| F.213
Corporate Equities (1) |
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| Billions of dollars |
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1985 |
1986 |
1987 |
1988 |
1989 |
1990 |
1991 |
1992 |
1993 |
1994 |
1995 |
1996 |
1997 |
1998 |
1999 |
2000 |
2001 |
2002 |
2003 |
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| 1 |
Net issues |
-71.4 |
-69.8 |
-64.0 |
-106.6 |
-102.6 |
-45.7 |
72.3 |
99.6 |
133.4 |
12.8 |
1.5 |
14.7 |
-46.4 |
-113.3 |
1.5 |
5.3 |
99.0 |
47.1 |
96.6 |
1 |
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| 2 |
Nonfinancial corporate business |
-84.5 |
-85.0 |
-75.5 |
-129.5 |
-124.2 |
-63.0 |
18.3 |
27.0 |
21.3 |
-44.9 |
-58.3 |
-47.3 |
-77.4 |
-215.5 |
-110.4 |
-118.2 |
-47.4 |
-41.6 |
-57.3 |
2 |
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| 3 |
Rest of the world (2) |
3.7 |
1.2 |
-2.1 |
1.1 |
17.2 |
7.4 |
30.7 |
32.4 |
63.4 |
48.1 |
65.4 |
82.8 |
57.6 |
101.4 |
114.3 |
106.7 |
109.1 |
17.7 |
91.3 |
3 |
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| 4 |
Financial sectors |
9.4 |
14.0 |
13.6 |
21.8 |
4.4 |
9.9 |
23.4 |
40.2 |
48.7 |
9.6 |
-5.6 |
-20.8 |
-26.6 |
0.9 |
-2.4 |
16.8 |
37.3 |
71.0 |
62.5 |
4 |
| 5 |
Commercial banking |
1.4 |
1.4 |
1.5 |
2.5 |
1.5 |
9.0 |
15.7 |
20.2 |
7.3 |
-3.3 |
-8.7 |
-14.3 |
-27.7 |
-11.2 |
-10.2 |
-12.5 |
-8.1 |
-10.7 |
-2.4 |
5 |
| 6 |
Life insurance companies |
-0.1 |
0.6 |
-0.9 |
-0.1 |
-0.6 |
-1.4 |
-0.1 |
0.6 |
-0.8 |
-1.7 |
-3.6 |
-8.8 |
-4.0 |
-4.7 |
-6.0 |
-0.8 |
-0.9 |
-6.5 |
-4.0 |
6 |
| 7 |
Other insurance companies |
1.5 |
2.2 |
-2.0 |
-2.1 |
-1.6 |
-3.8 |
-2.6 |
-1.0 |
3.6 |
-3.5 |
-2.2 |
-4.8 |
-13.7 |
-4.7 |
-7.8 |
-4.5 |
0.5 |
6.2 |
4.1 |
7 |
| 8 |
Closed-end funds |
1.0 |
5.8 |
7.3 |
20.6 |
6.3 |
1.4 |
14.6 |
20.2 |
23.7 |
2.4 |
8.0 |
0.3 |
-11.2 |
-6.8 |
-4.8 |
-5.5 |
1.9 |
18.0 |
43.4 |
8 |
| 9 |
Exchange-traded funds |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.5 |
0.0 |
0.4 |
1.1 |
3.4 |
6.0 |
12.2 |
42.4 |
31.0 |
45.3 |
15.8 |
9 |
| 10 |
REITs |
3.2 |
1.8 |
1.4 |
2.2 |
1.8 |
1.3 |
1.6 |
2.0 |
13.2 |
11.1 |
8.7 |
12.3 |
32.5 |
19.8 |
6.6 |
2.0 |
6.1 |
8.4 |
13.3 |
10 |
| 11 |
Brokers and dealers |
2.5 |
2.2 |
6.3 |
-1.2 |
-3.0 |
3.4 |
-5.7 |
-1.9 |
1.3 |
4.7 |
-8.1 |
-6.5 |
-5.9 |
2.5 |
7.6 |
-4.2 |
6.7 |
10.2 |
-7.7 |
11 |
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| 12 |
Net purchases |
-71.4 |
-69.8 |
-64.0 |
-106.6 |
-102.6 |
-45.7 |
72.3 |
99.6 |
133.4 |
12.8 |
1.5 |
14.7 |
-46.4 |
-113.3 |
