.1 1.9 1.9 11

 12 Sallie Mae 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Farm Credit System 0.5 0.5 0.7 0.8 0.9 1.0 1.2 1.2 1.0 1.0 13

 14 FHLB 0.2 0.3 0.4 0.5 0.4 0.8 0.9 0.9 1.0 0.9 14

 15 Mortgages 1.0 1.0 0.9 0.9 0.9 1.0 1.0 1.1 1.2 1.3 15

 16 Home 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Consolidated trusts (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 Multifamily residential 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Consolidated trusts (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Farm 1.0 1.0 0.9 0.9 0.9 1.0 1.0 1.1 1.2 1.3 22

 23 Consumer credit (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Miscellaneous assets 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.3 24

 25 Total liabilities 2.1 2.1 2.3 2.6 2.6 3.0 3.4 3.5 3.7 4.1 25

 26 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 26

 27 Credit market instruments 0.9 1.2 1.3 1.6 1.4 1.8 2.1 2.1 2.1 2.1 27

 28 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 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 (table L.124) are consolidated on Fannie Mae’s and

 Freddie Mac’s balance sheets.

(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.124 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 are consolidated on Fannie

 Mae’s and Freddie Mac’s balance sheets (table L.123). 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, September 18, 2014 83

L.125 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 Treasury securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 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 3

 4 Other loans and advances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Mortgages (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Home 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Multifamily residential 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Commercial 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Trade credit 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 Commercial paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Corporate bonds (net) (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 Memo:

 Securitized assets not included above

 14 Consumer leases (4) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 REIT assets (5) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 Securitized liabilities not included above

 16 Commercial paper (6) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

(1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.

(3) Liabilities net of assets.

(4) 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.

(5) Included in table L.127.

(6) Included in table L.110 line 43.

L.126 Finance Companies (1)

Billions of dollars

 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 Credit market instruments 3.6 4.3 5.0 5.9 6.8 8.2 8.7 10.8 12.5 13.2 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 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 Credit market instruments 0.5 1.2 1.7 2.9 3.9 5.3 6.0 7.5 8.9 8.3 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 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 15

 16 Other loans and advances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Taxes payable 0.0 0.0 0.1 0.1 0.1 0.2 0.2 0.2 0.3 0.2 17

 18 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 18

 19 Miscellaneous liabilities 0.5 0.6 0.9 0.9 1.0 1.3 1.2 1.7 1.8 2.5 19

 20 Investment by parent 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Other 0.5 0.6 0.9 0.9 1.0 1.3 1.2 1.7 1.8 2.5 21

 Memo:

 22 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 22

(1) Includes retail captive finance companies and mortgage companies.

(2) See footnote (4), table L.125.
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84 Historical Annuals, 1945-1954, September 18, 2014

L.127 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 Credit market instruments 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 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 Credit market instruments 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 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 16

 17 Mortgages 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

 Memo:

 19 Securitized assets included above 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 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 20

 21 Home mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

(1) Additional detail on financial assets and liabilities for equity and mortgage REITs is available on tables L.127.e and L.127.m.
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Historical Annuals, 1945-1954, September 18, 2014 85

L.128 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 Credit market instruments 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 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 Corporate equities 0.6 0.5 0.5 0.5 0.6 0.5 0.6 0.6 0.6 0.7 11

 12 Security credit 1.3 0.6 0.6 0.6 1.0 1.5 1.4 1.5 1.9 2.7 12

 13 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 13

 14 Miscellaneous assets -0.0 -0.0 -0.0 -0.0 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 14

 15 Total liabilities 5.2 3.6 2.8 3.3 3.8 4.2 3.9 4.3 4.7 5.7 15

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

 17 Credit market instruments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Corporate bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Depository institution loans n.e.c. (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 Security credit 4.0 2.4 1.6 2.1 2.6 3.0 2.7 3.1 3.4 4.5 21

 22 From households 0.7 0.7 0.7 0.7 0.7 1.0 0.9 0.7 0.7 1.0 22

 23 From U.S.-chartered depository institutions 3.3 1.6 0.9 1.4 1.8 1.9 1.6 2.1 2.4 3.0 23

 24 From foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.1 0.1 0.2 0.2 0.3 0.4 24

 25 Taxes payable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 1.0 1.0 1.0 1.0 1.0 1.0 0.9 0.9 0.9 0.8 27

 28 Investment by parent companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 Other 1.0 1.0 1.0 1.0 1.0 1.0 0.9 0.9 0.9 0.8 29

(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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86 Historical Annuals, 1945-1954, September 18, 2014

L.129 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 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 Credit market instruments 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 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 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 19

 20 Credit market instruments 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 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 and savings and loan 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, September 18, 2014 87

L.130 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 Credit market instruments 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 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 Credit market instruments 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 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 16

 17 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 17

 18 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 18

 19 Miscellaneous liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 19

 20 Securities loaned (net) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Equity interest under PPIP 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Other (net) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 22

(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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88 Historical Annuals, 1945-1954, September 18, 2014

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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Historical Annuals, 1945-1954, September 18, 2014 89

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 Rest of the world 0.4 0.2 0.3 0.5 0.8 1.1 1.7 1.8 1.7 1.7 8

 9 Monetary authority 0.8 0.6 0.6 0.6 0.5 1.4 1.2 1.1 0.9 0.8 9

 10 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 10

 11 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 11

 12 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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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90 Historical Annuals, 1945-1954, September 18, 2014

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 State and local governments 3.7 4.6 5.3 5.8 6.0 6.5 6.9 7.2 7.6 7.9 21

 22 Federal government 26.9 4.2 3.7 4.8 5.2 4.9 5.1 7.4 5.9 5.6 22

 23 Rest of the world 2.7 2.3 1.7 2.2 2.0 2.0 1.7 2.0 1.5 1.7 23

 24 Checkable deposits 2.7 2.3 1.7 2.2 2.0 2.0 1.7 2.0 1.5 1.7 24

 25 Currency 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Financial sectors 2.7 3.1 3.4 3.4 3.6 4.1 4.3 4.5 4.7 4.7 26

 27 Property-casualty insurance companies 0.7 0.9 1.0 1.1 1.1 1.2 1.2 1.3 1.4 1.3 27

 28 Life insurance companies 0.8 0.8 1.0 0.9 0.9 1.0 1.1 1.1 1.2 1.2 28

 29 Private pension funds 0.1 0.1 0.1 0.2 0.2 0.3 0.3 0.3 0.4 0.4 29

 30 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 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 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 32

 33 Finance companies 0.5 0.5 0.4 0.6 0.6 0.8 0.9 0.9 0.9 0.9 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 0.5 0.7 0.6 0.6 0.5 0.6 0.6 0.5 0.5 0.6 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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Historical Annuals, 1945-1954, September 18, 2014 91

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 State and local governments 0.5 0.7 0.9 1.1 1.3 1.4 1.5 1.6 2.0 2.4 17

 18 Federal government 0.1 0.1 0.1 0.1 0.2 0.2 0.3 0.4 0.3 0.4 18

 19 Rest of the world 1.6 1.6 1.6 1.6 1.7 2.0 1.7 1.8 2.4 2.9 19

 20 Financial sectors 0.2 0.2 0.1 0.2 0.2 0.3 0.3 0.7 0.8 0.8 20

 21 Private pension funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.5 0.6 21

 22 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 22

 23 Money market mutual 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 Finance companies 0.2 0.2 0.1 0.2 0.2 0.3 0.3 0.3 0.3 0.3 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

(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 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Property-casualty insurance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 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 Private pension funds 0.0 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Funding corporations 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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92 Historical Annuals, 1945-1954, September 18, 2014

L.207 Federal Funds and Security Repurchase Agreements

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 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Monetary authority 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 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 5

 6 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Property-casualty insurance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 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 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 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 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 Holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Total assets 0.0 0.0 0.1 0.1 0.1 0.1 0.2 1.1 1.0 0.4 13

 14 Nonfinancial corporate business 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 0.2 0.2 0.2 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 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.1 0.2 0.7 0.6 0.0 17

 18 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 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

 21 Property-casualty insurance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Life insurance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Private pension funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 23

 24 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 24

 25 Money market mutual funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Mutual funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 26

 27 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 Brokers and dealers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 Holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

 31 Discrepancy 0.0 0.0 -0.1 -0.1 -0.1 -0.1 -0.2 -1.1 -0.9 -0.4 31
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Historical Annuals, 1945-1954, September 18, 2014 93

L.208 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 Rest of the world 0.0 0.1 0.1 0.1 0.1 0.2 0.3 0.3 0.4 0.6 21

 22 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 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 23

 24 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 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 Private pension funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 Money market mutual funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

 31 Mutual funds 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 31

 32 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

 33 Brokers and dealers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33

 34 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 34

(1) Excludes banks’ holdings of own acceptances.
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94 Historical Annuals, 1945-1954, September 18, 2014

L.209 Treasury Securities

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total liabilities 251.2 227.9 220.7 214.2 216.7 216.1 215.8 220.8 226.2 228.5 1

 2 U.S. savings securities (1) 42.9 44.2 46.2 47.8 49.3 49.6 49.1 49.2 49.4 50.0 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 securities 153.0 136.8 138.1 127.6 125.4 147.6 119.5 133.2 130.9 130.6 4

 5 Total assets 251.2 227.9 220.7 214.2 216.7 216.1 215.8 220.8 226.2 228.5 5

 6 Household sector 66.5 65.1 65.1 65.8 67.3 66.5 65.4 67.4 68.0 66.1 6

 7 U.S. savings securities (1) 42.9 44.2 46.2 47.8 49.3 49.6 49.1 49.2 49.4 50.0 7

 8 Bills and other Treasury securities 23.6 21.0 18.8 18.0 18.0 16.9 16.3 18.2 18.7 16.1 8

 9 Nonfinancial corporate business 18.5 12.8 12.3 12.9 14.7 17.9 18.7 17.6 19.2 17.5 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 5.5 5.2 5.9 6.3 6.3 6.9 7.3 8.5 9.3 9.8 11

 12 Rest of the world 2.6 2.1 2.7 2.8 2.9 4.3 4.3 4.5 5.0 5.5 12

 13 Treasury bills 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Other Treasury securities 2.6 2.1 2.7 2.8 2.9 4.3 4.3 4.5 5.0 5.5 14

 15 Monetary authority 24.3 23.4 22.6 23.3 18.9 20.7 23.6 24.0 25.3 24.9 15

 16 Treasury bills 21.2 22.2 18.2 11.6 11.1 3.6 13.2 5.7 8.4 16.0 16

 17 Other Treasury securities 3.1 1.1 4.3 11.8 7.8 17.1 10.4 18.3 16.9 8.8 17

 18 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 18

 19 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 19

 20 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 20

 21 Credit unions 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 21

 22 Property-casualty insurance companies 2.7 3.3 3.9 4.4 4.8 5.3 5.4 5.8 6.0 6.1 22

 23 Treasury bills 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Other Treasury securities 2.7 3.3 3.9 4.4 4.8 5.3 5.4 5.8 6.0 6.1 24

 25 Life insurance companies 20.6 21.6 20.0 16.8 15.3 13.5 11.0 10.3 9.8 9.1 25

 26 Treasury bills 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Other Treasury securities 20.6 21.6 20.0 16.8 15.3 13.5 11.0 10.3 9.8 9.1 27

 28 Private pension funds 2.1 2.1 2.2 2.2 2.3 2.3 2.4 2.5 2.6 2.7 28

 29 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 29

 30 Federal government retirement 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 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33

 34 Mutual funds 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.2 34

 35 Treasury bills 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

 36 Other Treasury securities 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.2 36

 37 Closed-end funds 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 37

 38 Exchange-traded 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 0.4 0.4 0.3 0.5 0.5 0.4 0.4 0.5 0.6 0.8 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 Brokers and dealers 1.9 0.9 0.3 0.8 0.7 0.6 0.3 0.7 0.6 0.7 41

 42 Holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42

 Memo:

 43 Federal government debt (2) 251.5 228.0 220.8 215.1 217.7 216.5 216.1 221.4 228.4 230.8 43

(1) Includes U.S. savings bonds, U.S. individual retirement bonds, U.S. retirement plan bonds, U.S. savings stamps, and matured U.S. savings securities.

(2) Total Treasury securities (line 1) plus budget agency securities (table L.210, line 2) and federal mortgage debt (table L.217, line 11).
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Historical Annuals, 1945-1954, September 18, 2014 95

L.210 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 State and local governments 0.2 0.1 0.1 0.3 0.3 0.2 0.4 0.6 0.5 0.7 8

 9 Federal government 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Monetary authority 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 0.9 1.0 1.1 2.0 2.1 1.9 1.8 2.2 3.7 3.6 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 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 0.0 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 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 Money market mutual funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 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 ABS issuers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Brokers and dealers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Holding companies 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 in table L.209, line 43.
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96 Historical Annuals, 1945-1954, September 18, 2014

L.211 Municipal Securities and Loans

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 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

 13 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 13

 14 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 14

 15 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 15

 16 Credit unions 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 0.2 0.2 0.3 0.5 0.8 1.1 1.4 1.9 2.6 3.4 17

 18 Life insurance companies 0.7 0.6 0.6 0.9 1.1 1.2 1.1 1.2 1.3 1.8 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

(1) Debt with original maturity of 13 months or less.

(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).
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Historical Annuals, 1945-1954, September 18, 2014 97

L.212 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 Rest of the world (1) 2.9 2.8 2.8 2.9 2.9 3.1 3.4 3.4 3.3 3.3 3

 4 Financial sectors 0.1 0.2 0.3 0.8 1.1 1.3 1.7 1.7 3.1 2.8 4

 5 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 5

 6 ABS issuers (net) (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Finance companies 0.1 0.2 0.3 0.8 1.1 1.3 1.7 1.7 3.1 2.8 7

 8 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Brokers and dealers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 State and local governments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 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 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 0.5 0.2 0.3 0.2 0.3 0.3 0.3 0.4 0.4 0.4 18

 19 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 19

 20 MBS and other ABS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Other 3.5 3.7 4.0 4.1 4.5 4.6 4.6 4.8 5.0 5.1 21

 22 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 22

 23 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 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 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Property-casualty insurance companies 0.5 0.5 0.6 0.7 0.7 0.7 0.8 1.0 1.1 1.1 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 0.5 0.5 0.6 0.7 0.7 0.7 0.8 1.0 1.1 1.1 29

 30 Life insurance companies 11.3 13.1 16.1 20.4 22.9 24.8 27.5 30.6 33.3 35.4 30

 31 MBS and other ABS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 Other 11.3 13.1 16.1 20.4 22.9 24.8 27.5 30.6 33.3 35.4 32

 33 Private pension funds 1.8 2.0 2.2 2.4 2.6 2.8 3.5 4.5 5.6 6.9 33

 34 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 34

 35 Federal government retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

 36 Money market mutual funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

 37 Mutual funds 0.1 0.2 0.1 0.2 0.2 0.2 0.3 0.3 0.3 0.4 37

 38 Closed-end funds 0.1 0.2 0.2 0.2 0.3 0.3 0.3 0.4 0.4 0.5 38

 39 Exchange-traded funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

 40 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

 41 MBS and other ABS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 41

 42 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42

 43 Finance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 43

 44 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44

 45 Brokers and dealers 0.5 0.4 0.4 0.4 0.6 0.4 0.5 0.5 0.5 0.7 45

 46 Holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 46

 47 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47

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

(2) Liabilities net of assets.

