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class="vector-toc-list"> </ul> </li> <li id="toc-History" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#History"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>History</span> </div> </a> <button aria-controls="toc-History-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle History subsection</span> </button> <ul id="toc-History-sublist" class="vector-toc-list"> <li id="toc-Background" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Background"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Background</span> </div> </a> <ul id="toc-Background-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Early_municipal_central_banks" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Early_municipal_central_banks"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Early municipal central banks</span> </div> </a> <ul id="toc-Early_municipal_central_banks-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Early_national_central_banks" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Early_national_central_banks"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Early national central banks</span> </div> </a> <ul id="toc-Early_national_central_banks-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-National_central_banks_since_1800" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#National_central_banks_since_1800"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4</span> <span>National central banks since 1800</span> </div> </a> <ul id="toc-National_central_banks_since_1800-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Colonial,_extraterritorial_and_federal_central_banks" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Colonial,_extraterritorial_and_federal_central_banks"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.5</span> <span>Colonial, extraterritorial and federal central banks</span> </div> </a> <ul id="toc-Colonial,_extraterritorial_and_federal_central_banks-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Supranational_central_banks" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Supranational_central_banks"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.6</span> <span>Supranational central banks</span> </div> </a> <ul id="toc-Supranational_central_banks-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Central_bank_mandates" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Central_bank_mandates"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Central bank mandates</span> </div> </a> <button aria-controls="toc-Central_bank_mandates-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Central bank mandates subsection</span> </button> <ul id="toc-Central_bank_mandates-sublist" class="vector-toc-list"> <li id="toc-Price_stability" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Price_stability"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Price stability</span> </div> </a> <ul id="toc-Price_stability-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-High_employment" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#High_employment"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2</span> <span>High employment</span> </div> </a> <ul id="toc-High_employment-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Economic_growth" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Economic_growth"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.3</span> <span>Economic growth</span> </div> </a> <ul id="toc-Economic_growth-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Climate_change" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Climate_change"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.4</span> <span>Climate change</span> </div> </a> <ul id="toc-Climate_change-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Central_bank_operations" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Central_bank_operations"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Central