Corporate Debt: Historical Perspective and Options for Reducing Interest Deductibility

  Year,Commercial Paper,Corporate Bonds,Depository Institution Loans NEC,Municipal Securities,Other Loans And Advances,Total Mortgages
  1952 Q1,0.328,40.873,21.916,0,3.265,13.385
  1952 Q2,0.304,42.343,21.494,0,3.369,13.26
  1952 Q3,0.346,43.47,21.955,0,3.506,13.251
  1952 Q4,0.331,44.497,22.979,0,3.827,13.464
  1953 Q1,0.37,45.257,23.076,0,4.046,13.756
  1953 Q2,0.297,46.27,22.71,0,4.381,13.696
  1953 Q3,0.347,46.8,23,0,4.43,13.761
  1953 Q4,0.402,48.012,22.417,0,4.279,14.142
  1954 Q1,0.525,48.789,22.093,0,4.34,14.418
  1954 Q2,0.484,49.724,21.445,0,4.213,14.285
  1954 Q3,0.584,50.999,21.273,0,4.095,14.216
  1954 Q4,0.531,51.547,21.761,0,4.368,14.636
  1955 Q1,0.5,52.055,22.121,0,4.109,14.935
  1955 Q2,0.38,52.779,22.865,0,4.234,15.128
  1955 Q3,0.371,53.253,23.814,0,4.08,15.355
  1955 Q4,0.362,54.564,25.662,0,4.433,16.195
  1956 Q1,0.362,54.986,27.113,0,4.715,16.428
  1956 Q2,0.289,55.946,28.607,0,4.609,16.531
  1956 Q3,0.401,57.013,29.331,0,4.398,16.614
  1956 Q4,0.378,58.04,30.747,0,4.67,17.126
  1957 Q1,0.353,59.51,30.873,0,5.18,17.628
  1957 Q2,0.32,60.975,32.125,0,5.22,17.697
  1957 Q3,0.364,62.488,31.811,0,5.354,17.806
  1957 Q4,0.422,64.072,31.971,0,5.73,18.437
  1958 Q1,0.716,65.937,30.808,0,6.185,18.711
  1958 Q2,0.791,67.017,30.687,0,5.841,18.935
  1958 Q3,0.795,68.463,30.474,0,5.335,19.211
  1958 Q4,0.658,69.715,31.65,0,5.758,20.184
  1959 Q1,0.652,70.307,31.437,0,6.248,20.206
  1959 Q2,0.458,71.169,33.407,0,6.655,20.235
  1959 Q3,0.527,71.737,34.014,0,6.412,20.208
  1959 Q4,0.315,72.794,35.439,0,7.088,21.009
  1960 Q1,0.427,73.216,35.977,0,8.149,20.971
  1960 Q2,0.547,74.107,36.856,0,8.811,21.08
  1960 Q3,0.782,74.889,36.543,0,8.402,21.305
  1960 Q4,0.769,76.216,37.651,0,9.131,21.825
  1961 Q1,0.623,76.577,37.641,0,8.942,21.744
  1961 Q2,0.726,78.53,37.343,0,9.061,22.031
  1961 Q3,1.017,79.237,37.134,0,8.712,22.266
  1961 Q4,1.094,80.611,38.585,0,9.454,23.243
  1962 Q1,1.131,81.437,38.089,0,9.53,23.576
  1962 Q2,1.092,82.981,39.474,0,9.68,23.993
  1962 Q3,1.363,83.558,40.045,0,9.268,24.488
  1962 Q4,1.198,84.643,42.226,0,9.836,25.563
  1963 Q1,1.214,85.579,41.735,0,10.253,25.95
  1963 Q2,0.987,86.695,42.769,0,10.562,26.527
  1963 Q3,1.111,87.225,43,0,10.195,27.162
  1963 Q4,0.968,88.414,45.623,0,10.942,28.236
  1964 Q1,0.948,89.091,45.036,0,11.799,28.826
  1964 Q2,0.889,90.362,46.688,0,12.414,29.346
  1964 Q3,1.081,91.058,47.295,0,12.296,30.17
  1964 Q4,1.125,92.408,50.264,0,12.685,31.443
  1965 Q1,0.847,93.342,52.461,0,13.442,32.181
  1965 Q2,0.727,94.941,55.467,0,14.108,32.609
  1965 Q3,0.926,96.634,56.66,0,13.777,33.139
  1965 Q4,0.797,97.26,61.141,0,14.894,34.101
  1966 Q1,0.82,100.223,62.119,0,15.76,34.688
  1966 Q2,0.861,102.79,66.583,0,16.261,35.819
  1966 Q3,1.466,105.223,67.759,0,15.365,36.783
  1966 Q4,1.622,107.474,69.715,0,16.422,37.691
  1967 Q1,2.677,110.617,70.151,0,16.93,38.277
  1967 Q2,3.242,114.236,73.315,0,16.578,38.646
