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

They still hold gold and right now the Federal Reserve System has about eleven billion dollars of gold.

他们仍然持有金子,并且现在，联邦储备系统拥有价值,一百一十亿美元的金子。

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

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。

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

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

The real difference between Federal Reserve Bank System of 1913 the most important difference and the Federal Reserve System of today is that we are no longer on the gold standard.

913年的联邦储备银行系统与,当今的联邦储备银行系统之间3,不同点在于,最重要的不同点,我们不再以金本位为基础了。

耶鲁公开课 - 金融市场课程节选

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。

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

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。

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