尽管中央帝国通常非常富有和人口稠密，它本质上是很脆弱的，因为新的国际贸易路线的发展可能会破坏货币基础和侵蚀国家权力。
The central state, though often very rich and very populous, was intrinsically fragile, since the development of new international trade routes could undermine the monetary base and erode state power.
然而，货币基础仅是货币供应的一部分。
最终，他们会再次认识到为什么欧洲总是将黄金作为货币基础。
Eventually, they might rediscover why Europe always used gold as their monetary foundation.
然而有一件没有改变的事情是：美联储的货币基础依然稳如泰山。
Yet one thing has not changed: the Federal Reserve’s monetary pedal remains firmly pressed to the floor.
现有的国际货币体系是以美元为世界储备货币基础的体系。
Existing international monetary system is the world's reserve currency U. S. dollar-based system.
因此，货币基础中银行体系结算余额的部分，最初并不受货币发行局制度约束。
Thus that part of the monetary base represented by the clearing balance of the banking system was initially not subject to the discipline imposed by a currency board system.
通过一点儿调整，这些货币就变成了货币基础，被当做第二阶段中银行系统使用的特殊货币。
With a few adjustments, this becomes the monetary base, which can be thought of as the special money that is available to the banking system for the second step.
去年秋天金融市场崩溃，美联储作出反应，大规模注入流动资金和扩大货币基础。
After the financial market collapsed last fall, the Fed responded with a massive injection of liquidity and expansion of the monetary base.
结果通常包括净出口迅速增长、低利率（以控制资本流入）以及货币基础扩大（尽管采取冲销措施）。
The results normally include rapid rises in net exports, low interest rates, aimed at curbing the capital inflow, and expansion in the monetary base, despite attempts at sterilisation.
随着经济企稳，你必须以与信贷复苏同样快的速度收缩货币基础。否则，通胀将取代通缩。
As the economy stabilises you must shrink this base as fast as credit revives - otherwise, deflation will be replaced by inflation.
货币基础包括流通中的货币，而货币的发行量是公众所熟悉的东西，我们每天都会接触它。
The monetary base includes currency in circulation, while the circulation of the currency is something familiar to the public, and we deal with it every day.
在汇率固定的情况下，如果没有相应的自愿资金外流，来抵消经常账户盈余，就会造成货币基础的增长。
At a fixed exchange rate, a current account surplus not offset by a corresponding voluntary capital outflow will generate an increase in the monetary base.
那些精明的美联储观察家已经注意到，自从去年秋天巨额货币注入以来，货币基础已经超过了货币供应。
Astute observers of the Federal Reserve have noticed that, since the large infusion of money of last autumn, the monetary base has exceeded the money supply.
在这种情况下，该组织可能会把业务扩大到市场竞争激烈的地方，但货币基础的汇率是不可能的。
In this situation the organization may expand operations by operating in markets where competition is less intense but currency based exchange is not possible.
但是如果英国银行不能再降低利率，它仍然可以提高货币基础(即：现金和商业银行准备金)，这是振兴经济的又一方法。
But if the bank of England can no longer lower interest rates, it can still raise the monetary base (cash and commercial-bank reserves), which gives it another way to boost the economy.
为了搞清楚货币基础究竟比货币供应本身多多少，我给圣路易斯联邦储备银行打了电话，他们非常友善，给了我如下回复。
In pursuit of the answer to how the monetary base got to be bigger than the money supply itself, I called the St. Louis Federal Reserve, and they were good enough to send me the following reply.
同样，在美联储过去一年的姑息之下，美国的货币基础也像当年的日本一样呈现爆发式增长，而银行放贷却在不断下降。
Similarly, as was the case with Japan, monetary-base growth has exploded in the U.S. over the past year courtesy of the Fed, while bank lending is d eclining.
令人不快的事实是：作为基础货币垄断生产商的央行，有能力强行实施他们希望在信贷市场所看到的任何市场收益产量水平。
The uncomfortable truth is this: central Banks, as monopoly producers of base money, have the capacity to enforce any yield level they wish to see in credit markets.
不过这也为一个新的货币秩序打好了基础。
第三、谁来发行基础货币？
1997年至2003年，日本的基础货币增长了85%，与此同时，通货却持续紧缩。
Japan's monetary base rose 85 percent between 1997 and 2003; deflation continued apace.
因为制度性原因，央行不得不以基础货币来维持汇率稳定，于是通胀就无法避免。
Out of institutional reasons, the central bank has to utilize base money to keep exchange rate stability and inflation, therefore, is inevitable.
基础货币方面无论怎么再增加都会要么被银行金库吸纳，要么被个人或企业以现金方式所持有，而不会被花出去。
Any further increases in the monetary base will either be held in bank vaults or held as cash by individuals and firms, without being spent.
尽管八月的通胀率被控制在0.2%，瑞士的基础货币达到GDP的50%(美国只到GDP的18%)。
The Swiss monetary base is almost 50% of GDP (the equivalent figure for America is 18%), although inflation remains subdued at 0.2% in August.
央行控制着控制着狭义货币供应量，这被称作基础货币——通常是流通货币加上商业银行和中央银行的贮备货币。
Central Banks control the narrowest measure of the money supply, called the monetary base-typically, currency plus the reserves that commercial Banks hold with the central bank.
自从1995年后它拥有的货币刺激经验并没有留下可借鉴的东西- - -当它增加基础货币超过一倍的量随后名义增长并没有变化。
Its own earlier experience of monetary stimulus since 1995, when it more than doubled the monetary base with little discernible effect on nominal growth, has left it unimpressed.
自从1995年后它拥有的货币刺激经验并没有留下可借鉴的东西- - -当它增加基础货币超过一倍的量随后名义增长并没有变化。
Its own earlier experience of monetary stimulus since 1995, when it more than doubled the monetary base with little discernible effect on nominal growth, has left it unimpressed.
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