  1967 Q3,3.264,118.745,72.504,0,16.088,38.941
  1967 Q4,3.034,122.132,76.269,0,16.575,37.235
  1968 Q1,3.482,124.734,75.965,0,17.656,40.657
  1968 Q2,3.4,128.262,79.707,0,17.958,40.874
  1968 Q3,4.928,131.563,80.255,0,17.507,41.4
  1968 Q4,4.249,135.025,86.106,0,18.296,42.399
  1969 Q1,4.88,138.462,87.278,0,19.325,43.212
  1969 Q2,4.914,141.743,91.765,0,22.533,42.775
  1969 Q3,5.778,144.467,91.186,0,25.853,42.572
  1969 Q4,5.356,147,95.655,0,27.575,43.292
  1970 Q1,7.044,150.069,93.524,0,31.125,56.458
  1970 Q2,6.895,155.797,96.837,0,33.716,57.3
  1970 Q3,7.361,161.157,98.636,0,30.461,58.499
  1970 Q4,7.133,166.756,101.697,0,28.035,59.762
  1971 Q1,8.333,172.222,99.687,0,28.661,60.905
  1971 Q2,6.856,177.621,102.607,0.02,30.091,62.021
  1971 Q3,7.434,181.204,104.363,0.053,29.81,62.941
  1971 Q4,6.247,185.563,106.157,0.086,29.248,64.936
  1972 Q1,7.538,188.338,106.744,0.126,30.562,68.012
  1972 Q2,8.126,192.15,110.749,0.293,30.838,69.436
  1972 Q3,7.761,195.187,112.568,0.466,30.46,71.312
  1972 Q4,6.968,197.75,119.174,0.634,33.116,74.173
  1973 Q1,5.871,199.202,126.7,0.955,35.284,76.383
  1973 Q2,6.032,202.249,131.863,1.49,37.122,82.945
  1973 Q3,6.335,204.906,132.131,1.979,39.101,93.859
  1973 Q4,8.382,206.909,134.126,2.43,40.752,104.837
  1974 Q1,9.235,210.614,137.548,2.841,43.064,106.81
  1974 Q2,9.967,216,147.98,3.265,44.885,107.401
  1974 Q3,12.569,220.192,151.507,3.596,46.427,104.607
  1974 Q4,12.513,226.579,156.066,4.078,50.091,103.738
  1975 Q1,14.009,236.009,147.759,4.508,50.686,103.9
  1975 Q2,11.658,244.281,145.314,5.319,51.207,105.015
  1975 Q3,11.78,247.958,141.12,5.92,51.417,106.682
  1975 Q4,9.616,253.783,141.944,6.678,52.7,107.945
  1976 Q1,10.926,260.254,134.401,6.985,55.715,107.76
  1976 Q2,11.818,265.211,136.841,7.487,58.008,110.113
  1976 Q3,10.889,270.908,135.801,8.36,59.147,112.793
  1976 Q4,11.049,276.614,138.761,9.163,63.866,114.892
  1977 Q1,12.083,282.016,141.318,11.928,67.14,116.098
  1977 Q2,12.914,285.712,147.277,14.079,70.964,119.022
  1977 Q3,13.175,291.816,148.563,15.713,71.302,123.313
  1977 Q4,12.808,299.491,153.766,17.377,77.648,129.232
  1978 Q1,13.719,303.936,162.017,18.702,78.546,132.625
  1978 Q2,14.419,310.353,168.747,20.838,82.257,136.999
  1978 Q3,14.992,315.522,167.988,23.017,83.421,140.123
  1978 Q4,15.499,320.607,173.563,25.041,89.55,141.797
  1979 Q1,17.665,324.975,180.067,27.366,93.963,145.185
  1979 Q2,20.564,330.267,190.082,29.681,99.016,145.589
  1979 Q3,23.828,334.133,198.376,32.325,99.7,146.354
  1979 Q4,24.518,337.915,204.44,35.028,105.883,143.988
  1980 Q1,31.052,343.86,211.726,37.147,109.698,141.876
  1980 Q2,36.334,355.03,200.606,40.024,112.178,136.753
  1980 Q3,32.189,362.374,211.545,42.743,109.773,133.885
  1980 Q4,28.026,365.57,231.595,45.892,114.209,134.32
  1981 Q1,31.837,371.608,229.633,48.925,119.793,135.097
  1981 Q2,37.819,379.24,240.073,52.894,126.043,141.064
  1981 Q3,44.081,383.712,253.344,56.029,130.388,146.456
  1981 Q4,42.722,390.331,263.884,59.323,141.066,141.354
