来自《耶鲁大学开放课程：金融市场 第16集 第16集》

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  starting in 1913 with the Federal Reserve Board,
  集中了货币发行权
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  so your notes that you see are called Federal Reserve Notes.
  所以你们手里的钱都是联储钞票
• 
  
  Banks still are vulnerable to bank runs
  但是银行仍旧面临挤兑风险
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  because they still have deposits,
  因为它们仍旧办理存款业务
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  so the system is still vulnerable and, therefore,
  所以银行体系依然脆弱
• 
  
  the Federal reserve has a set of reserve requirements.
  因此美联储制定了一系列准备金要求
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  Now the reserve requirement is progressive.
  现在准备金要求也在不断完善
• 
  
  Small banks have lower reserve requirements
  小型银行的准备金要求较低
• 
  
  but it rapidly gets up to a standard.
  但很快会提升到标准水平
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  The reserve requirement now is 10% on demand deposits,
  美国目前针对活期存款的准备金要求是10%
• 
  
  so they're forced to keep those reserves
  它们必须留有这么多准备金
• 
  
  and much of that is in the form of deposits
  其中大部分是以存款形式