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. .