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TitleFAQ: U.S. - Flow of Funds - Financial Instrument Groupings
AuthorPhillip Thorne

In the FRB "Flow of Funds" reports, how are the "financial instruments" aggregated? (Interbank transactions, open market paper, mortgages, etc.)


The quarterly "Flow of Funds" report produced by the U.S. Board of Governors of the Federal Reserve consists of numerous tables, which examine transactions from the perspective of sectors or of financial instruments.

The richness of the flow of funds accounts lies, in part, in their detailed presentation of economic sectors and financial instruments.  ... The large number of instrument categories ... provides additional detail.  Instruments can also be combined into analytically useful groups ... credit market instruments ... is important because the transactions carried out through these instruments are the ones besides equities that take place in organized financial markets.

The instruments are grouped as follows, per the Guide to the Flow of Funds Accounts, Volume 1, Part 1, Diagram 2 (Page 21 in the 2000 edition).  The Guide, and these definitional tables, are not available online.

(1-3) Monetary reserves
   1. Gold and official foreign exchange holdings
   2. SDR certificates
   3. Treasury currency
(4-8) Deposits and federal funds
   4. U.S. deposits in foreign countries
   5. Checkable deposits and currency
   6. Time and savings deposits
   7. Money market mutual fund shares
   8. Federal funds and security repurchase agreements
(9-9) Interbank transactions
   9. Net interbank transactions
(10-37) Credit market instruments
   10. Open market paper
      11. Commercial paper
      12. Bankers acceptances
   13. Treasury securities
      14. Savings bonds
      15. Other Treasury issues
   16. Agency securities
      17. Issues by federal agencies
      18. Issues by government-sponsored entities
      19. Issues by federally related mortgage pools
   20. Municipal securities and loans
   21. Corporate and foreign bonds
   22. Bank loans not elsewhere classified
   23. Other loans and advances
      24. Loans from the U.S. government
      25. Foreign loans to U.S. corporate business
      26. Customers' liability on acceptances
      27. Savings institution loan to business
      28. Policy loans on life insurance
      29. Loans from government-sponsored enterprises
      30. Loans held by issuers of asset-backed securities
      31. Finance company loans to business
   32. Total mortgages
      33. Home mortgages
      34. Multifamily residential mortgages
      35. Commercial mortgages
      36. Farm mortgages
   37. Consumer credit
(38-39) Equity issues
   38. Corporate equities
   39. Mutual fund shares
(40-41) Insurance and pension fund reserves
   40. Life insurance reserves
   41. Pension fund reserves
(42-49) Other claims
   42. Trade credit
   43. Security credit
   44. Taxes payable by businesses
   45. Investment in bank personal trusts
   46. Proprietors' equity in noncorporate business
   47. Total miscellaneous financial claims
      48. Identified miscellaneous claims I, II
      49. Unidentified miscellaneous claims
(50-51) Discrepancies
   50. Sector discrepancies
   51. Instrument discrepancies


Related Releases
Z.1 Financial Accounts (A) (f.k.a. Flow of Funds)
Z.1 Financial Accounts of the United States (f.k.a. Flow of Funds)