欧洲中央银行与美国联邦储备体系.pptVIP

Chapter 12 Structure of Central Banks and the Federal Reserve System Origins of the Federal Reserve System Resistance to establishment of a central bank Fear of centralized power Distrust of moneyed interests First U.S. experiments with a central bank terminated in 1811 and in 1836 No lender of last resort Nationwide bank panics on a regular basis Panic of 1907 so severe that the public was convinced a central bank was needed Federal Reserve Act of 1913 Elaborate system of checks and balances Decentralized Federal Reserve Banks Quasi-public institution owned by private commercial banks in the district that are members of the Fed system Member banks elect six directors for each district; three more are appointed by the Board of Governors Three A directors are professional bankers Three B directors are prominent leaders from industry, labor, agriculture, or consumer sector Three C directors appointed by the Board of Governors are not allowed to be officers, employees, or stockholders of banks Federal Reserve Banks (cont’d) Member banks elect six directors for each district; three more are appointed by the Board of Governors (cont’d) Designed to reflect all constituencies of the public Nine directors appoint the president of the bank subject to approval by Board of Governors Functions of the Federal Reserve Banks Clear checks Issue new currency Withdraw damaged currency from circulation Administer and make discount loans to banks in their districts Evaluate proposed mergers and applications for banks to expand their activities Functions of the Federal Reserve Banks (cont’d) Act as liaisons between the business community and the Federal Reserve System Examine bank holding companies and state-chartered member banks Collect data on local business conditions Use staffs of professional economists to research topics related to the conduct of monetary policy Federal Reserve Banks and Monetary Policy Directors “establish” the discount rate Decide which banks can obtain