  1982 Q1,49.836,398.241,276.786,62.963,141.959,139.894
  1982 Q2,51.741,403.341,297.491,66.287,144.419,136.335
  1982 Q3,49.726,411.321,313.553,70.589,145.584,129.479
  1982 Q4,37.614,420.997,323.733,74.466,145.927,127.196
  1983 Q1,41.187,427.194,326.056,76.92,145.888,143.413
  1983 Q2,38.849,438.317,325.79,79.803,153.678,148.074
  1983 Q3,40.547,442.938,331.693,81.876,158.128,153.029
  1983 Q4,36.775,446.98,352.715,83.897,168.609,158.266
  1984 Q1,42.518,455.202,368.369,85.897,178.987,160.941
  1984 Q2,53.463,463.644,388.451,88.116,190.168,167.617
  1984 Q3,60.349,477.439,391.315,90.48,198.699,171.96
  1984 Q4,58.49,495.058,411.929,104.439,214.839,173.213
  1985 Q1,62.972,513.558,422.84,106.139,218.787,162
  1985 Q2,68.886,535.693,425.185,110.639,222.247,164.619
  1985 Q3,69.036,554.766,434.38,116.039,223.552,160.68
  1985 Q4,72.207,578.234,453.929,127.039,238.234,169.299
  1986 Q1,69.514,614.192,460.434,124.039,244.322,170.473
  1986 Q2,68.654,653.462,469.7,120.767,254.865,174.225
  1986 Q3,72.779,681.794,471.79,119.531,263.03,178.779
  1986 Q4,62.865,705.35,519.64,117.138,274.2,185.294
  1987 Q1,63.593,730.491,504.674,117.349,278.169,215.197
  1987 Q2,67.916,748.212,508.793,116.146,289.192,226.133
  1987 Q3,68.108,768.763,512.77,116.097,293.539,235.439
  1987 Q4,73.768,784.115,524.047,116.224,307.345,246.046
  1988 Q1,73.507,809.612,527.447,115.753,330.501,248.87
  1988 Q2,77.847,840.675,543.546,116.168,336.235,249.822
  1988 Q3,80.303,865.654,544.311,115.932,344.464,245.315
  1988 Q4,85.676,887.232,565.416,116.409,353.269,257.203
  1989 Q1,96.147,901.803,568.118,115.626,373.997,268.772
  1989 Q2,110.059,923.201,577.005,115.09,390.399,270.914
  1989 Q3,113.273,939.038,580.513,114.688,387.529,271.806
  1989 Q4,107.112,961.079,604.541,115.49,402.431,264.568
  1990 Q1,126.034,967.962,598.251,114.943,424.819,280.017
  1990 Q2,128.659,984.418,600.956,115.278,438.658,283.469
  1990 Q3,131.811,991.867,592.325,115.026,453.16,287.096
  1990 Q4,116.852,1008.167,594.058,115.153,463.042,288.117
  1991 Q1,119.851,1027.331,581.382,114.86,440.808,294.017
  1991 Q2,119.437,1051.467,565.328,115.537,434.803,294.937
  1991 Q3,107.016,1071.876,552.776,115.277,425.172,287.707
  1991 Q4,98.477,1086.935,542.316,113.984,405.643,279.284
  1992 Q1,110.434,1106.05,536.795,114.334,405.603,273.738
  1992 Q2,111.996,1125.491,525.425,115.097,403.709,268.434
  1992 Q3,108.216,1140.928,517.213,116.104,404.866,259.115
  1992 Q4,107.106,1154.504,513.956,118.285,411.957,239.192
  1993 Q1,113.9,1212.362,508.097,119.327,405.744,229.953
  1993 Q2,124.025,1258.846,507.802,120.705,398.592,221.569
  1993 Q3,123.232,1302.923,500.973,122.697,390.574,218.149
  1993 Q4,117.829,1337.881,506.662,124.864,384.664,218.772
  1994 Q1,129.885,1374.071,513.379,126.947,409.189,213.357
  1994 Q2,135.68,1396.331,523.931,129.467,411.568,214.016
  1994 Q3,138.683,1410.226,535.277,130.445,412.262,214.876
  1994 Q4,139.238,1428.46,554.175,131.689,422.135,212.35
  1995 Q1,149.799,1440.558,584.346,131.748,438.718,213.706
