In the United States we did not have a central bank until 1913 when we created the Federal Reserve System.

在美国，我们直到1913年,创立了联邦储备银行制度。

耶鲁公开课 - 金融市场课程节选

So banks that become a member of the Federal Reserve System get shares and they become stockholders in the Federal Reserve Bank.

所以，联邦储备银行的会员银行,得到股份并且在联邦储备银行成为股东,它们分得股利。

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The Federal Reserve System was a gold standard institution like the Bank of England.

当时的联邦储备系统是一个,像英格兰银行一样的金本位制度的机构。

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That's a very dispersed system but it still works because member banks keep deposits at the Federal Reserve Banks and they're required to keep these deposits.

这是一个非常分散的系统,但是它还是能起到很好的作用因为会员银行,在联邦储备银行里付保证金,并且它们被要求付这些保证金。

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Banks still are vulnerable to bank runs because they still have deposits so the system is still vulnerable and therefore the Federal Reserve has a set of reserve requirements.

银行仍然对银行挤兑敏感,因为它们仍然有存款,所以这个系统还是比较脆弱的，因此,联邦储备金有一系列的法定准备金率。

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One thing that's been a trend around the world is that the I mentioned that the U.S. Federal Reserve System was different from other central banks in that it was designed to have independence.

一个在世界范围内,流行的事实是,我提到过美国联邦储备系统,与其他中央银行不同,因为它有独立自主性。

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The U.S. Federal Reserve System was really a copy of the Bank of England thinking that, well, the Bank of England managed to prevent bank runs for all these years, let's create the Fed, which we'll talk about again later.

美国联邦储备制度,就是模仿英格兰银行而建立的,试想一下,由于英格兰银行在预防,银行挤兑方面一直都很成功,所以美国就效仿建立联邦储备,后面的课程再讲美联储

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