(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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98 Historical Annuals, 1945-1954, September 18, 2014

L.213 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 Nonfinancial corporate business 103.7 97.3 95.1 94.1 103.8 126.7 147.6 146.6 144.1 194.8 2

 3 Rest of the world (2) 0.9 1.0 1.0 0.9 0.7 1.2 1.4 1.5 1.3 1.9 3

 4 Financial corporations 13.1 11.4 11.5 11.4 12.4 14.8 17.5 20.5 19.2 27.6 4

 5 Holdings at market value 117.7 109.7 107.6 106.5 116.9 142.7 166.5 168.6 164.6 224.3 5

 6 Household sector 109.7 101.6 99.2 98.0 105.6 129.8 152.1 151.0 145.8 198.8 6

 7 State and local governments 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 Rest of the world (3) 2.7 2.7 2.5 2.3 2.5 2.9 3.5 3.7 3.7 5.3 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 0.2 0.2 0.1 0.2 0.2 0.2 0.2 0.3 0.4 0.6 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 Property-casualty insurance companies 1.8 1.7 1.7 1.8 2.2 2.6 2.9 3.2 3.3 4.5 13

 14 Life insurance companies 1.0 1.2 1.4 1.4 1.7 2.1 2.2 2.4 2.6 3.3 14

 15 Private pension funds 0.0 0.0 0.0 0.0 0.0 0.0 0.3 1.8 2.4 3.2 15

 16 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 16

 17 Federal government retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Mutual funds 1.0 1.0 1.2 1.2 2.7 2.9 2.9 3.3 3.5 5.4 18

 19 Closed-end funds 0.8 0.8 1.0 1.1 1.4 1.6 1.8 2.0 2.2 2.5 19

 20 Exchange-traded funds 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 0.6 0.5 0.5 0.5 0.6 0.5 0.6 0.6 0.6 0.7 21

 22 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

(1) Excludes mutual fund shares shown on table L.214.

(2) Holdings of foreign corporate equities and investment fund shares by U.S. residents; includes American Depositary Receipts (ADRs).

(3) Holdings of U.S. issues by foreign residents.

L.214 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 Rest of the world 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Property-casualty insurance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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

(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, September 18, 2014 99

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 11.3 16.5 20.6 22.2 20.4 26.0 31.4 33.6 32.2 32.3 1

 2 Household sector 0.3 0.2 0.2 0.2 0.2 0.3 0.5 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 Rest of the world 0.5 0.8 1.0 1.2 0.9 0.7 0.8 0.9 0.7 1.2 5

 6 Foreign official institutions 0.0 0.0 0.1 0.1 0.1 0.2 0.3 0.3 0.2 0.4 6

 7 Foreign banks 0.1 0.5 0.4 0.6 0.3 0.3 0.4 0.3 0.3 0.4 7

 8 Other foreign 0.3 0.3 0.5 0.6 0.5 0.2 0.1 0.3 0.2 0.3 8

 9 Financial sectors 0.3 0.8 1.0 1.6 2.1 3.3 3.2 4.4 4.2 4.0 9

 10 Finance companies 0.3 0.8 1.0 1.6 2.1 3.3 3.2 4.4 4.2 4.0 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 Brokers and dealers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Total assets 11.3 16.5 20.6 22.2 20.4 26.0 31.4 33.6 32.2 32.3 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 11.2 16.2 20.4 21.7 19.9 25.6 30.8 32.9 31.6 31.6 17

 18 Foreign banking offices in U.S. 0.1 0.2 0.2 0.3 0.4 0.4 0.6 0.6 0.6 0.6 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, consumer credit, and security credit which are shown on other instrument tables.

(2) Loans from Federal Reserve banks to households, rest of the world, broker and dealers, and funding corporations. See loan details on table L.108.
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100 Historical Annuals, 1945-1954, September 18, 2014

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 9.3 12.8 17.3 19.1 19.7 21.1 22.6 24.2 26.0 26.1 1

 2 U.S. government loans 3.7 7.1 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 Rest of the world 2.2 5.0 9.1 10.2 10.6 10.6 10.8 11.2 12.6 12.3 7

 8 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Finance 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 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 Government-sponsored enterprise loans (1) 0.7 0.8 1.1 1.4 1.3 1.8 2.1 2.1 1.9 1.9 23

 24 Liab.: Household sector (SLMA) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Nonfinancial corporate business (FCS) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Nonfinancial noncorporate business (FCS) 0.5 0.5 0.7 0.8 0.9 1.0 1.2 1.2 1.0 1.0 26

 27 U.S.-chartered dep. inst. (FHLB & SLMA) 0.2 0.3 0.4 0.5 0.4 0.8 0.9 0.9 1.0 0.9 27

 28 Credit unions (FHLB) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 Life insurance companies (FHLB) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 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 30

 31 Liab.: Nonfinancial corporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 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 32

 33 Liab.: Nonfinancial corporate business 2.4 2.4 2.1 2.2 2.0 2.2 2.4 2.8 2.9 2.9 33

 34 Nonfinancial noncorporate business 0.3 0.3 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.3 34

 35 Loans to nonfinancial corporate business (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

 36 Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

 37 Life insurance companies 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 ABS issuers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

 40 Brokers and dealers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

 41 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 41

(1) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4.

(2) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere.
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Historical Annuals, 1945-1954, September 18, 2014 101

L.217 Total Mortgages

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 State and local governments 0.0 0.0 0.1 0.1 0.2 0.2 0.3 0.4 0.5 0.6 17

 18 Federal government 1.4 1.0 0.9 1.0 1.5 1.8 2.3 2.9 3.3 3.4 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
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102 Historical Annuals, 1945-1954, September 18, 2014

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 State and local governments 0.0 0.0 0.1 0.1 0.2 0.2 0.3 0.4 0.4 0.5 9

 10 Federal government 0.9 0.7 0.6 0.7 1.2 1.5 2.0 2.5 2.8 2.8 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 State and local governments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.2 0.3 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, September 18, 2014 103

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 State and local governments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 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 State and local governments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 7

 8 Federal government 0.5 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 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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104 Historical Annuals, 1945-1954, September 18, 2014

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, September 18, 2014 105

L.223 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 State and local governments 0.6 0.8 0.6 0.8 1.0 1.1 1.2 1.6 2.2 2.7 5

 6 Federal government 2.7 0.7 0.0 0.0 0.0 1.1 2.7 2.8 2.6 2.4 6

 7 Rest of the world 0.4 0.4 0.4 0.5 0.4 0.4 0.5 0.5 0.5 0.6 7

 8 Brokers and dealers 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.2 0.2 0.2 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 State and local governments 1.0 1.2 1.4 1.5 1.4 1.9 2.1 2.2 2.2 2.4 12

 13 Federal government 0.9 0.1 0.0 0.0 0.0 0.4 1.3 2.3 2.2 2.4 13

 14 Rest of the world 0.5 0.5 0.5 0.4 0.4 0.4 0.5 0.5 0.4 0.4 14

 15 Property-casualty insurance companies 0.4 0.5 0.6 0.7 0.7 0.7 0.9 0.9 1.0 1.1 15

 16 ABS issuers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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.224 Security Credit

Billions of dollars

 1 Total liabilities 5.2 3.0 2.2 2.7 3.6 4.5 4.1 4.6 5.3 7.1 1

 2 Household sector 1.3 0.6 0.6 0.6 1.0 1.5 1.4 1.5 1.9 2.7 2

 3 Brokers and dealers 4.0 2.4 1.6 2.1 2.6 3.0 2.7 3.1 3.4 4.5 3

 4 Total assets 5.2 3.0 2.2 2.7 3.6 4.5 4.1 4.6 5.3 7.1 4

 5 Household sector 0.7 0.7 0.7 0.7 0.7 1.0 0.9 0.7 0.7 1.0 5

 6 U.S.-chartered depository institutions 3.3 1.6 0.9 1.4 1.8 1.9 1.6 2.1 2.4 3.0 6

 7 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.1 0.1 0.2 0.2 0.3 0.4 7

 8 Brokers and dealers 1.3 0.6 0.6 0.6 1.0 1.5 1.4 1.5 1.9 2.7 8
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106 Historical Annuals, 1945-1954, September 18, 2014

L.225 Life Insurance Reserves

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 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

L.226 Pension Entitlements

Billions of dollars

 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 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 4

 5 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 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

(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) (table L.226.i), except those at life insurance companies.

L.227 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 State and local governments 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 10

 11 Federal government 9.6 8.2 10.6 11.4 9.1 16.5 21.6 9.3 7.4 4.5 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.228 Proprietors’ Equity in Noncorporate Business

Billions of dollars

 1 Total household equity 197.4 234.2 267.4 283.1 284.9 301.8 328.6 330.7 330.3 333.9 1

 2 Nonfinancial noncorporate business 197.4 234.2 267.4 283.1 284.9 301.8 328.6 330.7 330.3 333.9 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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Historical Annuals, 1945-1954, September 18, 2014 107

L.229 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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108 Historical Annuals, 1945-1954, September 18, 2014

L.230 Total Miscellaneous Financial Claims

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total liabilities 47.5 54.3 61.5 68.0 74.8 83.2 91.4 102.8 113.2 125.5 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 State and local governments 7.0 8.3 9.9 11.4 12.9 14.3 15.3 16.7 17.8 19.2 5

 6 Federal government 28.7 32.7 35.9 39.2 42.5 46.6 52.6 59.3 66.5 73.7 6

 7 Rest of the world 1.0 0.8 1.0 0.9 1.0 1.1 1.1 1.1 1.1 1.2 7

 8 Monetary authority 0.1 0.1 0.3 0.3 0.5 0.9 0.4 0.5 0.6 0.5 8

 9 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 9

 10 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 10

 11 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 11

 12 Credit unions -0.0 -0.0 -0.0 -0.0 0.0 0.0 0.1 0.1 0.1 0.2 12

 13 Property-casualty insurance companies 3.6 4.3 5.1 5.9 6.5 7.0 7.9 8.9 9.7 10.3 13

 14 Life insurance companies 2.6 2.9 3.3 3.5 3.9 4.2 4.6 5.2 5.7 6.3 14

 15 Government-sponsored enterprises 1.2 1.0 1.0 1.1 1.1 1.2 1.4 1.4 1.6 2.0 15

 16 Finance companies 0.5 0.6 0.9 0.9 1.0 1.3 1.2 1.7 1.8 2.5 16

 17 REITs 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 1.0 1.0 1.0 1.0 1.0 1.0 0.9 0.9 0.9 0.8 18

 19 Holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 20

 21 Total assets 63.9 69.3 76.5 83.3 90.7 98.3 109.9 123.2 137.0 150.6 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 State and local governments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.4 0.3 25

 26 Federal government 1.5 1.2 1.3 1.2 1.4 1.4 1.3 1.3 1.3 1.5 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 Life insurance companies 0.9 0.9 1.0 1.1 1.2 1.5 1.7 1.8 1.9 2.1 32

 33 Private pension funds 16.7 17.8 19.0 20.1 21.0 21.6 25.4 27.0 30.4 32.6 33

 34 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 34

 35 Federal government retirement funds 24.1 28.2 31.6 35.1 39.0 43.3 49.3 56.4 63.8 71.2 35

 36 Money market mutual funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

 37 Mutual funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 37

 38 Government-sponsored enterprises 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.3 38

 39 Finance companies 0.0 0.1 0.2 0.1 0.2 0.3 0.2 0.5 0.5 0.7 39

 40 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

 41 Brokers and dealers -0.0 -0.0 -0.0 -0.0 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 41

 42 Holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42

 43 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 43

 44 Discrepancy -16.4 -14.9 -15.1 -15.3 -15.9 -15.1 -18.5 -20.4 -23.8 -25.1 44
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Historical Annuals, 1945-1954, September 18, 2014 109

L.231 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 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 1

 2 Asset: Federal government 0.6 0.6 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 Life insurance companies (FHLB) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 Holding company net transactions with subsidiaries:

 12 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 12

 13 Property-casualty insurance companies 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Finance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Brokers and dealers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Asset: Holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 NFC investment in finance company subsidiaries:

 19 Liab.: Finance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Asset: Nonfinancial corporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 Funding corporations’ investment in subsidiaries:

 21 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 21

 22 Brokers and dealers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Asset: Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 Equity investment under Public-Private Inv. Program:

 24 Liab.: Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Asset: Households (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

(1) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP).
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110 Historical Annuals, 1945-1954, September 18, 2014

L.232 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

 Deferred and unpaid life insurance premiums:

 8 Liab.: Household sector 0.6 0.7 0.8 0.8 0.9 1.0 1.1 1.2 1.3 1.3 8

 9 Asset: Life insurance companies 0.6 0.7 0.8 0.8 0.9 1.0 1.1 1.2 1.3 1.3 9

 Life insurance company reserves:

 10 Liab.: Life insurance companies 1.4 1.6 1.7 1.9 2.1 2.4 2.6 3.6 4.0 4.3 10

 11 Accident and health 0.1 0.1 0.1 0.2 0.2 0.3 0.3 0.4 0.5 0.5 11

 12 Policy dividend accumulation 1.3 1.5 1.6 1.7 1.9 2.1 2.3 2.5 2.8 3.1 12

 13 Contract claims 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.6 0.7 0.7 13

 14 Asset: Household sector 1.4 1.6 1.7 1.9 2.1 2.4 2.6 3.6 4.0 4.3 14

 Policy payables:

 15 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 15

 16 Asset: Household sector 1.9 2.1 2.4 2.6 2.9 3.3 3.8 4.4 4.9 5.1 16

 17 Nonfinancial corporate business 0.4 0.7 1.0 1.2 1.4 1.4 1.6 1.7 1.8 1.9 17

 18 Nonfinancial noncorporate business 1.3 1.5 1.8 2.0 2.2 2.3 2.5 2.8 3.1 3.3 18

 Unallocated insurance company contracts:

 19 Liab.: Life insurance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Asset: Private pension 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 government retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 Pension fund contributions payable:

 22 Liab.: Nonfinancial corporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.2 0.2 22

 23 Asset: Private pension funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.2 0.2 23

 Securities borrowed (net):

 24 Liab.: Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Asset: Brokers and dealers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 Nonmarketable government securities:

 26 Liab.: Federal government 2.9 3.3 4.1 4.9 6.0 6.7 7.5 8.4 8.9 9.4 26

 27 Asset: Federal government retirement funds 2.9 3.3 4.1 4.9 6.0 6.7 7.5 8.4 8.9 9.4 27

 Retiree health care funds (2):

 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 (3):

 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 State and local governments 7.0 8.3 9.9 11.4 12.9 14.3 15.3 16.7 17.8 19.2 31

 32 Federal government 21.2 24.9 27.5 30.2 33.0 36.5 41.8 48.0 54.8 61.9 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 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 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

(1) Reciprocal currency arrangements (swap lines) with foreign central banks.

