Banking and the Expansion of the Money Supply · 银行体系与货币供给的扩张
| English | 中文 | Pinyin · 拼音 |
|---|---|---|
| deposit/dɪˈpɒzɪt/ | 存款 | cún kuǎn |
| fractional reserve banking/ˈfrækʃənl rɪˈzɜːv ˈbæŋkɪŋ/ | 部分准备金银行制度 | bù fèn zhǔn bèi jīn yín háng zhì dù |
| required reserves/rɪˈkwaɪəd rɪˈzɜːvz/ | 法定准备金 | fǎ dìng zhǔn bèi jīn |
| reserve ratio/rɪˈzɜːv ˈreɪʃɪəʊ/ | 准备金率 | zhǔn bèi jīn lǜ |
| money multiplier/ˈmʌni ˌmʌltɪˈplaɪə/ | 货币乘数 | huò bì chéng shù |
How banks create money
- Banks do not keep all your deposits locked in the vault.
- They keep a fraction and lend the rest out.
- Those loans become new deposits elsewhere — which are lent again.
- So the banking system actually creates money.
银行如何创造货币
- 银行不会把你的存款全部锁在金库里。
- 它们留下一部分,把其余的贷出去。
- 那些贷款在别处变成新的存款——又被贷出去。
- 于是银行体系实际上创造了货币。
Fractional reserve banking
- Under fractional reserve banking 部分准备金银行制度, a bank keeps only a fraction as required reserves 法定准备金 and lends the rest.
- The fraction kept is the reserve ratio 准备金率.
- A new deposit 存款 of reserves ripples outward: lent, redeposited, lent again — a shrinking chain.
部分准备金银行制度
- 在部分准备金银行制度(fractional reserve banking)下,银行只留一部分作为法定准备金(required reserves),把其余贷出。
- 留下的那部分是准备金率(reserve ratio)。
- 一笔新的准备金存款(deposit)向外扩散:贷出、再存入、再贷出——一条递减的链条。
Reserves or loans? · 准备金还是贷款?
A bank keeps a fraction of each deposit as required reserves and lends out the rest, which becomes new deposits — creating money. · 银行把每笔存款的一部分作为法定准备金,把其余贷出,变成新的存款——从而创造货币。
The fraction of deposits a bank must keep rather than lend is the ______ ratio. · 银行必须保留而非贷出的存款比例,是______率。
The reserve ratio sets how much banks keep; the rest is lent out. · 准备金率决定银行保留多少;其余被贷出。
The money multiplier
- The most the money supply can grow from new reserves is the money multiplier 货币乘数.
- $\text{money multiplier} = \dfrac{1}{\text{reserve ratio}}$.
- Worked idea. A 10% reserve ratio gives a multiplier of $1/0.10 = 10$.
- So 1,000 of new reserves can grow the money supply by at most $1{,}000 \times 10 = 10{,}000$.
货币乘数
- 货币供给因新准备金最多能增长多少,由货币乘数(money multiplier)给出。
- $\text{money multiplier} = \dfrac{1}{\text{reserve ratio}}$。
- 例题。 10% 的准备金率给出乘数 $1/0.10 = 10$。
- 所以 1,000 的新准备金最多能使货币供给增长 $1{,}000 \times 10 = 10{,}000$。
The money multiplier equals: · 货币乘数等于:
Money multiplier = 1 ÷ reserve ratio. · 货币乘数 = 1 ÷ 准备金率。
The reserve ratio is 10% (0.10). What is the money multiplier? · 准备金率是 10%(0.10)。货币乘数是多少?
Money multiplier = 1 ÷ 0.10 = 10. · 货币乘数 = 1 ÷ 0.10 = 10。
With a money multiplier of 10, what is the most the money supply can grow from 1,000 of new reserves? · 货币乘数为 10 时,1,000 的新准备金最多能使货币供给增长多少?
Maximum growth = 1,000 × 10 = 10,000. · 最大增长 = 1,000 × 10 = 10,000。
It is a maximum
- The multiplier gives the most money can grow, not the exact amount.
- In reality it grows less, because people hold some cash and banks may keep extra reserves.
- A smaller reserve ratio means a bigger multiplier — banks lend more of each deposit.
这是一个上限
- 乘数给出货币能增长的最多量,而非确切量。
- 现实中它增长得更少,因为人们持有一些现金,银行也可能多留准备金。
- 更小的准备金率意味着更大的乘数——银行把每笔存款贷出更多。
The money multiplier gives the maximum growth in the money supply, not the exact amount. · 货币乘数给出货币供给的最大增长,而非确切数额。
People hold some cash and banks may keep extra reserves, so growth is usually less. · 人们持有一些现金,银行也可能多留准备金,所以增长通常更少。
A smaller reserve ratio makes the money multiplier: · 更小的准备金率使货币乘数:
A smaller reserve ratio means banks lend more of each deposit, so the multiplier is bigger. · 更小的准备金率意味着银行贷出每笔存款的更多,所以乘数更大。
Under fractional reserve banking, banks keep a reserve ratio and lend the rest, so the system creates money. The money multiplier = $\dfrac{1}{\text{reserve ratio}}$ gives the maximum growth in the money supply from new reserves.
在部分准备金银行制度下,银行保留一个准备金率、贷出其余,于是体系创造货币。货币乘数 = $\dfrac{1}{\text{reserve ratio}}$ 给出新准备金带来的货币供给最大增长。