The 1907 banking crisis then led finally to the creation of the system that we have now the Federal Reserve System.

907年的银行业危机最终导致,我们现有的系统的建立,联邦储备金系统。

耶鲁公开课 - 金融市场课程节选

So that's the Federal Reserve System. Incidentally there are twelve banks and there are twelve districts.

所以，这就是联邦储备金系统，顺便提一句,这里说道有十二个银行和十二个区域。

耶鲁公开课 - 金融市场课程节选

We've centralized the note issue in the United States starting in 1913 with the Federal Reserve Board so your notes that you see are called Federal Reserve Notes.

我们在1913年通过联邦储备金监察小组,集中了美国发行的钞票,所以你看到的钞票,叫做联邦储备券。

耶鲁公开课 - 金融市场课程节选

The Federal Reserve System that was created in 1913 was different in that it was independent or much more independent than central banks in other countries.

913年建立的,联邦储备金系统是不同的,因为它独立，或者说比,其他国家的中央银行独立得多。

耶鲁公开课 - 金融市场课程节选

It started out that was as, what we call, fractional reserve.

这就出现了,所谓的,部分储备金制度

耶鲁公开课 - 金融市场课程节选

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。

耶鲁公开课 - 金融市场课程节选

Instead of setting up a central bank in the United States as was done commonly in other countries the United States instead created twelve banks; they're the twelve Federal Reserve Banks.

与在很多国家设立中央银行,不同的是,在美国,建立了十二个银行；,它们是十二个联邦储备金银行。

耶鲁公开课 - 金融市场课程节选

It says that you have to keep deposits with us here at the central bank; either that or else keep vault cash and show that you have it as reserves for your deposits.

它声明你必须在中央银行这里,付保证金；,要不那样做，要不就在金库中存钱,并且表明你把它作为,存款中的储备金。

耶鲁公开课 - 金融市场课程节选