(2) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund.

(3) Assets of the household sector.
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Historical Annuals, 1945-1954, September 18, 2014 111

L.233 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 -26.4 -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 3.2 4.0 3.8 5.0 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 State and local governments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.4 0.3 20

 21 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 1.9 1.9 2.2 1.8 2.2 2.4 3.2 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 -15.1 -15.3 -15.9 -15.1 -18.5 -20.4 -23.8 -25.1 37
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112 Historical Annuals, 1945-1954, September 18, 2014

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

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Assets 797.9 880.9 987.4 1047.7 1097.6 1204.5 1324.4 1395.9 1454.2 1571.0 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 608.5 660.1 706.6 734.0 757.5 817.2 893.4 931.9 960.8 1050.1 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 Credit market instruments 91.0 90.3 91.5 93.7 94.6 96.2 96.9 104.7 109.6 109.5 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 Other loans and advances (5) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Mortgages 12.2 13.7 15.1 16.3 17.0 17.7 18.6 19.3 20.3 21.4 22

 23 Consumer credit (student loans) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Corporate equities (2) 109.7 101.6 99.2 98.0 105.6 129.8 152.1 151.0 145.8 198.8 24

 25 Mutual fund shares (6) 1.2 1.3 1.4 1.5 3.1 3.3 3.5 3.9 4.1 6.1 25

 26 Security credit 0.7 0.7 0.7 0.7 0.7 1.0 0.9 0.7 0.7 1.0 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) 197.4 234.2 267.4 283.1 284.9 301.8 328.6 330.7 330.3 333.9 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 Credit market instruments 28.2 35.5 44.3 52.8 60.7 73.5 82.0 94.2 106.4 117.8 32

 33 Home mortgages (9) 18.7 23.1 28.3 33.4 37.8 45.3 51.8 58.5 66.0 75.4 33

 34 Consumer credit 6.8 9.8 13.3 16.3 19.4 23.9 25.4 30.5 34.6 36.0 34

 35 Municipal securities (10) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

 36 Depository institution loans n.e.c. 0.3 0.2 0.2 0.2 0.2 0.3 0.5 0.4 0.5 0.7 36

 37 Other loans and advances 2.1 2.0 2.1 2.2 2.4 2.6 2.8 2.9 3.1 3.4 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 Security credit 1.3 0.6 0.6 0.6 1.0 1.5 1.4 1.5 1.9 2.7 39

 40 Trade payables (10) 0.5 0.7 0.8 0.9 0.9 1.0 1.0 1.1 1.2 1.3 40

 41 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 41

 42 Net worth 767.3 843.4 941.0 992.6 1034.2 1127.6 1238.8 1298.0 1343.5 1447.9 42

 Memo:

 Replacement-cost value of structures:

 43 Residential 107.9 134.9 161.8 177.5 189.2 216.8 239.1 254.7 267.6 285.7 43

 44 Households 102.9 129.0 155.0 170.5 182.1 209.1 230.9 246.4 259.3 277.1 44

 45 Nonprofit organizations 4.9 5.9 6.7 7.0 7.2 7.7 8.1 8.3 8.3 8.5 45

 46 Nonresidential (nonprofits) 9.8 13.3 16.2 16.8 16.7 19.5 21.7 22.9 23.2 24.1 46

 47 Disposable personal income (SAAR) ND 165.5 174.8 194.5 194.5 215.0 237.4 250.6 266.3 272.4 47

 Household net worth as percentage of

 48 disposable personal income (SAAR) ND 509.7 538.2 510.4 531.7 524.5 521.8 517.8 504.5 531.5 48

 Owners’ equity in household real

 49 estate (11) 97.3 110.3 149.2 165.9 178.8 198.0 219.1 236.3 249.1 262.2 49

 Owners’ equity as percentage of

 50 household real estate (12) 83.9 82.7 84.1 83.2 82.6 81.4 80.9 80.2 79.1 77.7 50

(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) 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, at life insurance companies. Excludes social security.

(8) Net worth of nonfinancial noncorporate business (table B.103, line 34) 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) Line 4 less line 33.

(12) Line 49 divided by line 4.
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Historical Annuals, 1945-1954, September 18, 2014 113

B.102 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 Credit market instruments 21.6 16.5 16.9 18.4 20.9 25.3 26.8 25.7 27.8 26.5 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 Mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Consumer credit 2.8 3.3 4.1 4.9 5.5 6.6 7.2 7.1 7.3 7.7 19

 20 Mutual fund shares (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Trade receivables 19.8 22.6 27.6 29.6 28.6 38.6 42.0 45.9 45.0 48.4 21

 22 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 22

 23 Miscellaneous assets 0.5 0.7 1.0 1.3 1.5 1.6 1.9 2.0 2.5 2.6 23

 24 Liabilities 70.3 80.3 93.2 102.0 101.3 123.9 136.7 141.5 146.4 149.6 24

 25 Credit market instruments 44.7 49.9 56.8 62.8 64.4 70.4 78.9 85.1 89.3 92.8 25

 26 Commercial paper 0.1 0.1 0.2 0.2 0.2 0.2 0.3 0.3 0.4 0.5 26

 27 Municipal securities (4) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 Corporate bonds (3) 23.9 24.9 27.7 32.0 34.9 36.5 39.8 44.5 48.0 51.5 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 3.2 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 Net worth (market value) 216.0 232.0 269.7 294.1 304.3 328.5 364.1 382.9 399.2 410.6 36

 Memo:

 Replacement-cost value of structures:

 37 Residential 2.2 2.6 3.0 3.1 3.2 3.5 3.7 3.7 3.8 3.9 37

 38 Nonresidential 93.2 112.7 134.2 141.9 144.2 160.0 172.4 182.8 188.9 193.8 38

 39 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 39

 40 Debt/net worth (percent) (line 25 divided by line 36) 20.7 21.5 21.1 21.4 21.2 21.4 21.7 22.2 22.4 22.6 40

 41 Debt/equities (percent) (line 25 divided by line 39) 43.1 51.3 59.7 66.7 62.0 55.6 53.4 58.0 61.9 47.7 41

 42 Equities/net worth (percent) (line 39 divided by line 36) 48.0 41.9 35.3 32.0 34.1 38.6 40.5 38.3 36.1 47.5 42

 With nonfinancial assets stated at historical cost:

 43 Assets (sum of lines 7 and 44) 193.3 211.0 237.3 258.5 267.6 304.0 334.6 354.2 373.7 390.2 43

 44 Nonfinancial assets 124.4 143.6 161.3 177.0 182.2 201.8 224.3 238.5 254.9 265.9 44

 45 Real estate 66.5 70.2 74.1 79.0 83.2 88.1 94.6 100.7 108.4 115.1 45

 46 Equipment 26.9 30.5 36.5 42.4 46.4 50.8 56.6 62.4 68.4 73.3 46

 47 Intellectual property products 4.7 5.4 6.1 6.7 7.1 7.7 8.3 9.3 10.7 12.0 47

 48 Inventories 26.3 37.5 44.6 48.9 45.3 55.1 64.8 66.0 67.4 65.5 48

 49 Net worth (historical cost) (line 43 less line 24) 123.0 130.6 144.2 156.5 166.3 180.1 197.9 212.6 227.2 240.5 49

 Memo:

 Historical-cost value of structures:

 50 Residential 1.1 1.1 1.2 1.2 1.3 1.4 1.4 1.5 1.5 1.6 50

 51 Nonresidential 57.9 60.8 64.3 68.8 72.9 77.4 83.5 89.9 96.9 103.5 51

 52 Debt/net worth (percent) (line 25 divided by line 49) 36.3 38.2 39.4 40.1 38.7 39.1 39.9 40.0 39.3 38.6 52

 (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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B.103 Balance Sheet of Nonfinancial Noncorporate Business

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Assets 212.3 253.3 289.3 307.5 310.9 332.2 362.6 367.9 368.7 376.7 1

 2 Nonfinancial assets 188.7 227.8 263.0 281.3 284.5 304.2 333.9 337.0 337.3 344.6 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 21.8 23.8 28.5 31.5 32.8 34.8 35.1 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 10.6 12.5 16.3 20.8 22.8 27.2 30.1 31.3 33.2 33.6 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 Credit market instruments 0.6 0.7 0.8 0.9 1.0 1.1 1.3 2.7 2.8 2.8 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 Mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Consumer credit 0.6 0.7 0.8 0.9 1.0 1.1 1.3 2.7 2.8 2.8 19

 20 Trade receivables 4.5 5.6 5.9 5.9 6.0 7.1 7.0 7.8 8.2 8.2 20

 21 Miscellaneous assets 1.5 1.7 1.9 2.1 2.3 2.4 2.6 2.9 3.2 3.5 21

 22 Insurance receivables 1.3 1.5 1.8 2.0 2.2 2.3 2.5 2.8 3.1 3.3 22

 23 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 23

 24 Other 0.0 0.0 -0.0 -0.0 0.0 0.0 -0.0 0.0 -0.0 0.0 24

 25 Liabilities 14.9 19.1 21.9 24.4 26.1 30.4 34.1 37.1 38.4 42.7 25

 26 Credit market instruments 11.3 14.0 15.8 17.2 18.5 21.6 24.9 27.4 28.4 30.9 26

 27 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 27

 28 Other loans and advances 1.7 2.6 3.0 3.3 3.6 3.9 4.4 4.7 4.8 5.1 28

 29 Mortgages 8.3 9.2 9.9 10.9 12.1 14.0 16.0 17.8 19.1 21.2 29

 30 Trade payables 3.6 5.1 6.1 7.2 7.5 8.7 9.0 9.6 10.0 11.7 30

 31 Taxes payable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 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 32

 33 Miscellaneous liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33

 34 Net worth (5) 197.4 234.2 267.4 283.1 284.9 301.8 328.6 330.7 330.3 333.9 34

 Memo:

 Replacement-cost value of structures:

 35 Residential 62.2 74.7 85.2 88.8 90.8 98.2 103.4 105.5 106.4 108.9 35

 36 Nonresidential 20.3 26.5 32.0 33.6 32.7 37.3 40.8 42.2 42.1 42.4 36

 37 Debt/net worth (percent) (6) 5.7 6.0 5.9 6.1 6.5 7.2 7.6 8.3 8.6 9.3 37

(1) At market value.

(2) At replacement (current) cost.

(3) Durable goods in rental properties.

(4) Equity in the Farm Credit System.

(5) Line 1 less line 25. Included in table B.100, line 29.

(6) Line 26 divided by line 34.
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Historical Annuals, 1945-1954, September 18, 2014 115

R.100 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 93.5 111.2 59.2 45.6 104.4 1

 2 Net investment ND 27.2 23.0 28.2 24.9 34.8 42.6 46.9 48.2 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 25.7 17.5 6

 7 Net acquisition of financial assets ND 23.8 16.1 18.2 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 11.5 -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) 767.3 843.4 941.0 992.6 1034.2 1127.6 1238.8 1298.0 1343.5 1447.9 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.100, line 42.
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116 Historical Annuals, 1945-1954, September 18, 2014

R.102 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.102, line 36.
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Historical Annuals, 1945-1954, September 18, 2014 117

R.103 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 4.9 4.6 3.5 3.6 2.6 4

 5 Capital expenditures ND 6.0 6.9 13.2 9.3 11.8 12.6 11.9 12.3 11.5 5

 6 - Consumption of fixed capital ND 3.9 4.9 5.8 6.4 7.0 7.9 8.4 8.7 8.9 6

 7 Net lending (+) or net borrowing (-) ND -2.0 -2.0 -7.3 -2.9 -4.9 -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) 197.4 234.2 267.4 283.1 284.9 301.8 328.6 330.7 330.3 333.9 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.103, line 31.