  1995 Q2,162.887,1466.053,605.399,132.761,445.825,213.226
  1995 Q3,163.268,1475.868,615.857,133.51,445.182,212.599
  1995 Q4,157.351,1494.065,631.493,134.758,467.293,210.025
  1996 Q1,174.174,1516.679,629.014,134.937,474.101,213.091
  1996 Q2,181.726,1542.193,637.523,137.11,482.21,217.349
  1996 Q3,172.999,1557.865,654.084,137.084,488.555,215.582
  1996 Q4,156.405,1581.667,662.307,137.851,484.638,221.455
  1997 Q1,168.747,1609.391,681.234,138.652,490.933,221.747
  1997 Q2,179.286,1644.942,694.276,139.8,491.727,227.574
  1997 Q3,176.649,1696.078,701.623,141.682,500.125,239.981
  1997 Q4,168.598,1709.527,716.874,142.002,534.908,249.125
  1998 Q1,193.105,1780.867,725.632,143.842,550.237,241.584
  1998 Q2,202.491,1865.801,753.418,145.492,553.909,236.572
  1998 Q3,216.872,1891.642,776.539,147.009,558.909,233.495
  1998 Q4,192.958,1927.272,797.481,147.763,595.095,250.635
  1999 Q1,223.886,1975.896,807.848,149.143,628.245,258.689
  1999 Q2,232.365,2036.001,812.028,150.297,616.01,272.717
  1999 Q3,239.28,2103.447,829.215,151.977,615.908,316.109
  1999 Q4,230.326,2128.648,846.082,152.826,623.177,331.346
  2000 Q1,260.797,2170.993,861.373,153.262,659.166,336.617
  2000 Q2,296.844,2198.731,883.327,153.38,680.06,345.548
  2000 Q3,307.039,2238.094,891.393,153.937,666.715,350.315
  2000 Q4,278.402,2265.141,901.298,154.187,700.932,355.561
  2001 Q1,235.619,2363.609,889.451,154.669,705.194,326.059
  2001 Q2,206.256,2463.966,854.407,155.816,727.112,336.964
  2001 Q3,189.571,2497.184,829.573,156.406,729.225,362.527
  2001 Q4,177.726,2548.311,796.819,157.687,703.037,394.915
  2002 Q1,162.983,2594.138,783.066,157.5,698.317,392.181
  2002 Q2,141.454,2626.255,735.629,158.317,716.089,403.266
  2002 Q3,136.423,2611.995,715.871,159.165,726.205,418.804
  2002 Q4,119.813,2623.584,693.43,160.622,734.905,450.915
  2003 Q1,119.825,2631.711,668.653,160.774,733.774,461.632
  2003 Q2,100.995,2670.831,638.094,161.893,737.11,473.413
  2003 Q3,103.978,2700.312,622.537,162.518,723.124,489.224
  2003 Q4,82.481,2694.802,614.049,163.914,737.795,494.221
  2004 Q1,91.623,2719.981,580.427,191.923,745.825,529.693
  2004 Q2,98.673,2692.908,582.182,198.007,756.167,542.385
  2004 Q3,105.121,2692.809,592.695,199.017,759.267,567.84
  2004 Q4,97.782,2686.699,618.002,199.585,793.244,580.955
  2005 Q1,112.001,2685.582,610.887,201.491,819.713,593.803
  2005 Q2,110.679,2659.504,617.057,215.128,849.658,647.58
  2005 Q3,116.493,2661.608,589.699,226.831,859.401,694.363
  2005 Q4,90.071,2651.16,590.882,242.888,903.561,766.386
  2006 Q1,96.494,2668.311,600.599,250.38,922.012,788.862
  2006 Q2,111.671,2688.866,598.879,266.709,974.198,805.049
  2006 Q3,110.579,2696.205,607.576,274.494,967.008,831.648
  2006 Q4,112.517,2730.606,612.332,296.631,1028.421,871.805
  2007 Q1,126.169,2759.995,610.717,310.925,1082.131,875.673
  2007 Q2,154.347,2805.338,614.434,338.651,1160.438,893.932
  2007 Q3,131.416,2820.056,670.731,350.671,1250.534,930.076
  2007 Q4,123.814,2854.7,714.425,367.345,1315.942,946.355
