是什么限制了银行的货币创造？
为何证券投资者不对货币创造保持更多的警醒？
Why aren't bond investors reacting with more alarm to the process of money creation?
货币创造乘数是准备金率的倒数。
货币创造行为的主要晴雨表是美联储的资产负债表。
The main barometer for monetary creation is the Fed's balance sheet.
这次以货币创造抬高资产价格的尝试最后以失败告终。
This attempt to boost asset prices by money creation was ultimately doomed.
投资者无须掏钱，便可获得资产，购买商品。这其实是一种货币创造。
Since investors did not have to hand over cash, but ended up with an asset they could use to buy goods, this was, in effect, a case of money creation.
一些人认为，在比特币的世界中，货币创造速度逐渐减缓会造成通缩。
In the case of Bitcoins, some think that decreasing the rate of money creation over time will entail deflation.
所以，法定准备金率和银行的准备金额共同决定了货币创造的上限。 什么是银行准备金？
Thus, the legal reserve ratiotogether with the dollar amount of bank reserves are the factors that set theupper limit to money creation.
在非垄断市场上，单个银行虽然能够创造货币，但仅仅是整个存款货币创造链条的一个环节。
The single bank can create money in non-monopoly market, but it's only a part of deposit creation system.
附属功能主要包括商业银行作为支付中介的功能、货币创造的功能、政策传导的功能和代理服务的功能等。
Sub functions of commercial bank include the function for the intermediate, the function of money creation, policy transmission functions and the functions of agency services.
不应为了找一个能够涵盖存款货币创造所有来源的概念与派生存款相对应，而随便改变原始存款的本来含义。
We can't revise primary deposit just in order to find a notion that includes all sources of deposit creation corresponding with derivative deposit.
在这种全球经济视角中，储蓄不是推动力(就像在储蓄过剩假说中那样)，而是系统中的霸权国家过度货币创造的被动结果。
In this view of the world economy, savings are not a driving force, as in the savings-glut hypothesis, but a passive result of excess money creation by the system's hegemonic power.
而比较荒谬的是，除非中国人民银行可以通过其他方式进行货币创造的补充，否则继而发生的资产价格下跌将导致外国资本外逃，对人民币汇率造成下行压力。
Paradoxically, unless the PBoC were to compensate through other means of money creation, the ensuing fall in asset prices would result in foreign capital flight downward pressure on the RMB.
创造一个全球性的储备货币将是朝着这一目标所迈出重要的第一步。
The creation of a global reserve currency would be an essential first step in that process.
发行货币是为了创造新的工作和新的财富。
然而从长期来看，创造货币以支撑资产价格是种不可持续的手段。
Yet in the long run creating money to prop up asset prices is not a sustainable tactic.
然而，发行本币债券的国家，却能够保证一直都有充足的现金，因为它们总是能够迫使中央银行创造出货币。
States which issue their own bonds, however, can guarantee that the cash will always be available, because they can always force the central bank to create the money.
通过有序地创造货币抵消信贷紧缩、向银行系统注资，以及注销或减记累积债务，我们可以做到这一点。
It can be done – by creating money to offset the contraction of credit, recapitalising the banking system and writing off or down the accumulated debt in an orderly manner.
他们对此毫不满足，放下柳叶刀，又拿起注射器，通过“定量宽松”，也就是用新创造的央行货币购进资产，为经济注入更多的钱。
Not content with that, they switched at once from scalpel to syringe and started to inject money into the economy through "quantitative easing" -buying assets with freshly created central-bank money.
但如果其他情况不变，一国创造更多额外货币，会使得用他国货币来衡量的资产价格下跌。
But the creation of extra money in one country ought also, other things being equal, to drive down its price in terms of other currencies.
比如德国就曾允诺说，货币联盟不但不可能会上升为财政调度者，而且将创造一种至少像德国马克一样稳定的货币。
The Germans were promised that monetary union would not give rise to fiscal transfers, and would create a currency at least as stable as the Deutschmark.
第一条禁止欧洲央行创造货币填补赤字，第二条禁止各国接管别国债务（即“不予救助”条款）。
The first bars the ECB from creating money to finance deficits. The second forbids countries from assuming the debts of others (the “no bail-out” clause).
它能够保证它们不亏欠大量外债，同时也能保证它们的货币和有价证券被少量的交易，从而不给投机性攻击创造任何空间。
It is reassuring that none of them has much foreign debt, and that their currencies and securities are only lightly traded, creating little scope for a speculative attack.
当你创造许多货币时，这种货币就会损失一部分价值。
When you create a lot of money, that money loses some value.
信用扩张创造的新增货币被用来购买生产要素，并部署到远离消费的资本品工业中。
The money created through credit expansions is used by entrepreneurs to demand factors of production, which they employ mainly in capital-goods industries more distant from consumption.
这样，新货币-或者应该说新的“虚拟”货币，因为它只实现在银行账本上的条目栏里，在这个人为的信用扩张过程中，被持续地创造出来。
So new money, or I should say new "virtual money" because it only "materializes" in bank-accounting-book entries, is constantly created through this process of artificial credit expansion.
这样，新货币-或者应该说新的“虚拟”货币，因为它只实现在银行账本上的条目栏里，在这个人为的信用扩张过程中，被持续地创造出来。
So new money, or I should say new "virtual money" because it only "materializes" in bank-accounting-book entries, is constantly created through this process of artificial credit expansion.
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