bank operations</span> </div> </a> <button aria-controls="toc-Central_bank_operations-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Central bank operations subsection</span> </button> <ul id="toc-Central_bank_operations-sublist" class="vector-toc-list"> <li id="toc-Monetary_policy" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Monetary_policy"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.1</span> <span>Monetary policy</span> </div> </a> <ul id="toc-Monetary_policy-sublist" class="vector-toc-list"> <li id="toc-Currency_issuance" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Currency_issuance"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.1.1</span> <span>Currency issuance</span> </div> </a> <ul id="toc-Currency_issuance-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Monetary_policy_instruments" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Monetary_policy_instruments"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.1.2</span> <span>Monetary policy instruments</span> </div> </a> <ul id="toc-Monetary_policy_instruments-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Unconventional_monetary_policy" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Unconventional_monetary_policy"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.1.3</span> <span>Unconventional monetary policy</span> </div> </a> <ul id="toc-Unconventional_monetary_policy-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Central_Bank_Digital_Currencies" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Central_Bank_Digital_Currencies"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.1.4</span> <span>Central Bank Digital Currencies</span> </div> </a> <ul id="toc-Central_Bank_Digital_Currencies-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Banking_supervision_and_other_activities" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Banking_supervision_and_other_activities"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.2</span> <span>Banking supervision and other activities</span> </div> </a> <ul id="toc-Banking_supervision_and_other_activities-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Public_communication" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Public_communication"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.3</span> <span>Public communication</span> </div> </a> <ul id="toc-Public_communication-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Central_bank_governance_and_independence" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Central_bank_governance_and_independence"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Central bank governance and independence</span> </div> </a> <button aria-controls="toc-Central_bank_governance_and_independence-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Central bank governance and independence subsection</span> </button> <ul id="toc-Central_bank_governance_and_independence-sublist" class="vector-toc-list"> <li id="toc-Central_bank_independence_indices" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Central_bank_independence_indices"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1</span> <span>Central bank independence indices</span> </div> </a> <ul id="toc-Central_bank_independence_indices-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Statistics" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Statistics"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Statistics</span> </div> </a> <ul id="toc-Statistics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">11</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Central bank</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" 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Available in 89 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-89" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">89 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-als mw-list-item"><a href="https://als.wikipedia.org/wiki/Notenbank" title="Notenbank – Alemannic" lang="gsw" hreflang="gsw" data-title="Notenbank" data-language-autonym="Alemannisch" data-language-local-name="Alemannic" class="interlanguage-link-target"><span>Alemannisch</span></a></li><li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A8%D9%86%D9%83_%D9%85%D8%B1%D9%83%D8%B2%D9%8A" title="بنك مركزي – Arabic" lang="ar" hreflang="ar" data-title="بنك مركزي" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-ast mw-list-item"><a href="https://ast.wikipedia.org/wiki/Bancu_central" title="Bancu central – Asturian" lang="ast" hreflang="ast" data-title="Bancu central" data-language-autonym="Asturianu" data-language-local-name="Asturian" class="interlanguage-link-target"><span>Asturianu</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/M%C9%99rk%C9%99zi_bank" title="Mərkəzi bank – Azerbaijani" lang="az" hreflang="az" data-title="Mərkəzi bank" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%95%E0%A7%87%E0%A6%A8%E0%A7%8D%E0%A6%A6%E0%A7%8D%E0%A6%B0%E0%A7%80%E0%A6%AF%E0%A6%BC_%E0%A6%AC%E0%A7%8D%E0%A6%AF%E0%A6%BE%E0%A6%82%E0%A6%95" title="কেন্দ্রীয় ব্যাংক – Bangla" lang="bn" hreflang="bn" data-title="কেন্দ্রীয় ব্যাংক" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target"><span>বাংলা</span></a></li><li class="interlanguage-link interwiki-zh-min-nan mw-list-item"><a href="https://zh-min-nan.wikipedia.org/wiki/Tiong-iong_g%C3%AEn-h%C3%A2ng" title="Tiong-iong gîn-hâng – Minnan" lang="nan" hreflang="nan" data-title="Tiong-iong gîn-hâng" data-language-autonym="閩南語 / Bân-lâm-gú" data-language-local-name="Minnan" class="interlanguage-link-target"><span>閩南語 / Bân-lâm-gú</span></a></li><li class="interlanguage-link interwiki-bcl mw-list-item"><a href="https://bcl.wikipedia.org/wiki/Bangko_sentral" title="Bangko sentral – Central Bikol" lang="bcl" hreflang="bcl" data-title="Bangko sentral" data-language-autonym="Bikol Central" data-language-local-name="Central Bikol" class="interlanguage-link-target"><span>Bikol Central</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%A6%D0%B5%D0%BD%D1%82%D1%80%D0%B0%D0%BB%D0%BD%D0%B0_%D0%B1%D0%B0%D0%BD%D0%BA%D0%B0" title="Централна банка – Bulgarian" lang="bg" hreflang="bg" data-title="Централна банка" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-bs mw-list-item"><a href="https://bs.wikipedia.org/wiki/Centralna_banka" title="Centralna banka – Bosnian" lang="bs" hreflang="bs" data-title="Centralna banka" data-language-autonym="Bosanski" data-language-local-name="Bosnian" class="interlanguage-link-target"><span>Bosanski</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Banc_central" title="Banc central – Catalan" lang="ca" hreflang="ca" data-title="Banc central" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Centr%C3%A1ln%C3%AD_banka" title="Centrální banka – Czech" lang="cs" hreflang="cs" data-title="Centrální banka" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-cy mw-list-item"><a href="https://cy.wikipedia.org/wiki/Banc_canolog" title="Banc canolog – Welsh" lang="cy" hreflang="cy" data-title="Banc canolog" data-language-autonym="Cymraeg" data-language-local-name="Welsh" class="interlanguage-link-target"><span>Cymraeg</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Centralbank" title="Centralbank – Danish" lang="da" hreflang="da" data-title="Centralbank" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Zentralbank" title="Zentralbank – German" lang="de" hreflang="de" data-title="Zentralbank" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Keskpank" title="Keskpank – Estonian" lang="et" hreflang="et" data-title="Keskpank" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%9A%CE%B5%CE%BD%CF%84%CF%81%CE%B9%CE%BA%CE%AE_%CF%84%CF%81%CE%AC%CF%80%CE%B5%CE%B6%CE%B1" title="Κεντρική τράπεζα – Greek" lang="el" hreflang="el" data-title="Κεντρική τράπεζα" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Banco_central" title="Banco central – Spanish" lang="es" hreflang="es" data-title="Banco central" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Centra_banko" title="Centra