TAILIEUCHUNG - What Was the Interest Rate Then? A Data Study

Sectoral differences in core business activities and risk exposures are well reflected in the balance sheets typical of firms within each sector. In order to illustrate such differences, stylised balance sheets for institutions from each sector are presented in Annex 2 of the report for explanatory purposes. These stylised balance sheets suggest the following broad patterns. The majority of a bank’s assets typically consist of loans and other credit exposures, while the majority of liabilities consist of deposits payable on demand and other short-term liabilities. In addition, many banks are exposed to substantial credit risks associated with lines of credits. | What Was the Interest Rate Then A Data Study Lawrence H. Officer Department of Economics University of Illinois at Chicago Whither must we go for a record of the rate of interest MacDonald 1912 p. 361 E-mail LOfficer@. The author is indebted to Sam Williamson for encouragement in producing this study. 2 Table of Contents Page List of Tables 3 I. Methodology 5 II. Short-Term Interest Rate Ordinary Funds United Kingdom 11 III. Short-Term Interest Rate Ordinary Funds United States 25 IV. Short-Term Interest Rate Surplus Funds United States 39 V. Short-Term Interest Rate Surplus Funds United Kingdom 51 VI. Long-Term Interest Rate United Kingdom 58 VII. Long-Term Interest Rate United States 80 Notes 92 References 99 3 List of Tables Table Page 1. Compilations of London Market Discount Rate on Bills of Exchange 1800-1923 14 2. Compilations of Interest Rate on . Three-Month Treasury Bills 1919-2001 18 3. Components of . Short-Term Interest Rate Ordinary Funds 1790-2001 20 4. Outstanding Instruments in New York Money Market 1925-1933 28 5. Compilations of . Commercial-Paper Interest Rate 1831-1935 30 6. Compilations of . Three-Month Treasury-Bill Secondary-Market Yield 1934-2001 35 7. Components of . Short-Term Interest Rate Ordinary Funds 1831-2001 37 8. Brokers Loans Made by New York Banks 1926-1941 41 9. Outstanding . Surplus-Funds Money-Market Instruments 1920s 43 10. Compilations of Interest Rate on Call Loans at New York Stock Exchange 1857-1959 45 11. Compilations of Federal-Funds Rate 1954-2001 48 12. Components of . Short-Term Interest Rate Surplus Funds 1857-2001 50 13. Compilations of London Call-Money Rate 1855-1972 53 14. Compilations of Three-Month Interbank-Deposit Rate 1986-2001 55 15. Components of . Short-Term Interest Rate Surplus Funds 1855-2001 56 16. Compilations of Annuities Consols Price or Yield 1729-1923 Series Not Spanning 1881-1902 62 17. Compilations of Consols Price or Yield 1753-1923 Series That Ignore 1881-1902

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