Mike, I believe your 260% figure includes financial sector liabilities, which is effectively double counting since these liabilities are used to fund loans to households, businesses, governments and the like.
I looked at the narrowest debt measure -- non-financial private sector outstandings, i.e., borrowings by households and businesses, from the FoF report. This totaled $11.2 trillion at year-end 1998, or about 129% of nominal GDP. (Including federal and municipal debt, the ratio is 186%!) Interestingly enough, the private sector debt/GDP ratio has remained fairly constant throughout the 1990s, as it measured 127% at the beginning of the decade. On the other hand, it measured just 99% at year-end 1980.
bog.frb.fed.us
Where did you source your figure for the 1920s? I've looked around but haven't been able to find anything. Regards, John
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