banko – Esperanto" lang="eo" hreflang="eo" data-title="Centra banko" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Banku_zentral" title="Banku zentral – Basque" lang="eu" hreflang="eu" data-title="Banku zentral" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%A8%D8%A7%D9%86%DA%A9_%D9%85%D8%B1%DA%A9%D8%B2%DB%8C" title="بانک مرکزی – Persian" lang="fa" hreflang="fa" data-title="بانک مرکزی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Banque_centrale" title="Banque centrale – French" lang="fr" hreflang="fr" data-title="Banque centrale" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ga mw-list-item"><a href="https://ga.wikipedia.org/wiki/Banc_ceannais" title="Banc ceannais – Irish" lang="ga" hreflang="ga" data-title="Banc ceannais" data-language-autonym="Gaeilge" data-language-local-name="Irish" class="interlanguage-link-target"><span>Gaeilge</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%A4%91%EC%95%99%EC%9D%80%ED%96%89" title="중앙은행 – Korean" lang="ko" hreflang="ko" data-title="중앙은행" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-ha mw-list-item"><a href="https://ha.wikipedia.org/wiki/Babban_Banki" title="Babban Banki – Hausa" lang="ha" hreflang="ha" data-title="Babban Banki" data-language-autonym="Hausa" data-language-local-name="Hausa" class="interlanguage-link-target"><span>Hausa</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D4%BF%D5%A5%D5%B6%D5%BF%D6%80%D5%B8%D5%B6%D5%A1%D5%AF%D5%A1%D5%B6_%D5%A2%D5%A1%D5%B6%D5%AF" title="Կենտրոնական բանկ – Armenian" lang="hy" hreflang="hy" data-title="Կենտրոնական բանկ" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%95%E0%A5%87%E0%A4%82%E0%A4%A6%E0%A5%8D%E0%A4%B0%E0%A5%80%E0%A4%AF_%E0%A4%AC%E0%A5%88%E0%A4%82%E0%A4%95" title="केंद्रीय बैंक – Hindi" lang="hi" hreflang="hi" data-title="केंद्रीय बैंक" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Sredi%C5%A1nja_banka" title="Središnja banka – Croatian" lang="hr" hreflang="hr" data-title="Središnja banka" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-io mw-list-item"><a href="https://io.wikipedia.org/wiki/Centrala_banko" title="Centrala banko – Ido" lang="io" hreflang="io" data-title="Centrala banko" data-language-autonym="Ido" data-language-local-name="Ido" class="interlanguage-link-target"><span>Ido</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Bank_sentral" title="Bank sentral – Indonesian" lang="id" hreflang="id" data-title="Bank sentral" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-is mw-list-item"><a href="https://is.wikipedia.org/wiki/Se%C3%B0labanki" title="Seðlabanki – Icelandic" lang="is" hreflang="is" data-title="Seðlabanki" data-language-autonym="Íslenska" data-language-local-name="Icelandic" class="interlanguage-link-target"><span>Íslenska</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Banca_centrale" title="Banca centrale – Italian" lang="it" hreflang="it" data-title="Banca centrale" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%91%D7%A0%D7%A7_%D7%9E%D7%A8%D7%9B%D7%96%D7%99" title="בנק מרכזי – Hebrew" lang="he" hreflang="he" data-title="בנק מרכזי" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-kn mw-list-item"><a href="https://kn.wikipedia.org/wiki/%E0%B2%95%E0%B3%87%E0%B2%82%E0%B2%A6%E0%B3%8D%E0%B2%B0%E0%B2%BF%E0%B2%AF_%E0%B2%AC%E0%B3%8D%E0%B2%AF%E0%B2%BE%E0%B2%82%E0%B2%95%E0%B3%8D" title="ಕೇಂದ್ರಿಯ ಬ್ಯಾಂಕ್ – Kannada" lang="kn" hreflang="kn" data-title="ಕೇಂದ್ರಿಯ ಬ್ಯಾಂಕ್" data-language-autonym="ಕನ್ನಡ" data-language-local-name="Kannada" class="interlanguage-link-target"><span>ಕನ್ನಡ</span></a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/%D0%9E%D1%80%D1%82%D0%B0%D0%BB%D1%8B%D2%9B_%D0%B1%D0%B0%D0%BD%D0%BA" title="Орталық банк – Kazakh" lang="kk" hreflang="kk" data-title="Орталық банк" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target"><span>Қазақша</span></a></li><li class="interlanguage-link interwiki-sw mw-list-item"><a href="https://sw.wikipedia.org/wiki/Benki_kuu" title="Benki kuu – Swahili" lang="sw" hreflang="sw" data-title="Benki