That's a lot less than the amount of money out there but they always had fractional reserve of banking anyway.

这比流通的金钱少的多,但是他们总是有部分准备金银行制度。

耶鲁公开课 - 金融市场课程节选

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

Basel 1988 was an effort to make sophisticated risk management requirements for banks that relied on more modern, as of 1988, financial theory.

988年的巴塞尔协议就是致力于,在当时最新的金融理论基础之上,建立成熟完善的银行风险管理制度

耶鲁公开课 - 金融市场课程节选

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。

耶鲁公开课 - 金融市场课程节选

So, banks are natural and fractional reserve banking is the natural thing to do.

所以银行的产生是很自然的,而部分准备金制度也是自然产生的

耶鲁公开课 - 金融市场课程节选

What we have--we have a problem that there can be a systemic problem to fractional reserve banking if there is ever a run on the banking system.

我们面临着一个问题,如果出现银行挤兑,部分准备金制度会,导致系统性的问题

耶鲁公开课 - 金融市场课程节选

With a fractional reserve system you're in an unstable equilibrium.

伴随着部分准备金银行制度,英国的银行业处于一个不平稳的均衡中。

耶鲁公开课 - 金融市场课程节选

So the Bank of England effectively enforced that the banks in England kept adequate reserves and they would see some of these reserves in the deposits at the Bank of England.

所以，英格兰银行有效率地强制执行了,这种制度-英国的银行保有足够的准备金,并且他们将在向英格兰银行付的保证金里,看到准备金其中的一部分。

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选

The issuing bank would be driven out of business if it didn't. They all were using fractional reserve banking so if you have a big player that's demanding gold from you you're in trouble.

发行纸币的银行将会被驱逐出银行业,如果它不这么做，它们都采取,部分准备金银行制度，所以如果你有一个对手,一直向你索求金子，你会陷入大麻烦的。

耶鲁公开课 - 金融市场课程节选