(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.103, line 34.
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B.100.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 797.9 880.9 987.4 1047.7 1097.6 1204.5 1324.4 1395.9 1454.2 1571.0 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 608.5 660.1 706.6 734.0 757.5 817.2 893.4 931.9 960.8 1050.1 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 Credit market instruments 91.0 90.3 91.5 93.7 94.6 96.2 96.9 104.7 109.6 109.5 5

 6 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 6

 7 Directly held 109.7 101.6 99.2 98.0 105.6 129.8 152.1 151.0 145.8 198.8 7

 8 Indirectly held 1.0 1.0 1.2 1.2 2.7 2.9 3.2 3.7 4.0 6.0 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 (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.4 0.5 0.6 10

 11 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 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 Mutual funds 1.0 1.0 1.2 1.2 2.7 2.9 2.9 3.3 3.5 5.4 13

 14 Other 301.1 350.1 394.3 420.7 433.5 462.2 505.6 527.4 546.7 569.7 14

 15 Liabilities 30.6 37.4 46.5 55.1 63.4 76.9 85.6 98.0 110.7 123.1 15

 16 Net worth 767.3 843.4 941.0 992.6 1034.2 1127.6 1238.8 1298.0 1343.5 1447.9 16

 Memo:

 Equity shares (line 6) as a percent of

 17 Total assets (line 1) 13.9 11.6 10.2 9.5 9.9 11.0 11.7 11.1 10.3 13.0 17

 18 Financial assets (line 3) 18.2 15.5 14.2 13.5 14.3 16.2 17.4 16.6 15.6 19.5 18

(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 14.
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Historical Annuals, 1945-1954, September 18, 2014 119

F.105.c Consolidated Statement for Federal, State, and Local Governments

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Current receipts, NIPA basis ND 51.0 56.1 57.3 54.2 66.8 82.7 87.2 91.7 86.9 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 0.5 0.6 0.7 0.7 0.8 7

 8 Current transfer receipts ND 0.5 0.5 0.6 0.7 0.6 0.6 0.7 0.7 0.8 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 58.4 53.6 56.4 62.3 64.6 76.7 87.5 93.6 93.0 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 2.3 2.0 3.8 5.1 3.6 3.2 2.2 2.1 1.9 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 -8.1 2.1 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 (1) ND 1.3 1.1 0.6 0.6 0.5 0.3 0.4 0.3 -0.2 18

 19 - 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 19

 20 - Net capital transfers (2) ND -0.9 -1.0 -1.1 -0.9 -0.8 -0.9 -1.1 -1.1 -1.2 20

 21 = Gross saving less net capital transfers ND 3.7 13.8 11.9 2.0 11.5 16.6 11.4 11.0 8.3 21

 22 Gross investment ND 9.0 24.2 20.9 11.3 19.3 26.2 17.2 17.6 17.0 22

 23 Fixed investment ND 4.7 5.7 8.5 11.3 11.5 19.6 24.6 26.7 25.4 23

 24 Nonproduced nonfinancial assets ND 0.1 0.1 0.1 0.2 0.3 0.3 0.3 0.3 0.4 24

 25 Net lending (+) or net borrowing (-) ND 4.2 18.4 12.3 -0.2 7.5 6.4 -7.7 -9.4 -8.7 25

 26 Net acquisition of financial assets ND -14.9 15.8 12.2 8.1 17.4 16.8 11.9 10.7 7.3 26

 27 U.S. official reserve assets ND -0.1 1.4 0.4 0.1 -0.3 0.0 -0.1 -0.1 -0.2 27

 28 Checkable deposits and currency ND -21.9 0.2 1.7 0.6 0.2 0.5 2.7 -1.1 0.0 28

 29 Time and savings deposits ND 0.2 0.2 0.3 0.2 0.1 0.2 0.2 0.3 0.5 29

 30 Money market fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

 31 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.2 -0.1 -0.0 31

 32 Credit market instruments ND 1.9 4.3 1.6 1.8 0.9 1.3 1.6 1.1 0.5 32

 33 Open market paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33

 34 Agency- and GSE-backed securities (3) 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 Mortgages ND -0.3 -0.1 0.1 0.5 0.4 0.6 0.7 0.5 0.2 37

 38 Consumer credit ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 38

 39 Other loans and advances (4) ND 2.6 4.4 1.3 0.9 0.4 0.4 0.7 0.5 -0.1 39

 40 Corporate equities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

 41 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 41

 42 Trade receivables ND -0.7 0.1 0.1 -0.0 0.9 1.1 1.0 -0.0 0.4 42

 43 Taxes receivable ND 5.8 9.6 8.2 5.2 15.6 13.7 6.0 10.6 6.0 43

 44 Miscellaneous assets ND -0.3 0.1 -0.1 0.1 -0.0 -0.1 0.3 0.0 0.1 44

 45 Net increase in liabilities ND -19.1 -2.6 -0.2 8.2 9.9 10.4 19.6 20.1 16.0 45

 46 SDR allocations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 46

 47 SDR certificates ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47

 48 Treasury currency ND 0.1 -0.0 -0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 48

 49 Credit market instruments ND -23.0 -6.3 -4.8 3.5 2.8 1.2 11.0 11.6 7.6 49

 50 U.S. savings securities ND 1.2 2.1 1.6 1.5 0.3 -0.5 0.1 0.2 0.6 50

 51 Treasury bills and other Treasury securities (4) ND -24.1 -10.0 -8.5 1.0 -1.3 -0.3 3.7 4.4 1.3 51

 52 Budget agency securities ND -0.2 -0.0 0.8 0.1 -0.6 -0.1 0.4 1.6 0.1 52

 53 Municipal securities ND 0.1 1.6 1.3 1.0 4.5 2.1 6.9 5.4 5.7 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 Trade payables ND -1.9 -0.8 0.1 0.2 1.2 1.7 0.6 0.3 0.3 55

 56 Insurance reserves ND 1.2 0.6 0.2 0.1 0.3 0.2 0.0 0.1 -0.3 56

 57 Miscellaneous liabilities (5) ND 4.5 4.0 4.3 4.5 5.5 7.4 7.9 8.1 8.3 57

 58 Discrepancy ND -5.3 -10.4 -9.0 -9.3 -7.8 -9.6 -5.8 -6.6 -8.8 58

 Memo:

 59 Net govt. saving less fixed investment (6) ND -12.1 -3.2 -7.5 -19.4 -9.3 -13.6 -24.9 -28.6 -31.4 59

 60 Adjustment between NIPA and FOF (7) ND 16.3 21.6 19.9 19.2 16.9 20.0 17.3 19.2 22.7 60

 61 Items to be financed (8) ND 4.2 18.4 12.3 -0.2 7.5 6.4 -7.7 -9.4 -8.7 61

(1) 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.

(2) Table F.9, line 60 less line 12.

(3) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government.

(4) Excludes transactions with state and local governments.

(5) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund,

 and foreign service retirement and disability fund.

(6) Line 16 less line 23.

(7) Line 17 less the sum of lines 18, 19, 20, 24, and 58.

(8) Line 59 plus line 60.
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120 Historical Annuals, 1945-1954, September 18, 2014

L.105.c Consolidated Statement for Federal, State, and Local Governments

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

 1 Total financial assets 51.5 30.2 38.7 43.4 43.9 53.1 61.3 55.1 54.6 53.0 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 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 Credit market instruments 6.7 9.4 13.7 15.2 16.9 17.8 19.1 20.7 23.2 23.6 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 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 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 Mortgages 1.4 1.1 1.0 1.1 1.6 2.0 2.6 3.3 3.8 4.0 12

 13 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Other loans and advances (2) 3.3 6.8 11.1 12.4 13.2 13.5 14.0 14.6 16.6 16.5 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 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Trade receivables 1.9 1.3 1.4 1.5 1.4 2.3 3.4 4.5 4.4 4.8 17

 18 Taxes receivable 10.1 8.7 11.1 11.9 9.6 17.0 22.1 9.8 7.8 5.0 18

 19 Miscellaneous assets 1.5 1.2 1.3 1.2 1.4 1.4 1.3 1.7 1.7 1.8 19

 20 Total liabilities 302.9 284.7 282.9 283.3 291.9 301.7 311.7 331.6 351.8 368.2 20

 21 SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Treasury currency 2.3 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.5 2.5 23

 24 Credit market instruments 258.1 235.1 228.7 224.0 227.5 230.3 231.5 242.5 254.1 261.7 24

 25 U.S. savings securities 42.9 44.2 46.2 47.8 49.3 49.6 49.1 49.2 49.4 50.0 25

 26 Treasury bills and other Treasury securities (3) 202.7 178.6 168.6 160.1 161.0 159.7 159.4 163.1 167.5 168.7 26

 27 Budget agency securities 0.3 0.1 0.1 0.9 1.0 0.4 0.2 0.6 2.3 2.3 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 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

 30 Trade payables 3.3 1.4 0.6 0.8 1.0 2.2 3.9 4.4 4.8 5.1 30

 31 Insurance reserves 3.6 4.8 5.4 5.6 5.7 6.0 6.1 6.2 6.3 6.0 31

 32 Miscellaneous liabilities (4) 35.6 41.0 45.8 50.6 55.4 60.9 67.8 76.1 84.2 93.0 32

(1) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government.

(2) Excludes loans to state and local governments.

(3) Excludes Treasury securities owed to state and local governments.

(4) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund,

 and foreign service retirement and disability fund.
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Historical Annuals, 1945-1954, September 18, 2014 121

F.115.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 Credit market instruments ND 3.2 3.0 3.5 3.5 3.5 3.6 4.4 4.7 4.8 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 Other loans and advances ND -0.1 0.0 0.1 0.2 0.2 0.2 0.1 0.2 0.2 11

 12 Mortgages ND 0.5 1.5 2.2 2.1 3.2 3.2 1.9 2.1 2.7 12

 13 Corporate equities ND 0.3 0.2 0.0 0.2 0.3 0.1 0.2 0.1 0.3 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 U.S. direct investment abroad ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Miscellaneous assets ND -0.3 0.4 0.7 0.7 0.8 0.7 0.2 0.1 0.2 16

 17 Net increase in liabilities ND 3.3 3.4 3.5 3.7 3.7 4.0 4.6 4.6 4.8 17

 18 Security repurchase agreements ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Corporate equity issues ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Other loans and advances 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 2.6 2.5 2.6 2.7 2.6 2.6 2.8 2.9 3.0 21

 22 Pension entitlements (1) ND 0.4 0.5 0.6 0.6 0.8 1.0 1.1 1.1 1.2 22

 23 Taxes payable (net) ND -0.0 -0.0 0.0 0.0 0.0 0.1 0.0 0.1 -0.0 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 0.3 0.4 0.3 0.4 0.3 0.4 0.6 0.5 0.7 25

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are included in miscellaneous liabilities (line 25).

F.115.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 Credit market instruments 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 Other loans and advances ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Mortgages ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Corporate equities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Mutual fund shares 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 Life insurance reserves ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Pension entitlements (1) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Miscellaneous liabilities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are included in miscellaneous liabilities (line 17).
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122 Historical Annuals, 1945-1954, September 18, 2014

L.115.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 Credit market instruments 41.2 44.4 47.4 50.9 54.4 57.9 61.6 65.9 70.6 75.4 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 Other loans and advances 2.0 1.9 1.9 2.1 2.2 2.4 2.6 2.7 2.9 3.1 11

 12 Mortgages 6.6 7.2 8.7 10.8 12.9 16.1 19.3 21.3 23.3 26.0 12

 13 Corporate equities 1.0 1.2 1.4 1.4 1.7 2.1 2.2 2.4 2.6 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 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 15

 16 Miscellaneous assets 0.9 0.9 1.0 1.1 1.2 1.5 1.7 1.8 1.9 2.1 16

 17 Total liabilities 41.6 44.9 48.3 51.8 55.5 59.2 63.2 67.8 72.5 77.3 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 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 Life insurance reserves 36.0 38.6 41.1 43.8 46.4 49.1 51.6 54.5 57.4 60.4 20

 21 Pension entitlements (1) 2.7 3.1 3.6 4.2 4.8 5.6 6.6 7.7 8.8 10.0 21

 22 Taxes payable (net) 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.2 0.2 22

 23 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 23

 24 Miscellaneous liabilities 2.6 2.9 3.3 3.5 3.9 4.2 4.6 5.2 5.7 6.3 24

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 24).

L.115.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 Credit market instruments 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 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 Mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Miscellaneous assets 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 Life insurance reserves 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Pension entitlements (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Miscellaneous liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 17).
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Historical Annuals, 1945-1954, September 18, 2014 123

F.117.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 Credit market instruments ND 0.2 0.2 0.2 0.3 0.2 0.6 0.9 1.1 1.1 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 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.117.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 Credit market instruments 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 Corporate and foreign bonds ND 0.0 0.0 0.0 0.0 0.0 0.1 0.2 0.2 0.3 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 0.3 0.3 0.5 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 -0.1 0.1 0.1 0.1 -0.4 0.0 0.1 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 Contributions receivable ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Other ND -0.1 0.1 0.1 0.1 -0.4 0.0 0.1 0.0 0.0 17

 18 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 18

(1) Includes 401(k) and 403(b) type plans.

(2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4.

F.226.i Individual Retirement Accounts (IRAs) (1)

Billions of dollars

 1 Total held at: ND ND ND ND ND ND ND ND ND ND 1

 2 U.S.-chartered depository institutions ND ND ND ND ND ND ND ND ND ND 2

 3 Credit unions ND ND ND ND ND ND ND ND ND ND 3

 4 Life insurance companies ND ND ND ND ND ND ND ND ND ND 4

 5 Money market mutual funds ND ND ND ND ND ND ND ND ND ND 5

 6 Mutual funds ND ND ND ND ND ND ND ND ND ND 6

 7 Other self-directed accounts ND ND ND ND ND ND ND ND ND ND 7

(1) Assets of the household sector (F.100). IRA assets are not included in pension entitlements (table F.226), except for those at life insurance companies. Figures for depositories (lines 2 and 3)

 include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 4) and are excluded from the mutual fund sector (line 6) and from the money market fund sector (line 5).
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124 Historical Annuals, 1945-1954, September 18, 2014

L.117.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 Credit market instruments 3.0 3.2 3.4 3.6 3.9 4.1 4.7 5.6 6.7 7.8 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 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.117.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 Credit market instruments 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 Corporate and foreign bonds 0.4 0.4 0.4 0.5 0.5 0.6 0.7 0.9 1.1 1.4 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 0.3 0.4 0.5 0.6 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 -0.1 -0.1 -0.0 0.1 0.2 0.2 0.3 0.4 0.4 0.4 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 0.0 0.0 0.0 16

 17 Other -0.1 -0.1 -0.0 0.1 0.2 0.2 0.3 0.4 0.4 0.4 17

 18 Pension entitlements (liabilities) 0.8 0.8 1.0 1.1 1.3 1.4 1.8 2.5 2.9 3.4 18

(1) Includes 401(k) and 403(b) type plans.

(2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4.

L.226.i Individual Retirement Accounts (IRAs) (1)

Billions of dollars

 1 Total held at: ND ND ND ND ND ND ND ND ND ND 1

 2 U.S.-chartered depository institutions ND ND ND ND ND ND ND ND ND ND 2

 3 Credit unions ND ND ND ND ND ND ND ND ND ND 3

 4 Life insurance companies ND ND ND ND ND ND ND ND ND ND 4

 5 Money market mutual funds ND ND ND ND ND ND ND ND ND ND 5

 6 Mutual funds ND ND ND ND ND ND ND ND ND ND 6

 7 Other self-directed accounts ND ND ND ND ND ND ND ND ND ND 7

(1) Assets of the household sector (L.100), shown at market value. IRA assets are not included in pension entitlements (table L.226), except for those at life insurance companies. Figures for depositories

 (lines 2 and 3) include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 4) and are excluded from the mutual fund sector (line 6) and from the money market fund sector (line 5).
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Historical Annuals, 1945-1954, September 18, 2014 125

F.118.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 Credit market instruments ND 0.3 0.3 0.4 0.5 0.6 0.7 1.0 1.3 1.5 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 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.118.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 Credit market instruments 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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126 Historical Annuals, 1945-1954, September 18, 2014

L.118.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 Credit market instruments 2.5 2.8 3.1 3.5 4.1 4.7 5.4 6.4 7.7 9.2 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 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.118.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 Credit market instruments 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, September 18, 2014 127

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 Credit market instruments ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 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 Miscellaneous assets ND 3.9 3.4 3.6 4.0 4.7 6.3 7.2 7.4 7.5 7

 8 Nonmarketable Treasury securities (3) ND 0.4 0.8 0.8 1.0 0.8 0.7 1.0 0.5 0.4 8

 9 Claims of pension fund on sponsor (4) ND 3.5 2.6 2.8 2.9 3.9 5.6 6.2 6.9 7.1 9

 10 Pension entitlements (liabilities) (5) ND 3.9 3.4 3.6 4.0 4.7 6.3 7.2 7.4 7.5 10

(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) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund,

 and foreign service retirement and disability fund.

