And third, who will issue the monetary base?
第三、谁来发行基础货币？
However, the monetary base is a part of the money supply.
然而，货币基础仅是货币供应的一部分。
Japan's monetary base rose 85 percent between 1997 and 2003; deflation continued apace.
1997年至2003年，日本的基础货币增长了85%，与此同时，通货却持续紧缩。
Therefore, the structure of monetary base influences the money supply as well.
这说明高能货币的结构也会影响货币供给。
That increases the monetary base (cash and commercial-bank reserves) but not necessarily the broad-money supply (cash and deposits).
这增加了货币基数[注3](现金和商业银行准备金)，但不一定会增加广泛货币供应量(现金和存款)。
Any further increases in the monetary base will either be held in bank vaults or held as cash by individuals and firms, without being spent.
基础货币方面无论怎么再增加都会要么被银行金库吸纳，要么被个人或企业以现金方式所持有，而不会被花出去。
The Swiss monetary base is almost 50% of GDP (the equivalent figure for America is 18%), although inflation remains subdued at 0.2% in August.
尽管八月的通胀率被控制在0.2%，瑞士的基础货币达到GDP的50%(美国只到GDP的18%)。
Higher interest on reserves would discourage bank lending and prevent the huge expansion in the monetary base from becoming inflationary.
更高的储备利息可以阻止银行外借，同时阻止由于基础货币的扩张导致的通货膨胀。
The inflationistas look at budget deficits and monetary base, and see severe inflation and soaring interest rates as the obvious outcome;
通胀论者看到的是财政赤字和货币基数，预期严重的通胀和飞升的利率将是明显的前景；
After the financial market collapsed last fall, the Fed responded with a massive injection of liquidity and expansion of the monetary base.
去年秋天金融市场崩溃，美联储作出反应，大规模注入流动资金和扩大货币基础。
Some fear that such a rapid expansion of the monetary base will stoke inflation, which is still above 5% in America and Britain and 3.6% in the euro area.
一些人担心，货币基数如此快速增长将引发通胀，目前美国和英国通胀率仍保持在5%以上，而欧元区也达到3.6%。
At a fixed exchange rate, a current account surplus not offset by a corresponding voluntary capital outflow will generate an increase in the monetary base.
在汇率固定的情况下，如果没有相应的自愿资金外流，来抵消经常账户盈余，就会造成货币基础的增长。
Astute observers of the Federal Reserve have noticed that, since the large infusion of money of last autumn, the monetary base has exceeded the money supply.
那些精明的美联储观察家已经注意到，自从去年秋天巨额货币注入以来，货币基础已经超过了货币供应。
With a few adjustments, this becomes the monetary base, which can be thought of as the special money that is available to the banking system for the second step.
通过一点儿调整，这些货币就变成了货币基础，被当做第二阶段中银行系统使用的特殊货币。
Endogenous financial theory claims that the supply of monetary base is not an exogenous variable controlled by central bank, but endogenously determined by economic system.
内生金融理论认为，中央银行基础货币的供给并非是由中央银行完全控制的外生变量，而主要是由经济体系内生决定的。
Thus that part of the monetary base represented by the clearing balance of the banking system was initially not subject to the discipline imposed by a currency board system.
因此，货币基础中银行体系结算余额的部分，最初并不受货币发行局制度约束。
The results normally include rapid rises in net exports, low interest rates, aimed at curbing the capital inflow, and expansion in the monetary base, despite attempts at sterilisation.
结果通常包括净出口迅速增长、低利率（以控制资本流入）以及货币基础扩大（尽管采取冲销措施）。
But if the bank of England can no longer lower interest rates, it can still raise the monetary base (cash and commercial-bank reserves), which gives it another way to boost the economy.
但是如果英国银行不能再降低利率，它仍然可以提高货币基础(即：现金和商业银行准备金)，这是振兴经济的又一方法。
In pursuit of the answer to how the monetary base got to be bigger than the money supply itself, I called the St. Louis Federal Reserve, and they were good enough to send me the following reply.
为了搞清楚货币基础究竟比货币供应本身多多少，我给圣路易斯联邦储备银行打了电话，他们非常友善，给了我如下回复。
Similarly, as was the case with Japan, monetary-base growth has exploded in the U.S. over the past year courtesy of the Fed, while bank lending is d eclining.
同样，在美联储过去一年的姑息之下，美国的货币基础也像当年的日本一样呈现爆发式增长，而银行放贷却在不断下降。
Similarly, as was the case with Japan, monetary-base growth has exploded in the U.S. over the past year courtesy of the Fed, while bank lending is d eclining.
同样，在美联储过去一年的姑息之下，美国的货币基础也像当年的日本一样呈现爆发式增长，而银行放贷却在不断下降。
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