1.5 |
5.3 |
99.0 |
47.1 |
96.6 |
12 |
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| 13 |
Household sector |
-118.4 |
-91.6 |
-140.2 |
-118.2 |
-105.1 |
-48.6 |
-52.2 |
18.1 |
-60.9 |
-152.8 |
-102.8 |
-185.4 |
-257.7 |
-247.5 |
-81.9 |
-474.2 |
-231.9 |
-73.0 |
-195.6 |
13 |
| 14 |
State and local governments |
0.0 |
0.2 |
0.5 |
1.0 |
1.6 |
1.5 |
1.5 |
1.5 |
1.5 |
1.3 |
12.1 |
14.5 |
16.8 |
9.4 |
3.5 |
-1.2 |
22.8 |
6.7 |
-6.2 |
14 |
| 15 |
Rest of the world (3) |
4.4 |
17.9 |
15.0 |
-2.9 |
9.0 |
-16.0 |
10.4 |
-5.6 |
20.9 |
0.9 |
16.5 |
11.1 |
67.0 |
42.0 |
112.3 |
193.6 |
121.4 |
53.2 |
37.0 |
15 |
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| 16 |
Commercial banking |
0.1 |
0.0 |
-0.1 |
0.0 |
-0.1 |
-2.5 |
1.7 |
-0.4 |
0.9 |
-1.4 |
2.1 |
1.8 |
0.6 |
1.3 |
2.0 |
0.3 |
0.2 |
-0.6 |
2.3 |
16 |
| 17 |
Savings institutions |
-0.1 |
2.1 |
1.4 |
2.0 |
0.4 |
-2.5 |
-1.1 |
0.3 |
1.7 |
-1.8 |
0.7 |
0.6 |
0.2 |
1.5 |
-0.7 |
0.4 |
3.2 |
2.0 |
-1.0 |
17 |
| 18 |
Bank personal trusts and estates |
-12.8 |
-31.7 |
-4.8 |
-5.2 |
-5.2 |
0.5 |
-8.6 |
-37.0 |
-55.2 |
-8.8 |
1.6 |
-1.7 |
17.5 |
-74.3 |
-28.8 |
-2.5 |
-32.5 |
-39.4 |
-18.7 |
18 |
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| 19 |
Life insurance companies |
4.8 |
-2.1 |
5.7 |
-3.4 |
9.7 |
-5.7 |
17.0 |
12.4 |
41.1 |
42.5 |
28.2 |
44.5 |
72.0 |
82.5 |
116.9 |
111.3 |
70.2 |
52.7 |
56.6 |
19 |
| 20 |
Other insurance companies |
-2.0 |
-0.3 |
2.7 |
3.6 |
7.9 |
-7.0 |
-1.2 |
-0.4 |
0.8 |
1.1 |
-0.6 |
-6.8 |
3.0 |
-5.0 |
-1.7 |
0.7 |
-0.3 |
-1.1 |
-2.0 |
20 |
| 21 |
Private pension funds |
11.3 |
-12.9 |
0.1 |
6.8 |
-33.9 |
0.6 |
12.8 |
36.4 |
20.2 |
0.3 |
-72.1 |
-75.7 |
-142.2 |
-30.5 |
-260.2 |
-55.1 |
-32.7 |
-66.8 |
25.1 |
21 |
| 22 |
State and local govt. retirement funds |
28.6 |
24.0 |
32.4 |
22.9 |
14.0 |
22.5 |
39.1 |
13.8 |
33.3 |
26.1 |
18.2 |
18.2 |
9.4 |
-28.2 |
-6.2 |
-18.4 |
22.3 |
20.0 |
19.0 |
22 |
| 23 |
Federal government retirement funds |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.3 |
0.5 |
1.2 |
1.7 |
1.7 |
2.6 |
4.2 |
4.4 |
4.0 |
4.4 |
5.2 |
-0.6 |
7.9 |
17.2 |
23 |
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| 24 |
Mutual funds |
10.3 |
20.2 |
26.9 |
-16.0 |
1.2 |
14.4 |
48.5 |
59.8 |
115.3 |
100.8 |
87.4 |
193.0 |
166.8 |
143.3 |
136.4 |
193.1 |
109.8 |
31.4 |
136.8 |
24 |
| 25 |
Closed-end funds |
-0.4 |
2.9 |
3.3 |
2.8 |
-0.3 |
0.1 |
1.8 |
0.0 |
3.7 |
6.1 |
-0.5 |
-2.6 |
-10.0 |
-11.8 |
-14.5 |
0.1 |
-1.3 |
9.4 |
7.2 |
