Banks are inherently unstable. They offer deposits that are instantaneously redeemable while holding long-dated, illiquid assets such as mortgages and business loans. The mismatch means even well-managed institutions are vulnerable to a run that might be sparked by a misunderstanding. The fragility of banks is matched by severe consequences if they fail: runs tend to be contagious events that can cause credit crunches and recessions.（黑體部分的講解請看下個視頻）

銀行的本質(zhì)是不穩(wěn)定的。銀行既可以提供活期存儲，同時也持有抵押貸款和商業(yè)貸款等非流動性資產(chǎn)。不合理的業(yè)務(wù)搭配意味著即使管理良好的銀行也容易受到儲戶的誤解而引發(fā)的擠兌。銀行的脆弱性導(dǎo)致的嚴(yán)重后果無異于倒閉：擠兌往往是具有傳染性的，可能導(dǎo)致信貸緊縮和（經(jīng)濟）衰退。

Inherently :adv 固有的 ?redeemable: adj 可兌換的? ?be matched by 與….相匹配??

Despite the danger banks pose, governments tolerate their existence. The transformation of liquidity and maturity is thought to enable a greater provision of credit and faster economic growth than would be possible under the alternative: a system of “narrow banks” in which deposits are fully backed by only the safest assets.（黑體部分的講解請看下個視頻）

就算銀行造成風(fēng)險，政府仍讓其存在。資產(chǎn)流動性和金融資產(chǎn)持有到期之間的轉(zhuǎn)變要比在一個存款完全由最安全資產(chǎn)把持的“狹隘的銀行系統(tǒng)”可能提供更多的信貸和更快地經(jīng)濟增長

maturity:n（金融）到期