Lassoed

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.（黑体部分的讲解请看下个视频）

银行的本质是不稳定的。银行既可以提供活期存储，同时也持有抵押贷款和商业贷款等非流动性资产。不合理的业务搭配意味着即使管理良好的银行也容易受到储户的误解而引发的挤兑。银行的脆弱性导致的严重后果无异于倒闭：挤兑往往是具有传染性的，可能导致信贷紧缩和（经济）衰退。

Inherently :adv 固有的  redeemable: adj 可兑换的   be matched by 与….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.（黑体部分的讲解请看下个视频）

就算银行造成风险，政府仍让其存在。资产流动性和金融资产持有到期之间的转变要比在一个存款完全由最安全资产把持的“狭隘的银行系统”可能提供更多的信贷和更快地经济增长

maturity:n（金融）到期