  2008 Q1,139.956,2880.399,752.016,377.408,1332.349,953.728
  2008 Q2,139.827,2947.801,758.556,404.571,1362.495,949.216
  2008 Q3,146.538,2967.51,782.564,418.912,1393.784,912.065
  2008 Q4,131.477,2972.543,777.496,432.499,1383.914,871.874
  2009 Q1,106.921,3078.265,716.828,439.935,1308.772,856.672
  2009 Q2,86.18,3144.669,658.175,450.839,1283.507,838.8
  2009 Q3,72.901,3167.267,588.829,459.085,1251.084,803.363
  2009 Q4,58.41,3188.49,549.098,470.135,1138.576,762.325
  2010 Q1,73.617,3244.699,501.635,479.153,1103.731,744.765
  2010 Q2,81.979,3254.637,467.844,489.998,1071.877,700.13
  2010 Q3,97.938,3335.274,459.675,491.729,1061.28,674.155
  2010 Q4,82.928,3373.424,482.473,502.716,946.393,673.303
  2011 Q1,110.46,3404.18,499.436,505.337,942.506,628.75
  2011 Q2,106.911,3450.221,525.11,510.062,978.343,594.389
  2011 Q3,124.685,3497.074,573.656,508.941,987.793,573.816
  2011 Q4,116.307,3533.936,629.42,510.926,1006.059,576.168
  2012 Q1,127.583,3620.536,635.317,511.975,991.538,536.568
  2012 Q2,132.081,3671.871,667.102,522.414,986.236,502.092
  2012 Q3,136.003,3770.883,673.429,520.947,1026.928,479.199
  2012 Q4,130.329,3861.332,711.877,522.953,1036.301,479.612
  2013 Q1,140.086,3939.588,693.908,525.333,1036.49,462.893
  2013 Q2,147.246,3983.139,712.435,529.248,1075.742,464.532
  2013 Q3,171.169,4091.54,719.402,525.536,1065.484,490.896
  2013 Q4,144.511,4140.67,765.461,523.97,1062.722,487.487
  2014 Q1,180.154,4213.595,778.023,523.348,1093.724,470.134
  2014 Q2,185.778,4279.66,815.699,522.955,1081.092,465.148
  2014 Q3,207.06,4330.769,821.615,520.638,1122.546,460.68
  2014 Q4,182.012,4430.305,863.713,523.311,1127.749,470.357
  2015 Q1,188.286,4541.164,895.841,529.303,1146.046,480.023
  2015 Q2,177.555,4699.742,925.937,536.992,1141.627,505.72
  2015 Q3,201.257,4780.81,922.566,538.08,1114.311,517.185
  2015 Q4,179.017,4832.374,966.965,536.216,1092.079,568.496
  2016 Q1,184.673,4963.175,1000.285,539.991,1119.678,550.214
  2016 Q2,185.663,5039.722,996.842,550.457,1082.228,547.265
  2016 Q3,176.268,5116.1,987.551,553.003,1105.104,572.49
  2016 Q4,180.783,5101.008,968.199,553.909,1103.142,570.105
  2017 Q1,195.512,5214.796,949.701,554.267,1193.741,538.28
  2017 Q2,194.666,5274.026,934.213,562.234,1260.924,532.032
  2017 Q3,206.063,5357.354,915.756,556.578,1295.21,510.483
  2017 Q4,206.67,5382.907,920.471,567.186,1388.654,536.242
  2018 Q1,242.01,5441.472,928.952,564.359,1371.578,546.619
  2018 Q2,240.837,5447.921,946.48,567.017,1678.694,564.912
  2018 Q3,223.58,5504.8,944.614,561.449,1717.529,574.325
  2018 Q4,196.467,5537.447,990.267,563.061,1726.902,585.247
  2019 Q1,241.104,5628.116,1001.528,565.705,1776.766,599.419
  2019 Q2,236.578,5707.451,1010.882,569.336,1800.121,609.935
  2019 Q3,216.317,5801.941,1005.572,569.784,1826.827,620.45
  2019 Q4,194.53,5785.607,1009.809,577.179,1855.694,626.032
  2020 Q1,243.129,5960.213,1339.82,579.859,1945.637,636.786
  2020 Q2,166.104,6385.06,1334.272,580.986,1935.958,651.14
  2020 Q3,122.229,6465.295,1140.082,582.275,1929.876,663.194