(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 Credit market instruments 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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128 Historical Annuals, 1945-1954, September 18, 2014

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 Net acquisition of 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 Credit market instruments 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 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 Miscellaneous assets 24.1 28.2 31.6 35.1 39.0 43.3 49.3 56.4 63.8 71.2 7

 8 Nonmarketable Treasury securities (3) 2.9 3.3 4.1 4.9 6.0 6.7 7.5 8.4 8.9 9.4 8

 9 Claims of pension fund on sponsor (4) 21.2 24.9 27.5 30.2 33.0 36.5 41.8 48.0 54.8 61.9 9

 10 Pension entitlements (liabilities) (5) 24.1 28.2 31.6 35.1 39.0 43.3 49.3 56.4 63.8 71.2 10

(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) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund,

 and foreign service retirement and disability fund.

(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 Net acquisition of financial assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Credit market instruments 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, September 18, 2014 129

F.127.e Equity Real Estate Investment Trusts (REITs)

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 Credit market instruments ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Corporate and foreign bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Mortgages ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Home ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Multifamily residential ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Commercial 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 Net increase in liabilities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Credit market instruments ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Corporate bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 Mortgages ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Multifamily residential ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Commercial ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Miscellaneous liabilities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

F.127.m Mortgage Real Estate Investment Trusts (REITs)

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 Credit market instruments 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 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 Credit market instruments 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 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 16

 17 Miscellaneous liabilities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 Memo:

 18 Securitized assets included above 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 securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Home mortgages ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Multifamily residential mortgages ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Commercial mortgages ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22
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L.127.e Equity Real Estate Investment Trusts (REITs)

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 Credit market instruments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 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 Mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Home 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Multifamily residential 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Commercial 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 Total liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Credit market instruments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Corporate bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 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 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 Multifamily residential 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Commercial 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Miscellaneous liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

L.127.m Mortgage Real Estate Investment Trusts (REITs)

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 Credit market instruments 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 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 Credit market instruments 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 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 16

 17 Miscellaneous liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 Memo:

 18 Securitized assets included above 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 securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Home mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22
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Historical Annuals, 1945-1954, September 18, 2014 131

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 153.1 172.3 219.3 218.8 249.9 289.1 308.7 329.5 331.1 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 122.6 132.5 144.4 144.5 158.4 185.9 201.3 215.5 214.4 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 56.7 57.9 64.9 61.3 67.8 74.5 76.5 77.9 80.3 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 46.8 46.8 53.0 48.5 53.6 58.8 59.4 58.8 59.7 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 0.0 0.0 0.0 0.0 0.9 0.8 0.7 23

24 Rents on land and natural resources ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

25 Less: Uses of property income (paid) ND 16.7 18.4 20.5 21.7 24.9 25.8 27.1 29.1 30.9 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 7.4 8.4 9.4 9.6 11.6 11.3 11.2 11.6 11.8 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 0.0 0.0 0.0 0.0 0.1 0.2 0.2 30

31 Rents on land and natural resources ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 25.8 30.6 30.9 26.0 35.7 48.2 49.7 51.6 45.7 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 4.6 4.4 6.7 8.3 6.9 6.9 6.1 6.1 5.8 38

39 Equals: Disposable income, net ND 198.5 216.4 240.6 234.3 262.9 304.4 323.8 341.7 341.9 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 153.1 172.3 219.3 218.8 249.9 289.1 308.7 329.5 331.1 42

43 Plus statistical discrepancy (NIPA) ND 1.2 2.9 -0.2 1.8 1.3 3.5 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
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132 Historical Annuals, 1945-1954, September 18, 2014

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 153.1 172.3 219.3 218.8 249.9 289.1 308.7 329.5 331.1 1

 2 Households and nonprofit institutions serving households ND 11.9 13.4 14.9 16.2 18.0 20.2 22.5 25.0 27.2 2

 3 Nonfinancial noncorporate business ND 3.9 4.9 30.3 30.5 32.7 36.7 38.7 40.6 40.5 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 0.3 0.4 0.4 0.5 7.8 9.0 10.0 11.1 11.8 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 28.1 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 -8.6 1.8 4.4 -2.2 -4.2 -8.1 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 0.5 0.6 0.7 0.7 0.8 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 2.6 -0.9 -3.2 -2.7 -2.1 -5.2 -2.9 38

39 Households and nonprofit institutions serving households ND 13.6 1.8 5.0 2.6 3.7 11.5 13.6 14.4 11.8 39

40 Nonfinancial noncorporate business ND -2.1 -2.0 -7.3 -2.9 -4.9 -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 1.6 42

43 Federal government ND -0.7 9.9 5.5 -6.5 3.4 -0.4 -10.8 -13.3 -13.8 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 -0.2 1.8 1.3 3.5 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 11.0 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 25.7 17.5 48

49 Nonfinancial noncorporate business ND -2.0 -2.0 -7.3 -2.9 -4.9 -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 1.5 1.7 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 13.8 17.2 20.0 20.1 12.2 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 -0.2 -0.5 0.9 -0.7 -0.1 0.1 1.3 58

59 Federal government ND -1.4 1.8 0.4 0.1 0.3 0.5 -8.9 -2.5 1.4 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 3.0 1.4 0.7 -1.1 -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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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 93.5 111.2 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 4.5 2.5 1.8 0.0 1.1 -0.2 -0.3 3.6 -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
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134 Historical Annuals, 1945-1954, September 18, 2014

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 11.9 13.4 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 9.6 10.4 11.5 12.6 14.0 15.6 17.5 19.7 21.6 3

 4 Compensation paid by households and NPISHs ND 4.5 5.1 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 0.0 0.0 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 178.1 188.4 206.7 203.3 223.3 257.4 275.1 290.9 292.9 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 122.6 132.5 144.4 144.5 158.4 185.9 201.3 215.5 214.4 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 178.1 188.4 206.7 203.3 223.3 257.4 275.1 290.9 292.9 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 163.9 173.0 192.2 192.1 212.2 234.4 247.2 262.2 268.0 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 28.1 28

 Capital account

29 Net saving less capital transfers ND 18.7 10.0 16.1 12.7 19.1 24.9 26.7 28.0 26.9 29

30 Net saving ND 19.6 11.0 17.2 13.6 20.0 25.9 27.8 29.2 28.1 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 1.8 5.0 2.6 3.7 11.5 13.6 14.4 11.8 38

 Financial account

39 Net lending (+) or borrowing (-) (line 38) ND 13.6 1.8 5.0 2.6 3.7 11.5 13.6 14.4 11.8 39

40 Net acquisition of financial assets ND 23.8 16.1 18.2 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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55 Equity and investment fund shares ND 1.8 1.3 5.9 2.3 3.1 3.5 3.8 3.9 -0.6 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 -0.1 0.0 0.1 0.2 0.2 0.2 0.1 0.2 0.2 73

74 Security credit ND -0.7 0.0 -0.0 0.4 0.5 -0.1 0.1 0.4 0.8 74

75 Long term (mortgages) ND 4.5 5.3 5.4 4.6 7.9 6.7 7.0 7.8 9.6 75

76 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 76

77 Other accounts payable (trade debt) ND 0.2 0.1 0.1 0.0 0.1 0.1 0.1 0.1 0.1 77

 Addendum:

78 Net lending (+) or borrowing (-), financial account (lines 40-67) ND 16.9 7.0 9.5 6.2 7.5 21.9 27.7 25.7 17.5 78

 Other changes in volume account

79 Total other volume changes ND 8.4 13.7 12.3 12.4 13.8 17.2 20.0 20.1 12.2 79

80 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 80

81 Disaster losses ND 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 81

82 Other volume changes ND -0.0 0.7 0.2 0.2 -1.9 -0.5 -0.1 -0.0 0.3 82

83 Less: Statistical discrepancy (lines 38-78) (5) ND -3.3 -5.2 -4.5 -3.7 -3.8 -10.4 -14.1 -11.3 -5.8 83

 Revaluation account

84 Nonfinancial assets ND 21.3 44.2 14.4 7.8 22.3 23.1 14.0 7.0 6.3 84

85 Real estate ND 18.5 40.4 12.2 7.7 18.3 17.7 13.0 7.7 8.8 85

86 Consumer durable goods ND 2.6 3.8 2.1 0.2 3.8 5.3 1.0 -0.7 -2.5 86

87 Equipment ND 0.1 0.1 0.0 -0.0 0.1 0.0 -0.0 0.0 0.0 87

88 Intellectual property products ND 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 88

89 Financial assets ND 27.8 29.6 8.8 8.7 38.3 46.0 -1.5 -9.6 59.0 89

90 Corporate equities ND -9.2 -3.5 -2.1 7.1 23.5 21.0 -0.9 -5.8 53.1 90

91 Mutual fund shares ND -0.1 -0.0 -0.0 1.3 0.1 -0.1 -0.1 -0.2 1.5 91

92 Equity in noncorporate business ND 37.1 33.1 11.0 0.3 14.8 25.1 -0.4 -3.4 4.7 92

93 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 93

94 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 94

95 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 95

 Changes in balance sheet account

96 Change in net worth (lines 32+38+79+95) ND 76.1 97.5 51.6 41.6 93.5 111.2 59.2 45.6 104.4 96

 Balance sheet account (end of period)

97 Total assets 797.9 880.9 987.4 1047.7 1097.6 1204.5 1324.4 1395.9 1454.2 1571.0 97

98 Nonfinancial assets 189.3 220.7 280.8 313.7 340.1 387.3 430.9 464.0 493.4 520.9 98

99 Real estate 134.6 158.1 206.4 229.4 246.9 278.1 309.0 334.9 355.9 379.6 99

100 Consumer durable goods 54.0 61.8 73.4 83.1 91.8 107.5 120.0 127.0 135.1 138.7 100

101 Equipment 0.4 0.6 0.8 0.9 1.0 1.3 1.6 1.7 2.0 2.2 101

102 Intellectual property products 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 102
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S.3.a Households and Nonprofit Institutions Serving Households

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1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

103 Financial assets 608.5 660.1 706.6 734.0 757.5 817.2 893.4 931.9 960.8 1050.1 103

104 Currency and deposits 108.6 120.5 124.0 123.8 124.5 129.1 138.3 147.8 157.2 168.3 104

105 Currency and transferable deposits 55.4 60.6 60.4 58.1 56.3 58.9 63.3 65.5 66.8 68.9 105

106 Foreign deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 106

107 Time and savings deposits 50.2 56.6 60.0 62.2 64.8 67.2 72.2 79.7 87.9 97.2 107

108 Postal savings system deposits 3.0 3.4 3.5 3.4 3.3 3.0 2.8 2.7 2.5 2.2 108

109 Debt securities 78.8 76.6 76.4 77.5 77.6 78.5 78.3 85.4 89.3 88.1 109

110 Open market paper 0.0 0.1 0.1 0.2 0.3 0.4 0.8 1.0 1.3 1.1 110

111 Treasury securities 66.5 65.1 65.1 65.8 67.3 66.5 65.4 67.4 68.0 66.1 111

112 Agency- and GSE-backed securities (2) 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.0 0.2 0.1 112

113 Municipal securities 3.9 3.8 4.5 4.6 3.7 5.5 5.7 11.0 13.9 16.0 113

114 Corporate and foreign bonds 8.4 7.5 6.6 6.7 6.3 6.0 6.3 6.0 6.0 4.9 114

115 Loans 12.9 14.4 15.7 16.9 17.7 18.7 19.5 20.0 21.0 22.4 115

116 Short term 0.7 0.7 0.7 0.7 0.7 1.0 0.9 0.7 0.7 1.0 116

117 Long term (mortgages) 12.2 13.7 15.1 16.3 17.0 17.7 18.6 19.3 20.3 21.4 117

118 Equity and investment fund shares 308.4 337.1 368.0 382.6 393.5 434.9 484.2 485.7 480.2 538.9 118

119 Corporate equities 109.7 101.6 99.2 98.0 105.6 129.8 152.1 151.0 145.8 198.8 119

120 Mutual fund shares 1.2 1.3 1.4 1.5 3.1 3.3 3.5 3.9 4.1 6.1 120

121 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 121

122 Equity in noncorporate business 197.4 234.2 267.4 283.1 284.9 301.8 328.6 330.7 330.3 333.9 122

123 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 0.0 123

124 Insurance, pension and standardized guarantee schemes 99.8 111.5 122.5 133.2 144.2 156.0 173.0 193.1 213.1 232.4 124

125 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 5.1 125

126 Life insurance reserves 39.6 43.4 46.5 49.4 52.1 55.0 57.8 60.7 63.6 66.3 126

127 Pension entitlements (4) 57.0 64.5 71.9 79.3 87.1 95.2 108.8 124.4 140.6 156.6 127

128 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 4.3 128

129 Retiree Health Care Funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 129

130 Total liabilities and net worth 797.9 880.9 987.4 1047.7 1097.6 1204.5 1324.4 1395.9 1454.2 1571.0 130

131 Liabilities 30.6 37.4 46.5 55.1 63.4 76.9 85.6 98.0 110.7 123.1 131

132 Debt securities (municipals) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 132

133 Loans 29.4 36.1 44.9 53.4 61.6 74.9 83.4 95.7 108.2 120.5 133

134 Short term 10.4 12.6 16.1 19.3 22.9 28.3 30.1 35.3 40.1 42.7 134

135 Consumer credit 6.8 9.8 13.3 16.3 19.4 23.9 25.4 30.5 34.6 36.0 135

136 Depository institution loans n.e.c. 0.3 0.2 0.2 0.2 0.2 0.3 0.5 0.4 0.5 0.7 136

137 Other loans and advances 2.1 2.0 2.1 2.2 2.4 2.6 2.8 2.9 3.1 3.4 137

138 Security credit 1.3 0.6 0.6 0.6 1.0 1.5 1.4 1.5 1.9 2.7 138

139 Long term (mortgages) 19.0 23.5 28.8 34.1 38.7 46.6 53.4 60.3 68.1 77.8 139

140 Insurance, pension and standardized guarantee schemes 0.6 0.7 0.8 0.8 0.9 1.0 1.1 1.2 1.3 1.3 140

141 Other accounts payable (trade debt) 0.5 0.7 0.8 0.9 0.9 1.0 1.0 1.1 1.2 1.3 141

142 Net worth 767.3 843.4 941.0 992.6 1034.2 1127.6 1238.8 1298.0 1343.5 1447.9 142

(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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Historical Annuals, 1945-1954, September 18, 2014 137

