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Chart 39
Higher Short-Term Rates Less Meaningful to U.S. Corporations This Cycle
| Year |
Total Non-Financial Debt Outstanding (dollars in millions) |
Bank Loans as a Percentage of Total Non-Financial Debt Outstanding |
| 1975 |
406.9 |
35% |
| 1976 |
427.7 |
33% |
| 1977 |
467.2 |
33% |
| 1978 |
511.2 |
34% |
| 1979 |
566.7 |
36% |
| 1980 |
623.9 |
37% |
| 1981 |
694.7 |
38% |
| 1982 |
777.1 |
41% |
| 1983 |
824.7 |
41% |
| 1984 |
944.7 |
41% |
| 1985 |
"1,074.5" |
39% |
| 1986 |
"1,249.4" |
39% |
| 1987 |
"1,343" |
36% |
| 1988 |
"1,490.8" |
35% |
| 1989 |
"1,611" |
34% |
| 1990 |
"1,670.6" |
33% |
| 1991 |
"1,693.1" |
30% |
| 1992 |
"1,750" |
28% |
| 1993 |
"1,828" |
26% |
| 1994 |
"1,919.4" |
27% |
| 1995 |
"2,103.3" |
29% |
| 1996 |
"2,258.9" |
28% |
| 1997 |
"2,472.2" |
28% |
| 1998 |
"2,807.8" |
27% |
| 1999 |
"3,106.8" |
26% |
| 2000 |
"3,361.4" |
25% |
| 2001 |
"3,511.8" |
21% |
| 2002 |
"3,471.8" |
18% |
| 2003 |
"3,537.6" |
16% |
| 2004 |
"3,641.2" |
16% |
| 3Q05 |
"3,741.2" |
17% |
Notes: Total non-financial debt outstanding is
the sum of bank loans and public market debt (includes corporate bonds and
commercial paper). Bank loans as a percentage of total non-financial debt
outstanding is down 38 percent since last cycle.
Sources: Federal Reserve and CIBC World Markets.
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