113 



Figure 3 

 Fens balance eheet show* alight tayov—ant In noailnal tanas but 

 alight decline In raal tera». 



1980 



1969 



1990 1991 1992f 

 • I 1 1 ion current dollar* 



828.9 846.5 841.8 846 



137.2 136.8 138.8 140 



891.7 709.7 703.0 707 



•il l ion 1987 dollars 1/ 



764.0 747.8 714.6 705 



126.5 120.8 117.8 116 



637.5 626.9 596.8 588 



1993F 



845 to 855 



138 to 144 

 705 to 715 



685 to 695 

 111 to 117 

 570 to 580 



F ■ forecast. Excludes operator households. 



1/ Deflated by the GDP iapllclt price deflator. 1987-100. 



Percent 



Farm operators exhausted their credit capacity 

 in the 70's; they can repay additional debt now 



50 

 40 

 30 

 20 

 10 



.Maximum debt-to-as*et ratio 



Unuaad credit 

 capacity 



Actual debt-to-asset ratio 



-i — i — i i i i i i i_ 



i i — i i i i i i ■ ■ ■ 



1970 



1975 



1960 



1965 



1990 



While total debt is relatively stable, 



the distribution among farm lenders will continue to 



shift; bank lending could increase $2 billion in '93 



S billion 

 70 



Comme rc ial banks 



i i i i i i i i ) i 



J 1 I L 



1970 



1975 



1960 



1965 



1990 



Agricultural Income and Finance/December 1992 



-7- 