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 3.9 4.9 30.3 30.5 32.7 36.7 38.7 40.6 40.5 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 0.0 0.0 24.5 24.0 25.7 28.7 30.4 32.0 31.6 3

 4 Compensation of employees (paid) ND 0.0 0.0 24.4 24.0 25.7 28.7 30.4 32.0 31.6 4

 5 Wages and salaries ND 0.0 0.0 23.6 23.2 24.7 27.5 29.1 30.6 30.2 5

 6 Employers’ social contributions ND 0.0 0.0 0.8 0.8 1.0 1.2 1.3 1.3 1.4 6

 7 Taxes on production and imports less subsidies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Property income (interest received) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Less: Uses of property income (paid) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Interest ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 Withdrawals from income of quasi-corporations (1) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

19 Equals: Disposable income, net ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Equals: Net saving ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 2.1 2.0 7.3 2.9 4.9 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 8.0 8.9 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 -2.1 -2.0 -7.3 -2.9 -4.9 -4.6 -3.5 -3.6 -2.6 30

 Financial account

31 Net lending (+) or borrowing (-) (line 30) ND -2.1 -2.0 -7.3 -2.9 -4.9 -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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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 -4.9 -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 212.3 253.3 289.3 307.5 310.9 332.2 362.6 367.9 368.7 376.7 78

79 Nonfinancial assets 188.7 227.8 263.0 281.3 284.5 304.2 333.9 337.0 337.3 344.6 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 21.8 23.8 28.5 31.5 32.8 34.8 35.1 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 10.6 12.5 16.3 20.8 22.8 27.2 30.1 31.3 33.2 33.6 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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Historical Annuals, 1945-1954, September 18, 2014 139

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 212.3 253.3 289.3 307.5 310.9 332.2 362.6 367.9 368.7 376.7 105

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 197.4 234.2 267.4 283.1 284.9 301.8 328.6 330.7 330.3 333.9 117

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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140 Historical Annuals, 1945-1954, September 18, 2014

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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Historical Annuals, 1945-1954, September 18, 2014 141

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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142 Historical Annuals, 1945-1954, September 18, 2014

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 -26.4 -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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Historical Annuals, 1945-1954, September 18, 2014 143

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 0.3 0.4 0.4 0.5 7.8 9.0 10.0 11.1 11.8 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 0.0 0.0 0.0 0.0 7.3 8.4 9.4 10.4 11.0 3

 4 Compensation of employees (paid) ND 0.0 0.0 0.0 0.0 4.5 5.0 5.8 6.4 7.0 4

 5 Wages and salaries ND 0.0 0.0 0.0 0.0 4.3 4.7 5.5 6.0 6.6 5

 6 Employers’ social contributions ND 0.0 0.0 0.0 0.0 0.2 0.3 0.3 0.4 0.4 6

 7 Taxes on production and imports less subsidies ND 0.0 0.0 0.0 0.0 0.4 0.5 0.5 0.6 0.6 7

 8 Operating surplus, net ND 0.0 0.0 0.0 0.0 2.4 2.9 3.0 3.4 3.4 8

 9 Net national income/Balance of primary incomes, net ND -1.2 -1.4 -1.5 -1.6 0.5 1.1 1.2 1.6 1.5 9

10 Operating surplus, net ND 0.0 0.0 0.0 0.0 2.4 2.9 3.0 3.4 3.4 10

11 Property income (received) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Interest ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Distributed income of corporations (dividends) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 1.2 1.4 1.6 1.6 1.9 1.8 1.8 1.9 1.9 15

16 Interest ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Distributed income of corporations ND 1.2 1.3 1.5 1.5 1.9 1.8 1.8 1.9 1.9 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Net national income/Balance of primary incomes, net ND -1.2 -1.4 -1.5 -1.6 0.5 1.1 1.2 1.6 1.5 22

23 Less: Current taxes on income, wealth, etc. (paid) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 Less: Other current transfers (paid) ND 0.1 0.0 -0.0 -0.0 0.1 0.3 0.2 0.0 -0.1 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 0.2 0.2 0.3 0.3 0.3 0.4 0.3 0.5 0.5 30

31 Gross fixed capital formation (nonresidential) ND 0.5 0.6 0.7 0.7 0.8 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 1.6 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 1.6 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 10.7 10.7 13.4 38

39 SDR certificates ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

40 Open market paper ND 0.1 0.1 -0.1 -0.0 0.1 0.1 0.0 0.0 0.2 40

41 Treasury securities ND -15.3 -8.0 -8.4 -1.0 -4.9 -0.5 2.6 1.8 5.1 41

42 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 42

43 Municipal securities ND 0.4 1.0 1.0 1.5 2.3 1.6 1.7 2.1 3.4 43

44 Corporate and foreign bonds ND 2.1 3.7 4.8 3.5 2.4 3.7 5.0 4.8 4.3 44

45 Nonmarketable government securities ND 0.4 0.8 0.8 1.0 0.8 0.7 1.0 0.5 0.4 45

46 Loans ND 10.1 12.2 10.6 6.5 19.8 14.4 15.7 11.6 13.4 46

47 Short term ND 5.2 6.3 4.6 1.3 10.7 6.6 8.0 3.3 2.5 47

48 Long term (mortgages) ND 5.0 5.9 6.1 5.2 9.1 7.8 7.6 8.4 10.8 48

49 Equity and investment fund shares ND 0.3 0.6 0.4 1.0 0.8 0.8 1.7 2.1 1.3 49

50 Corporate equities ND 0.3 0.6 0.3 1.0 0.7 0.6 1.6 1.9 1.2 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 Money market mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 52

53 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 53

54 U.S. direct investment abroad ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 54

55 Stock in Federal Reserve Banks ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 55

56 Investment in subsidiaries ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 56
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144 Historical Annuals, 1945-1954, September 18, 2014

S.6.a Financial Business

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1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

57 Insurance, pension and standardized guarantee schemes ND 5.4 4.5 4.6 4.8 5.9 10.5 9.9 11.2 10.4 57

58 Other accounts receivable ND -2.6 0.4 0.2 0.8 0.6 0.3 1.1 0.4 1.5 58

59 Net incurrence of liabilities ND 1.8 18.2 17.5 13.4 26.4 33.7 38.6 33.7 35.6 59

60 Currency and deposits ND -8.3 6.8 4.4 -0.4 10.4 14.7 14.6 9.1 13.5 60

61 Debt securities ND 0.6 0.4 0.9 0.4 0.8 1.1 0.4 1.7 -0.2 61

62 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 62

63 Corporate bonds ND 0.1 0.1 0.4 0.3 0.2 0.4 0.0 1.4 -0.3 63

64 Commercial paper ND 0.2 0.2 0.2 0.2 0.2 0.4 0.4 0.3 0.2 64

65 Loans ND -1.2 -0.4 1.1 0.9 2.0 -0.3 1.6 0.2 0.8 65

66 Short term ND -1.2 -0.4 1.1 0.9 2.0 -0.3 1.6 0.2 0.8 66

67 Long term (mortgages) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 67

68 Equity and investment fund shares ND 0.3 0.5 0.4 0.6 0.7 0.7 0.9 1.1 0.4 68

69 Money market mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 69

70 Corporate equity issues ND 0.1 0.4 0.2 0.3 0.4 0.4 0.3 0.6 -0.3 70

71 Mutual fund shares ND 0.2 0.2 0.1 0.3 0.2 0.3 0.5 0.4 0.4 71

72 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 72

73 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 73

74 Equity in noncorporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 74

75 Investment by parent ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 75

76 Stock in Federal Reserve Banks ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 76

77 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 77

78 Other accounts payable ND 0.3 0.8 0.3 0.9 1.4 0.1 1.5 1.0 1.3 78

 Addendum:

79 Net lending (+) or borrowing (-), financial account (lines 35-59) ND 0.9 1.2 1.5 1.5 2.4 1.0 1.5 1.7 3.1 79

 Other changes in volume account

80 Total other volume changes ND 0.6 0.4 -0.2 -0.5 0.9 -0.7 -0.1 0.1 1.3 80

81 Disaster losses ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 81

82 Other volume changes ND 0.3 -0.4 -0.6 -0.6 -0.6 -0.6 0.0 -0.0 -0.3 82

83 Less: Statistical discrepancy (lines 33-79) (3) ND -0.2 -0.8 -0.5 -0.2 -1.5 0.0 0.1 -0.2 -1.5 83

 Revaluation account

84 Nonfinancial assets ND 1.2 1.1 0.4 -0.8 0.7 1.1 0.2 -0.3 -0.5 84

85 Structures (nonresidential) ND 1.1 1.0 0.3 -0.8 0.6 1.0 0.1 -0.3 -0.4 85

86 Equipment ND 0.1 0.1 0.1 0.0 0.1 0.1 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 -0.1 -0.1 -0.1 1.6 0.4 0.1 0.3 -0.6 3.9 88

89 Corporate equities ND -0.1 -0.1 -0.1 1.6 0.4 0.1 0.3 -0.6 3.9 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 U.S. direct investment abroad ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 91

92 Liabilities ND -2.0 -0.3 -0.3 1.9 2.0 2.2 2.5 -2.3 10.0 92

93 Corporate equity issues ND -1.8 -0.3 -0.3 0.7 2.0 2.3 2.7 -1.9 8.7 93

94 Mutual fund shares ND -0.1 -0.0 -0.0 1.3 0.1 -0.1 -0.1 -0.2 1.5 94

95 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 95

96 Equity in noncorporate business ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 96

97 Pension fund reserves ND 0.0 0.0 0.0 0.0 0.0 0.0 -0.2 -0.2 -0.3 97

98 Investment by parent ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 98

99 Changes in net worth due to nominal holding gains/losses ND 3.0 1.4 0.7 -1.1 -1.0 -1.0 -2.0 1.5 -6.6 99

 Changes in balance sheet account

100 Change in net worth (lines 30+33+80+99) ND 4.5 2.5 1.8 0.0 1.1 -0.2 -0.3 3.6 -3.3 100

 Balance sheet account (end of period)

101 Total assets 341.4 346.7 367.9 387.8 403.5 433.4 468.9 509.8 544.7 587.3 101

102 Nonfinancial assets (4) 5.2 6.6 8.0 8.6 8.0 8.9 10.3 10.7 10.9 10.9 102

103 Structures (nonresidential) 4.4 5.6 6.7 7.1 6.3 7.0 8.1 8.4 8.4 8.3 103

104 Equipment 0.8 1.0 1.3 1.5 1.7 2.0 2.2 2.3 2.5 2.6 104

105 Intellectual property products 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 105
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Historical Annuals, 1945-1954, September 18, 2014 145

S.6.a Financial Business

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

106 Financial assets 336.2 340.1 359.9 379.2 395.5 424.5 458.6 499.0 533.8 576.5 106

107 Monetary gold 20.1 20.5 22.8 24.2 24.4 22.7 22.7 23.2 22.0 21.7 107

108 Currency and deposits 25.4 26.5 28.4 30.9 27.3 30.2 33.3 33.9 34.3 33.3 108

109 Debt securities 186.4 174.3 171.9 171.1 176.3 176.8 182.4 193.1 203.8 217.2 109

110 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 110

111 Open market paper 0.3 0.4 0.5 0.4 0.4 0.5 0.7 0.7 0.7 1.0 111

112 Treasury securities 158.0 142.7 134.8 126.4 125.5 120.6 120.1 122.8 124.5 129.6 112

113 Agency- and GSE-backed securities (2) 0.9 1.0 1.1 2.0 2.1 1.9 1.8 2.2 3.7 3.7 113

114 Municipal securities 6.3 6.6 7.6 8.6 10.2 12.5 14.1 15.8 17.8 21.3 114

115 Corporate and foreign bonds 18.1 20.2 23.9 28.7 32.2 34.6 38.2 43.2 48.0 52.3 115

116 Nonmarketable government securities 2.9 3.3 4.1 4.9 6.0 6.7 7.5 8.4 8.9 9.4 116

117 Loans 47.2 57.3 69.5 80.2 86.7 106.4 120.8 136.5 148.1 161.5 117

118 Short term 24.9 30.1 36.4 41.0 42.3 53.0 59.5 67.6 70.8 73.4 118

119 Long term (mortgages) 22.3 27.2 33.1 39.2 44.4 53.5 61.3 68.9 77.3 88.1 119

120 Equity and investment fund shares 5.8 6.0 6.5 6.8 9.5 10.7 11.9 14.9 16.3 21.5 120

121 Corporate equities 5.3 5.5 5.9 6.2 8.8 9.9 10.9 13.9 15.2 20.2 121

122 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 122

123 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 123

124 Equity in government-sponsored enterprises (2) 0.1 0.1 0.1 0.1 0.1 0.2 0.3 0.3 0.4 0.4 124

125 U.S. direct investment abroad 0.2 0.3 0.3 0.3 0.3 0.4 0.4 0.5 0.5 0.6 125

126 Stock in Federal Reserve Banks 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 126

127 Investment in subsidiaries 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 127

128 Insurance, pension and standardized guarantee schemes 45.6 51.9 57.2 62.4 67.5 73.1 83.1 92.3 103.6 114.3 128

129 Other accounts receivable 5.7 3.5 3.6 3.5 3.8 4.5 4.3 5.2 5.7 7.0 129

130 Total liabilities and net worth 341.4 346.7 367.9 387.8 403.5 433.4 468.9 509.8 544.7 587.3 130

131 Liabilities 330.0 330.7 349.4 367.6 383.2 412.1 447.8 489.0 520.3 566.3 131

132 Currency and deposits 205.5 197.2 204.1 208.5 208.1 218.5 233.2 247.8 257.0 270.4 132

133 Debt securities 1.2 1.8 2.2 3.1 3.5 4.3 5.3 5.8 7.4 7.3 133

134 Agency- and GSE-backed securities (2) 0.9 1.2 1.3 1.6 1.5 1.9 2.1 2.2 2.2 2.1 134

135 Corporate bonds 0.1 0.2 0.3 0.8 1.1 1.3 1.7 1.7 3.1 2.8 135

136 Commercial paper 0.2 0.4 0.6 0.8 1.0 1.1 1.6 1.9 2.2 2.4 136

137 Loans 4.7 3.5 3.1 4.3 5.2 7.2 6.9 8.5 8.6 9.4 137

138 Short term 4.7 3.5 3.1 4.3 5.2 7.2 6.9 8.5 8.6 9.4 138

139 Long term (mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 139

140 Equity and investment fund shares 16.2 14.5 14.7 14.7 17.3 20.0 22.9 26.4 25.4 36.1 140

141 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 141

142 Corporate equity issues 13.1 11.4 11.5 11.4 12.4 14.8 17.5 20.5 19.2 27.6 142

143 Mutual fund shares 1.2 1.3 1.4 1.5 3.1 3.3 3.5 3.9 4.1 6.1 143

144 Equity in government-sponsored enterprises (2) 0.7 0.6 0.6 0.6 0.6 0.6 0.6 0.7 0.8 0.9 144

145 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 1.2 145

146 Equity in noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 146

147 Investment by parent 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 147

148 Stock in Federal Reserve Banks 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 148

149 Insurance, pension and standardized guarantee schemes 97.9 109.0 119.9 130.9 142.1 153.7 171.0 191.4 211.7 231.6 149

150 Other accounts payable 4.4 4.7 5.5 6.2 7.1 8.4 8.5 9.2 10.2 11.4 150

151 Net worth 11.4 16.0 18.4 20.2 20.3 21.3 21.1 20.8 24.4 21.1 151

Notes. Financial business includes depository institutions, insurance companies and 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.