25 |
| 26 |
Exchange-traded funds |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.5 |
0.0 |
0.4 |
1.1 |
3.4 |
6.0 |
12.2 |
42.4 |
31.0 |
41.6 |
15.1 |
26 |
| 27 |
Brokers and dealers |
2.6 |
1.4 |
-7.1 |
0.1 |
-1.9 |
-3.3 |
2.4 |
-0.6 |
8.1 |
-3.4 |
7.7 |
-1.9 |
2.4 |
-6.0 |
7.7 |
9.6 |
17.3 |
3.2 |
3.8 |
27 |
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Functional Summary: |
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1985 |
1986 |
1987 |
1988 |
1989 |
1990 |
1991 |
1992 |
1993 |
1994 |
1995 |
1996 |
1997 |
1998 |
1999 |
2000 |
2001 |
2002 |
2003 |
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Nonfinancial Corporate Business & Mutual
Funds |
94.8 |
105.2 |
102.4 |
113.5 |
125.4 |
77.4 |
30.2 |
32.8 |
94.0 |
145.7 |
145.7 |
240.3 |
244.2 |
358.8 |
246.8 |
311.3 |
157.2 |
73.0 |
194.1 |
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Trusts, Insurance, Pensions |
29.9 |
-23.0 |
36.1 |
24.7 |
-7.5 |
11.2 |
59.6 |
26.4 |
41.9 |
62.9 |
-22.1 |
-17.3 |
-35.9 |
-51.5 |
-175.6 |
41.2 |
26.4 |
-26.7 |
97.2 |
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Households & Foreign Investors |
-114.0 |
-73.7 |
-125.2 |
-121.1 |
-96.1 |
-64.6 |
-41.8 |
12.5 |
-40.0 |
-151.9 |
-86.3 |
-174.3 |
-190.7 |
-205.5 |
30.4 |
-280.6 |
-110.5 |
-19.8 |
-158.6 |
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Exchange Traded Funds |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
-3.7 |
-0.7 |
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Closed-end Funds |
-1.4 |
-2.9 |
-4.0 |
-17.8 |
-6.6 |
-1.3 |
-12.8 |
-20.2 |
-20.0 |
3.7 |
-8.5 |
-2.9 |
1.2 |
-5.0 |
-9.7 |
5.6 |
-3.2 |
-8.6 |
-36.2 |
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Financial Issuers (ex: CEF and ETF) |
-8.4 |
-8.2 |
-6.3 |
-1.2 |
1.9 |
-8.5 |
-8.8 |
-20 |
-24.5 |
-7.2 |
14 |
22.2 |
18.8 |
-1.7 |
9.8 |
20.1 |
-4.4 |
-7.7 |
-3.3 |
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Banks, Broker-Dealers |
2.6 |
3.5 |
-5.8 |
2.1 |
-1.6 |
-8.3 |
3.0 |
-0.7 |
10.7 |
-6.6 |
10.5 |
0.5 |
3.2 |
-3.2 |
9.0 |
10.3 |
20.7 |
4.6 |
5.1 |
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S&P 500 Index (January) |
165.4 |
211.2 |
242.2 |
247.1 |
277.7 |
353.4 |
330.2 |
417.0 |
435.6 |
466.5 |
459.2 |
615.9 |
741.0 |
972.0 |
1229.2 |
1477.9 |
1320.3 |
1149.0 |
881.7 |
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| U.S.
Federal Reserve National Flow of Funds Accounts, Historical Series |
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