kuu" data-language-autonym="Kiswahili" data-language-local-name="Swahili" class="interlanguage-link-target"><span>Kiswahili</span></a></li><li class="interlanguage-link interwiki-lo mw-list-item"><a href="https://lo.wikipedia.org/wiki/%E0%BA%97%E0%BA%B0%E0%BA%99%E0%BA%B2%E0%BA%84%E0%BA%B2%E0%BA%99%E0%BA%81%E0%BA%B2%E0%BA%87" title="ທະນາຄານກາງ – Lao" lang="lo" hreflang="lo" data-title="ທະນາຄານກາງ" data-language-autonym="ລາວ" data-language-local-name="Lao" class="interlanguage-link-target"><span>ລາວ</span></a></li><li class="interlanguage-link interwiki-la mw-list-item"><a href="https://la.wikipedia.org/wiki/Argentaria_centralis" title="Argentaria centralis – Latin" lang="la" hreflang="la" data-title="Argentaria centralis" data-language-autonym="Latina" data-language-local-name="Latin" class="interlanguage-link-target"><span>Latina</span></a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/Centr%C4%81l%C4%81_banka" title="Centrālā banka – Latvian" lang="lv" hreflang="lv" data-title="Centrālā banka" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target"><span>Latviešu</span></a></li><li class="interlanguage-link interwiki-lb mw-list-item"><a href="https://lb.wikipedia.org/wiki/Zentralbank" title="Zentralbank – Luxembourgish" lang="lb" hreflang="lb" data-title="Zentralbank" data-language-autonym="Lëtzebuergesch" data-language-local-name="Luxembourgish" class="interlanguage-link-target"><span>Lëtzebuergesch</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Centrinis_bankas" title="Centrinis bankas – Lithuanian" lang="lt" hreflang="lt" data-title="Centrinis bankas" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/K%C3%B6zponti_bank" title="Központi bank – Hungarian" lang="hu" hreflang="hu" data-title="Központi bank" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-mai mw-list-item"><a href="https://mai.wikipedia.org/wiki/%E0%A4%95%E0%A5%87%E0%A4%A8%E0%A5%8D%E0%A4%A6%E0%A5%8D%E0%A4%B0%E0%A5%80%E0%A4%AF_%E0%A4%AC%E0%A5%88%E0%A4%82%E0%A4%95" title="केन्द्रीय बैंक – Maithili" lang="mai" hreflang="mai" data-title="केन्द्रीय बैंक" data-language-autonym="मैथिली" data-language-local-name="Maithili" class="interlanguage-link-target"><span>मैथिली</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%A6%D0%B5%D0%BD%D1%82%D1%80%D0%B0%D0%BB%D0%BD%D0%B0_%D0%B1%D0%B0%D0%BD%D0%BA%D0%B0" title="Централна банка – Macedonian" lang="mk" hreflang="mk" data-title="Централна банка" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-xmf mw-list-item"><a href="https://xmf.wikipedia.org/wiki/%E1%83%AA%E1%83%94%E1%83%9C%E1%83%A2%E1%83%A0%E1%83%90%E1%83%9A%E1%83%A3%E1%83%A0%E1%83%98_%E1%83%91%E1%83%90%E1%83%9C%E1%83%99%E1%83%98" title="ცენტრალური ბანკი – Mingrelian" lang="xmf" hreflang="xmf" data-title="ცენტრალური ბანკი" data-language-autonym="მარგალური" data-language-local-name="Mingrelian" class="interlanguage-link-target"><span>მარგალური</span></a></li><li class="interlanguage-link interwiki-arz mw-list-item"><a href="https://arz.wikipedia.org/wiki/%D8%A8%D9%86%D9%83_%D9%85%D8%B1%D9%83%D8%B2%D9%89" title="بنك مركزى – Egyptian Arabic" lang="arz" hreflang="arz" data-title="بنك مركزى" data-language-autonym="مصرى" data-language-local-name="Egyptian Arabic" class="interlanguage-link-target"><span>مصرى</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Bank_pusat" title="Bank pusat – Malay" lang="ms" hreflang="ms" data-title="Bank pusat" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-mn mw-list-item"><a href="https://mn.wikipedia.org/wiki/%D0%A2%D3%A9%D0%B2_%D0%B1%D0%B0%D0%BD%D0%BA" title="Төв банк – Mongolian" lang="mn" hreflang="mn" data-title="Төв банк" data-language-autonym="Монгол" data-language-local-name="Mongolian" class="interlanguage-link-target"><span>Монгол</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Centrale_bank" title="Centrale bank – Dutch" lang="nl" hreflang="nl" data-title="Centrale bank" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ne mw-list-item"><a