SDRs Special Drawing Rights
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146 Historical Annuals, 1945-1954, September 18, 2014

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 1.2 2.1 2.5 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 0.0 0.0 0.0 0.0 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 0.0 0.0 0.0 0.0 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 1.2 2.1 2.5 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 25.7 41.9 45.4 47.4 39.1 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 -8.6 1.8 4.4 -2.2 -4.2 -8.1 25

 Capital account

26 Net saving less capital transfers ND -7.5 3.1 1.5 -8.2 2.0 4.7 -1.8 -3.9 -7.7 26

27 Net saving ND -8.2 2.4 0.9 -8.6 1.8 4.4 -2.2 -4.2 -8.1 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 5.5 -6.5 3.4 -0.4 -10.8 -13.3 -13.8 33

 Financial account

34 Net lending (+) or borrowing (-) (line 33) ND -0.7 9.9 5.5 -6.5 3.4 -0.4 -10.8 -13.3 -13.8 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 2.3 4.3 1.4 1.3 0.7 1.2 1.6 0.6 -0.3 48

49 Short term ND 2.6 4.4 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 2.6 4.4 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 -0.1 -0.0 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 ND 0.0 0.0 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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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 SDR certificates ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 66

67 Treasury securities including savings bonds ND -23.2 -7.2 -6.6 2.5 -0.6 -0.3 5.0 5.4 2.3 67

68 Federal agency securities ND -0.2 -0.0 0.8 0.1 -0.6 -0.1 0.4 1.6 0.1 68

69 Nonmarketable securities held by pension plans ND 0.4 0.8 0.8 1.0 0.8 0.7 1.0 0.5 0.4 69

70 Loans (mortgages) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 70

71 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 71

72 Insurance reserves ND 1.2 0.6 0.2 0.1 0.3 0.2 0.0 0.1 -0.3 72

73 Retiree Health Care Funds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 73

74 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 74

75 Other accounts payable ND -2.4 -1.1 -0.2 -0.3 1.1 1.8 -0.1 -0.2 -0.2 75

76 Trade payables ND -2.0 -0.7 0.0 0.0 1.1 1.6 0.1 -0.2 -0.2 76

77 Other (miscellaneous liabilities) ND -0.4 -0.4 -0.2 -0.3 0.0 0.2 -0.2 -0.0 0.0 77

 Addendum:

78 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 78

 Other changes in volume account

79 Total other volume changes ND -1.4 1.8 0.4 0.1 0.3 0.5 -8.9 -2.5 1.4 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 -6.6 -7.2 -7.4 -7.5 -7.8 -8.4 -18.1 -11.3 -8.8 81

82 Less: Statistical discrepancy (lines 33-78) (2) ND -5.2 -9.0 -7.8 -7.6 -8.1 -8.8 -9.3 -8.8 -10.2 82

 Revaluation account

83 Nonfinancial assets ND 10.9 5.8 -3.7 -7.0 0.5 9.0 0.6 -0.3 4.1 83

84 Structures ND 9.4 8.3 1.9 -1.7 2.0 7.6 -0.6 -1.5 0.8 84

85 Equipment ND 1.4 -2.6 -5.7 -5.4 -1.9 0.9 1.0 1.1 3.3 85

86 Intellectual property products ND 0.1 0.1 0.1 0.1 0.4 0.5 0.1 0.1 0.1 86

87 Financial assets ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 87

88 Monetary gold and SDRs ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 88

89 Currency and deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 89

90 Corporate equities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 90

91 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 91

92 Liabilities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 92

93 SDR allocations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 93

94 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 94

 Changes in balance sheet account

95 Change in net worth (lines 29+33+79+94) ND 2.0 10.6 -1.8 -15.1 2.7 14.1 -10.1 -6.7 -2.2 95

 Balance sheet account (end of period)

96 Total assets 166.1 148.0 154.4 150.4 141.3 148.3 169.8 172.0 179.3 186.2 96

97 Nonfinancial assets (3) 121.8 125.9 124.9 117.2 108.4 107.5 121.5 131.0 140.1 150.2 97

98 Structures 44.1 52.8 60.5 62.2 60.8 63.2 72.6 75.0 76.4 79.3 98

99 Equipment 73.7 68.3 59.1 49.1 41.2 36.8 40.5 46.8 53.5 59.7 99

100 Intellectual property products 4.0 4.7 5.2 5.8 6.4 7.4 8.4 9.3 10.1 11.2 100

101 Financial assets 44.3 22.1 29.6 33.2 32.9 40.9 48.3 41.0 39.3 36.0 101

102 Monetary gold and SDRs 0.0 0.2 0.1 0.2 0.1 0.1 0.2 0.1 0.1 0.1 102

103 Monetary gold 0.0 0.2 0.1 0.2 0.1 0.1 0.2 0.1 0.1 0.1 103

104 SDR holdings 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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1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

105 Currency and deposits 27.4 4.3 5.3 6.8 7.5 7.1 7.2 9.7 8.1 7.7 105

106 Official foreign currencies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 106

107 Reserve position in IMF (net) 0.0 -0.2 1.2 1.6 1.7 1.5 1.5 1.5 1.4 1.2 107

108 Currency and transferable deposits 26.9 4.2 3.7 4.8 5.2 4.9 5.1 7.4 5.9 5.6 108

109 Time and savings deposits 0.1 0.1 0.1 0.1 0.2 0.2 0.3 0.4 0.3 0.4 109

110 Nonofficial foreign currencies 0.4 0.2 0.3 0.2 0.4 0.4 0.4 0.4 0.4 0.5 110

111 Debt securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 111

112 Agency- and GSE-backed securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 112

113 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 113

114 Loans 5.2 8.3 12.6 13.9 15.1 15.9 17.1 18.7 20.7 20.4 114

115 Short term 3.8 7.3 11.6 12.9 13.7 14.1 14.8 15.8 17.3 17.0 115

116 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 116

117 Other loans and advances 3.8 7.3 11.6 12.9 13.7 14.1 14.8 15.8 17.3 17.0 117

118 Long term (mortgages) 1.4 1.0 0.9 1.0 1.5 1.8 2.3 2.9 3.3 3.4 118

119 Equity and investment fund shares 1.1 1.0 1.0 1.0 1.0 0.9 0.9 0.9 0.9 0.9 119

120 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 120

121 Equity in international organizations 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 121

122 Equity in government-sponsored enterprises (1) 0.4 0.4 0.4 0.4 0.3 0.3 0.2 0.2 0.2 0.3 122

123 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 0.0 123

124 Other accounts receivable 10.5 8.3 10.6 11.4 9.1 16.9 22.9 11.6 9.6 6.9 124

125 Trade receivables 0.9 0.1 0.0 0.0 0.0 0.4 1.3 2.3 2.2 2.4 125

126 Taxes receivable 9.6 8.2 10.6 11.4 9.1 16.5 21.6 9.3 7.4 4.5 126

127 Other (miscellaneous assets) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 127

128 Total liabilities and net worth 166.1 148.0 154.4 150.4 141.3 148.3 169.8 172.0 179.3 186.2 128

129 Liabilities 288.7 268.6 264.5 262.2 268.3 272.5 279.9 292.2 306.2 315.4 129

130 SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 130

131 Currency and deposits 5.3 5.8 5.9 5.8 5.7 5.4 5.2 5.1 4.9 4.7 131

132 Debt securities 254.4 231.3 224.9 220.0 223.6 223.2 223.5 229.8 237.4 240.2 132

133 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 133

134 Treasury securities including savings bonds 251.2 227.9 220.7 214.2 216.7 216.1 215.8 220.8 226.2 228.5 134

135 Federal agency securities 0.3 0.1 0.1 0.9 1.0 0.4 0.2 0.6 2.3 2.3 135

136 Nonmarketable securities held by pension plans 2.9 3.3 4.1 4.9 6.0 6.7 7.5 8.4 8.9 9.4 136

137 Loans (mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 137

138 Insurance, pension and standardized guarantee schemes 24.7 29.6 32.8 35.8 38.7 42.5 48.0 54.2 61.1 67.8 138

139 Insurance reserves 3.6 4.8 5.4 5.6 5.7 6.0 6.1 6.2 6.3 6.0 139

140 Retiree Health Care Funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 140

141 Claims of pension fund on sponsor 21.2 24.9 27.5 30.2 33.0 36.5 41.8 48.0 54.8 61.9 141

142 Other accounts payable 4.3 1.9 0.8 0.6 0.3 1.4 3.2 3.1 2.8 2.6 142

143 Trade payables 2.7 0.7 0.0 0.0 0.0 1.1 2.7 2.8 2.6 2.4 143

144 Other (miscellaneous liabilities) 1.6 1.2 0.8 0.6 0.3 0.3 0.5 0.3 0.2 0.2 144

145 Net worth -122.7 -120.7 -110.0 -111.8 -126.9 -124.2 -110.1 -120.2 -126.9 -129.2 145

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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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 Equals: Disposable income, net ND 10.3 11.4 12.9 14.6 15.7 18.1 19.5 21.1 22.2 22

23 Less: Final consumption expenditures ND 9.5 11.3 12.8 14.2 15.4 16.5 17.6 18.8 20.2 23

24 Equals: Net saving ND 0.8 0.1 0.1 0.5 0.3 1.5 1.9 2.3 2.0 24

 Capital account

25 Net saving less capital transfers ND 1.0 0.4 0.5 1.0 0.9 2.2 2.6 3.1 2.9 25

26 Net saving ND 0.8 0.1 0.1 0.5 0.3 1.5 1.9 2.3 2.0 26

27 Less: Capital transfers paid (net) ND -0.2 -0.3 -0.4 -0.5 -0.6 -0.7 -0.7 -0.8 -0.8 27

28 Capital formation, net ND 0.1 1.1 2.0 3.4 4.0 4.7 4.9 5.4 6.7 28

 Gross fixed capital formation (acquisition of

29 produced nonfinancial assets) ND 1.6 2.9 4.1 5.4 5.9 7.0 7.4 8.0 9.3 29

30 Less: Consumption of fixed capital ND 1.6 1.9 2.1 2.2 2.2 2.6 2.8 2.9 3.0 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 Net lending (+) or borrowing (-), capital account (lines 25-28) ND 0.9 -0.7 -1.5 -2.4 -3.1 -2.5 -2.3 -2.3 -3.8 32

 Financial account

33 Net lending (+) or borrowing (-) (line 32) ND 0.9 -0.7 -1.5 -2.4 -3.1 -2.5 -2.3 -2.3 -3.8 33

34 Net acquisition of financial assets ND 0.4 1.8 1.5 0.8 1.8 1.6 2.6 1.6 1.8 34

35 Currency and deposits ND 1.0 0.9 0.8 0.4 0.6 0.5 0.4 0.7 0.8 35

36 Currency and transferable deposits ND 0.9 0.7 0.5 0.2 0.5 0.4 0.3 0.4 0.4 36

37 Time and savings deposits ND 0.2 0.2 0.3 0.2 0.1 0.2 0.1 0.3 0.5 37

38 Debt securities ND -0.8 0.7 0.6 0.4 0.7 0.7 1.4 0.9 0.8 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 -0.4 0.7 0.4 0.1 0.5 0.5 1.2 0.8 0.4 40

41 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 41

42 Municipal securities ND -0.3 -0.0 0.0 0.3 0.3 0.0 0.1 0.2 0.2 42

43 Corporate and foreign bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 43

44 Loans ND 0.0 0.0 0.1 0.1 0.1 0.1 0.4 0.0 0.1 44

45 Short term ND 0.0 0.0 0.0 0.0 0.0 0.0 0.2 -0.1 -0.0 45

46 Long term (mortgages) ND 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 46

47 Equity and investment fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47

48 Money market fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 48

49 Corporate equities 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 Other accounts receivable ND 0.1 0.2 0.1 -0.0 0.5 0.2 0.4 -0.0 0.1 51

52 Trade receivables ND 0.1 0.2 0.1 -0.0 0.5 0.2 0.1 0.0 0.2 52

53 Taxes receivable ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 0.0 53

54 Other (miscellaneous assets) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.0 -0.1 54
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1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

55 Net incurrence of liabilities ND 0.8 2.3 2.5 2.1 5.7 3.6 8.8 6.5 6.9 55

56 Debt securities (municipals) ND 0.1 1.6 1.3 1.0 4.5 2.1 6.9 5.4 5.7 56

57 Short term ND 0.0 0.2 0.2 0.2 0.4 0.3 0.2 0.2 0.1 57

58 Other ND 0.1 1.4 1.2 0.8 4.1 1.8 6.7 5.2 5.5 58

59 Loans (short term) ND -0.0 0.0 0.1 -0.1 0.1 0.3 0.3 -0.4 -0.3 59

60 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 60

 (Claim of pension funds on sponsor)

61 Other accounts payable (trade payables) ND 0.1 -0.1 0.1 0.2 0.1 0.1 0.5 0.5 0.6 61

 Addendum:

62 Net lending (+) or borrowing (-), financial account (lines 34-55) ND -0.4 -0.5 -1.0 -1.3 -4.0 -2.0 -6.2 -4.9 -5.1 62

 Other changes in volume account

63 Total other volume changes ND -2.1 -0.7 -0.1 0.5 -1.6 0.3 -4.5 -2.9 -2.1 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 -0.8 -0.9 -0.7 -0.6 -0.7 -0.1 -0.6 -0.4 -0.8 65

