Market-based lenders have surpassed depository institutions as holders of credit market debt

Year Depository Institutions Market-Based Lenders
1960 39.5% 1.9%
1961 40.6% 2.0%
1962 41.6% 2.0%
1963 42.3% 2.1%
1964 43.1% 2.1%
1965 44.0% 2.3%
1966 43.3% 2.7%
1967 44.6% 2.5%
1968 45.1% 2.6%
1969 43.8% 3.1%
1970 44.1% 3.5%
1971 45.4% 3.6%
1972 47.0% 3.7%
1973 47.5% 4.2%
1974 47.0% 4.9%
1975 46.4% 5.0%
1976 46.4% 5.1%
1977 46.1% 5.3%
1978 45.4% 5.8%
1979 44.5% 6.9%
1980 43.6% 7.6%
1981 41.8% 9.1%
1982 39.7% 10.0%
1983 39.8% 9.9%
1984 39.0% 10.7%
1985 36.9% 11.7%
1986 35.6% 14.2%
1987 34.8% 15.1%
1988 34.0% 15.3%
1989 32.1% 16.3%
1990 29.9% 17.6%
1991 28.1% 19.1%
1992 26.9% 20.7%
1993 26.1% 22.3%
1994 25.7% 22.9%
1995 25.5% 23.9%
1996 24.9% 24.6%
1997 24.7% 25.5%
1998 23.9% 28.1%
1999 23.4% 29.5%
2000 23.5% 30.5%
2001 22.9% 32.7%

Source: Federal Reserve Board, Flow of Funds (Haver Analytics).

Credit market debt includes: corporate and foreign bonds, government and agency securities, residential and commercial mortgages, consumer credit, open market paper, other loans and advances, and bank loans not elsewhere classified.

Market-based lenders include: asset pools, mutual funds, closed-end funds, and money market funds.