66 Less: Statistical discrepancy (lines 32-62) (2) ND 1.3 -0.2 -0.6 -1.1 0.9 -0.5 3.9 2.5 1.3 66

 Revaluation account

67 Nonfinancial assets ND 8.3 14.5 6.3 -7.8 8.6 9.2 2.7 -6.5 -0.6 67

68 Structures ND 8.1 14.2 6.2 -7.7 8.3 9.1 2.7 -6.4 -0.8 68

69 Equipment ND 0.1 0.3 0.2 -0.1 0.3 0.0 0.0 -0.0 0.2 69

70 Intellectual property products ND 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 70

71 Equity and investment fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 71

72 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 72

 Changes in balance sheet account

73 Change in net worth (lines 28+32+63+72) ND 7.3 14.2 6.7 -6.3 8.0 11.7 0.7 -6.3 0.2 73

 Balance sheet account (end of period)

74 Total assets 82.8 91.6 108.8 118.6 114.8 128.9 144.1 154.0 154.2 161.8 74

75 Nonfinancial assets (3) 69.5 77.8 93.3 101.5 96.9 109.2 122.9 130.2 128.8 134.5 75

76 Structures 68.2 76.4 91.5 99.4 94.8 106.7 120.0 127.1 125.6 130.9 76

77 Equipment 1.0 1.1 1.5 1.8 1.8 2.3 2.5 2.6 2.8 3.2 77

78 Intellectual property products 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 78

79 Financial assets 13.3 13.7 15.6 17.1 17.9 19.6 21.2 23.8 25.4 27.2 79

80 Currency and deposits 4.2 5.3 6.2 6.9 7.3 7.9 8.4 8.8 9.5 10.4 80

81 Currency and transferable deposits 3.7 4.6 5.3 5.8 6.0 6.5 6.9 7.2 7.6 7.9 81

82 Time and savings deposits 0.5 0.7 0.9 1.1 1.3 1.4 1.5 1.6 2.0 2.4 82

83 Debt securities 7.5 6.8 7.4 8.0 8.4 9.1 9.8 11.2 12.2 12.9 83

84 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 84

85 Treasury securities 5.5 5.2 5.9 6.3 6.3 6.9 7.3 8.5 9.3 9.8 85

86 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 86

87 Municipal securities 1.8 1.5 1.4 1.4 1.7 2.0 2.1 2.1 2.3 2.5 87

88 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 88

89 Loans 0.0 0.0 0.1 0.1 0.2 0.2 0.3 0.7 0.7 0.8 89

90 Short term 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.2 0.2 90

91 Long term (mortgages) 0.0 0.0 0.1 0.1 0.2 0.2 0.3 0.4 0.5 0.6 91

92 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 92

93 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 93

94 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 94

95 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 95

96 Other accounts receivable 1.5 1.7 1.9 2.0 1.9 2.4 2.6 3.1 3.1 3.2 96

97 Trade receivables 1.0 1.2 1.4 1.5 1.4 1.9 2.1 2.2 2.2 2.4 97

98 Taxes receivable 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 98

99 Other (miscellaneous assets) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.4 0.3 99

100 Total liabilities and net worth 82.8 91.6 108.8 118.6 114.8 128.9 144.1 154.0 154.2 161.8 100

101 Liabilities 20.2 21.8 24.9 27.9 30.4 36.6 40.0 49.2 55.7 63.1 101
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Historical Annuals, 1945-1954, September 18, 2014 151

S.8.a State and Local Governments

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

102 Debt securities (municipals) 12.1 12.2 13.8 15.1 16.1 20.7 22.8 29.7 35.0 40.7 102

103 Short term 0.3 0.3 0.5 0.7 0.9 1.3 1.6 1.8 1.9 2.1 103

104 Other 11.8 11.9 13.3 14.5 15.2 19.4 21.2 27.9 33.1 38.6 104

105 Loans (short term) 0.5 0.5 0.5 0.6 0.5 0.6 0.8 1.1 0.8 0.4 105

106 Insurance, pension and standardized guarantee schemes 7.0 8.3 9.9 11.4 12.9 14.3 15.3 16.7 17.8 19.2 106

 (Claim of pension funds on sponsor)

107 Other accounts payable (trade payables) 0.6 0.8 0.6 0.8 1.0 1.1 1.2 1.6 2.2 2.7 107

108 Net worth 62.5 69.8 84.0 90.7 84.4 92.3 104.1 104.8 98.5 98.7 108

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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152 Historical Annuals, 1945-1954, September 18, 2014

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 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 8

 Capital account

 9 Net saving ND -4.9 -9.3 -2.4 -0.9 1.8 -0.9 -0.6 1.3 -0.2 9

10 Less: Net capital transfers ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 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 11

12 Net lending (+) or borrowing (-), capital account (lines 9-10-11) ND -4.9 -9.3 -2.4 -0.9 1.8 -0.9 -0.6 1.3 -0.2 12

 Financial account

13 Net lending (+) or borrowing (-) (line 12) ND -4.9 -9.3 -2.4 -0.9 1.8 -0.9 -0.6 1.3 -0.2 13

14 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 14

15 Monetary gold and SDRs ND -0.6 -2.2 -1.5 -0.2 1.7 -0.1 -0.4 1.2 0.3 15

16 Monetary gold ND -0.6 -2.2 -1.5 -0.2 1.7 -0.1 -0.4 1.2 0.3 16

17 SDR allocations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 Currency and deposits ND -0.6 -0.5 0.7 0.3 0.5 -0.0 0.5 0.1 0.7 18

19 Currency ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Transferable deposits ND -0.4 -0.6 0.5 -0.2 0.0 -0.3 0.3 -0.5 0.2 20

21 Time deposits ND 0.0 -0.0 0.0 0.1 0.2 -0.3 0.1 0.6 0.5 21

22 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 22

23 Debt securities ND -0.7 0.7 0.1 0.2 1.4 0.1 0.2 0.7 0.6 23

24 Open market paper ND 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.1 0.2 24

25 Treasury securities ND -0.5 0.6 0.1 0.1 1.4 -0.0 0.2 0.6 0.4 25

26 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 26

27 Municipal securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

28 Corporate bonds ND -0.3 0.1 -0.0 0.1 -0.0 0.0 0.0 0.0 0.0 28

29 Loans (short term) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

30 Security repurchases ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

31 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 31

32 Equity and investment fund shares ND -0.1 -0.1 -0.1 0.0 0.1 0.2 0.4 0.1 0.6 32

33 Money market fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33

34 Corporate equities ND -0.1 -0.2 -0.1 -0.0 0.0 0.1 0.3 -0.1 0.5 34

35 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

36 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 36

37 Other accounts receivable ND 0.0 -0.0 -0.1 -0.0 0.0 0.0 0.0 -0.1 -0.0 37

38 Net incurrence of liabilities ND 2.8 6.4 2.3 1.2 0.6 1.0 1.4 0.7 1.3 38

39 SDR holdings ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

40 Currency and deposits ND -0.4 1.3 0.2 0.3 0.1 0.0 0.0 -0.1 -0.0 40

41 Official foreign currencies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 41

42 Reserve position in IMF (net) ND -0.2 1.2 0.4 0.2 -0.0 -0.0 0.0 -0.1 -0.2 42

43 U.S. private deposits ND 0.0 -0.0 -0.0 0.0 0.0 0.0 -0.0 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 -0.1 -0.0 0.1 -0.0 0.3 0.3 0.0 -0.1 -0.1 45

46 Commercial paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 46

47 Bonds ND -0.1 -0.0 0.1 -0.0 0.3 0.3 0.0 -0.1 -0.1 47

48 Loans (short term) ND 3.1 4.3 1.3 0.2 -0.1 0.4 0.4 0.1 0.3 48

49 Security repurchases ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 49

50 Other loans and advances ND 2.7 4.2 1.1 0.5 0.2 0.2 0.4 0.3 -0.1 50

51 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 51

52 Nonoff. foreign currencies (swap lines) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 52
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Historical Annuals, 1945-1954, September 18, 2014 153

S.9.a Rest of the World 

Billions of dollars

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

 

53 Equity and investment fund shares ND 0.3 0.8 0.7 0.7 0.4 0.3 0.9 0.8 1.0 53

54 Corporate equities ND 0.1 0.0 -0.1 -0.0 -0.2 -0.2 0.0 0.1 0.3 54

55 U.S. government equity in IBRD, etc. ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 55

56 U.S. direct investment abroad ND 0.2 0.7 0.7 0.7 0.6 0.5 0.9 0.7 0.7 56

57 Investment by holding companies 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 -0.0 0.1 0.0 -0.0 -0.0 0.0 0.0 -0.0 0.1 58

 Addendum:

59 Net lending (+) or borrowing (-), financial account (lines 14-38) ND -4.8 -8.6 -3.2 -0.8 3.2 -0.8 -0.6 1.2 0.9 59

 Other changes in volume account

60 Total other volume changes ND 0.1 0.7 -0.8 0.0 1.4 0.1 -0.0 -0.1 1.1 60

61 Other volume changes ND 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 61

62 Less: Statistical discrepancy (lines 12-59) (2) ND -0.1 -0.7 0.8 -0.0 -1.4 -0.1 0.0 0.1 -1.1 62

 Revaluation account

63 Financial assets ND 0.7 2.2 1.7 0.5 -0.9 0.6 0.5 -1.0 1.1 63

64 SDR allocations ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 64

65 Currency and deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 65

66 Debt securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 66

67 Open market paper ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 67

68 Treasury securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 68

69 Agency- and GSE-backed securities ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 69

70 Corporate bonds ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 70

71 Equity and investment fund shares ND 0.1 0.0 0.1 0.3 0.8 0.6 0.2 0.1 1.4 71

72 Corporate equities ND 0.1 -0.1 -0.0 0.2 0.4 0.4 0.0 0.0 1.1 72

73 Mutual fund shares ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 73

74 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 74

75 Other accounts receivable ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 75

76 Liabilities ND -0.3 0.4 0.6 0.1 1.1 1.1 0.9 1.7 0.9 76

77 SDR holdings ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 77

78 Currency and deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 78

79 Official foreign currencies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 79

80 Reserve position in IMF (net) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 80

81 U.S. private deposits ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 81

82 Nonofficial foreign currencies ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 82

83 Debt securities (corporate bonds) ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 83

84 Equity and investment fund shares ND -0.3 0.4 0.6 0.2 1.2 1.1 0.9 0.6 0.9 84

85 Corporate equities ND -0.0 -0.0 0.0 -0.2 0.7 0.4 0.0 -0.2 0.2 85

86 U.S. direct investment abroad ND -0.2 0.4 0.5 0.4 0.5 0.7 0.9 0.8 0.7 86

87 Other accounts payable ND 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 87

88 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 88

 Changes in balance sheet account

89 Change in net worth (lines 12+60+88) ND -3.9 -6.7 -2.2 -0.5 1.1 -1.3 -1.0 -1.5 1.1 89

 Financial balance sheet account (end of period) (3)

90 Total financial assets 13.5 12.2 12.2 13.0 13.8 16.6 17.5 18.8 19.7 23.1 90

91 SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 91

92 Currency and deposits 4.7 4.1 3.6 4.3 4.6 5.1 5.0 5.5 5.6 6.3 92

93 Currency 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 93

94 Transferable deposits 2.7 2.3 1.7 2.2 2.0 2.0 1.7 2.0 1.5 1.7 94

95 Time deposits 1.6 1.6 1.6 1.6 1.7 2.0 1.7 1.8 2.4 2.9 95

96 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 96
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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

 

97 Debt securities 3.1 2.4 3.0 3.1 3.4 4.8 4.9 5.1 5.8 6.4 97

98 Open market paper 0.0 0.1 0.1 0.1 0.1 0.2 0.3 0.3 0.4 0.6 98

99 Treasury securities 2.6 2.1 2.7 2.8 2.9 4.3 4.3 4.5 5.0 5.5 99

100 Agency- and GSE-backed securities (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 100

101 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 101

102 Corporate bonds 0.5 0.2 0.3 0.2 0.3 0.3 0.3 0.4 0.4 0.4 102

103 Loans (short term) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 103

104 Security repurchases 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 104

105 Loans to U.S. corporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 105

106 Equity and investment fund shares 5.2 5.2 5.1 5.1 5.4 6.3 7.1 7.7 7.9 9.9 106

107 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 107

108 Corporate equities 2.7 2.7 2.5 2.3 2.5 2.9 3.5 3.7 3.7 5.3 108

109 Mutual fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 109

110 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 4.6 110

111 Other accounts receivable 0.5 0.5 0.5 0.4 0.4 0.4 0.5 0.5 0.4 0.4 111

112 Total liabilities and net worth 13.5 12.2 12.2 13.0 13.8 16.6 17.5 18.8 19.7 23.1 112

113 Total liabilities 14.7 17.2 24.0 26.9 28.2 29.9 32.0 34.3 36.8 39.0 113

114 SDR holdings 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 114

115 Currency and deposits 0.4 0.0 1.3 1.5 1.9 1.9 2.0 2.0 1.9 1.9 115

116 Official foreign currencies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 116

117 Reserve position in IMF (net) 0.0 -0.2 0.9 1.3 1.5 1.4 1.4 1.5 1.4 1.2 117

118 U.S. private deposits 0.0 0.1 0.1 0.0 0.0 0.1 0.1 0.1 0.1 0.2 118

119 Nonofficial foreign currencies 0.4 0.2 0.3 0.2 0.4 0.4 0.4 0.4 0.4 0.5 119

120 Debt securities 2.9 2.8 2.8 2.9 2.9 3.1 3.4 3.4 3.3 3.3 120

121 Commercial paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 121

122 Bonds 2.9 2.8 2.8 2.9 2.9 3.1 3.4 3.4 3.3 3.3 122

123 Loans (short term) 2.1 5.2 9.5 10.8 10.9 10.8 11.2 11.6 12.8 13.2 123

124 Security repurchases 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 124

125 Other loans and advances 1.6 4.4 8.5 9.6 10.0 10.1 10.4 10.8 12.1 12.0 125

126 Depository institution loans n.e.c. 0.5 0.8 1.0 1.2 0.9 0.7 0.8 0.9 0.7 1.2 126

127 Nonoff. foreign currencies (swap lines) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 127

128 Equity and investment fund shares 8.8 8.9 10.0 11.2 12.0 13.6 15.0 16.8 18.2 20.1 128

129 Corporate equities 0.9 1.0 1.0 0.9 0.7 1.2 1.4 1.5 1.3 1.9 129

130 U.S. government equity in IBRD, etc. 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 130

131 U.S. direct investment abroad 7.2 7.2 8.4 9.6 10.7 11.8 13.0 14.7 16.3 17.6 131

132 Investment by holding companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 132

133 Other accounts payable 0.4 0.4 0.4 0.5 0.4 0.4 0.5 0.5 0.5 0.6 133

134 Net worth (external account) -1.2 -5.0 -11.8 -13.9 -14.4 -13.3 -14.5 -15.5 -17.0 -16.0 134

(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 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