href="https://ne.wikipedia.org/wiki/%E0%A4%95%E0%A5%87%E0%A4%A8%E0%A5%8D%E0%A4%A6%E0%A5%8D%E0%A4%B0%E0%A5%80%E0%A4%AF_%E0%A4%AC%E0%A5%88%E0%A4%99%E0%A5%8D%E0%A4%95" title="केन्द्रीय बैङ्क – Nepali" lang="ne" hreflang="ne" data-title="केन्द्रीय बैङ्क" data-language-autonym="नेपाली" data-language-local-name="Nepali" class="interlanguage-link-target"><span>नेपाली</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E4%B8%AD%E5%A4%AE%E9%8A%80%E8%A1%8C" title="中央銀行 – Japanese" lang="ja" hreflang="ja" data-title="中央銀行" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Sentralbank" title="Sentralbank – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Sentralbank" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-nn mw-list-item"><a href="https://nn.wikipedia.org/wiki/Sentralbank" title="Sentralbank – Norwegian Nynorsk" lang="nn" hreflang="nn" data-title="Sentralbank" data-language-autonym="Norsk nynorsk" data-language-local-name="Norwegian Nynorsk" class="interlanguage-link-target"><span>Norsk nynorsk</span></a></li><li class="interlanguage-link interwiki-oc mw-list-item"><a href="https://oc.wikipedia.org/wiki/Banca_centrala" title="Banca centrala – Occitan" lang="oc" hreflang="oc" data-title="Banca centrala" data-language-autonym="Occitan" data-language-local-name="Occitan" class="interlanguage-link-target"><span>Occitan</span></a></li><li class="interlanguage-link interwiki-uz mw-list-item"><a href="https://uz.wikipedia.org/wiki/Markaziy_bank" title="Markaziy bank – Uzbek" lang="uz" hreflang="uz" data-title="Markaziy bank" data-language-autonym="Oʻzbekcha / ўзбекча" data-language-local-name="Uzbek" class="interlanguage-link-target"><span>Oʻzbekcha / ўзбекча</span></a></li><li class="interlanguage-link interwiki-pa mw-list-item"><a href="https://pa.wikipedia.org/wiki/%E0%A8%95%E0%A9%87%E0%A8%82%E0%A8%A6%E0%A8%B0%E0%A9%80_%E0%A8%AC%E0%A9%88%E0%A8%82%E0%A8%95" title="ਕੇਂਦਰੀ ਬੈਂਕ – Punjabi" lang="pa" hreflang="pa" data-title="ਕੇਂਦਰੀ ਬੈਂਕ" data-language-autonym="ਪੰਜਾਬੀ" data-language-local-name="Punjabi" class="interlanguage-link-target"><span>ਪੰਜਾਬੀ</span></a></li><li class="interlanguage-link interwiki-pnb mw-list-item"><a href="https://pnb.wikipedia.org/wiki/%D9%85%D8%B1%DA%A9%D8%B2%DB%8C_%D8%A8%DB%8C%D9%86%DA%A9" title="مرکزی بینک – Western Punjabi" lang="pnb" hreflang="pnb" data-title="مرکزی بینک" data-language-autonym="پنجابی" data-language-local-name="Western Punjabi" class="interlanguage-link-target"><span>پنجابی</span></a></li><li class="interlanguage-link interwiki-ps mw-list-item"><a href="https://ps.wikipedia.org/wiki/%D9%85%D8%B1%DA%A9%D8%B2%D9%8A_%D8%A8%D8%A7%D9%86%DA%A9" title="مرکزي بانک – Pashto" lang="ps" hreflang="ps" data-title="مرکزي بانک" data-language-autonym="پښتو" data-language-local-name="Pashto" class="interlanguage-link-target"><span>پښتو</span></a></li><li class="interlanguage-link interwiki-km mw-list-item"><a href="https://km.wikipedia.org/wiki/%E1%9E%92%E1%9E%93%E1%9E%B6%E1%9E%82%E1%9E%B6%E1%9E%9A%E1%9E%80%E1%9E%8E%E1%9F%92%E1%9E%8A%E1%9E%B6%E1%9E%9B" title="ធនាគារកណ្ដាល – Khmer" lang="km" hreflang="km" data-title="ធនាគារកណ្ដាល" data-language-autonym="ភាសាខ្មែរ" data-language-local-name="Khmer" class="interlanguage-link-target"><span>ភាសាខ្មែរ</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Bank_centralny" title="Bank centralny – Polish" lang="pl" hreflang="pl" data-title="Bank centralny" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Banco_central" title="Banco central – Portuguese" lang="pt" hreflang="pt" data-title="Banco central" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Banc%C4%83_central%C4%83" title="Bancă centrală – Romanian" lang="ro" hreflang="ro" data-title="Bancă centrală" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%A6%D0%B5%D0%BD%D1%82%D1%80%D0%B0%D0%BB%D1%8C%D0%BD%D1%8B%D0%B9_%D0%B1%D0%B0%D0%BD%D0%BA" title="Центральный банк – Russian" lang="ru" hreflang="ru" data-title="Центральный банк" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sah mw-list-item"><a href="https://sah.wikipedia.org/wiki/%D0%9A%D0%B8%D0%B8%D0%BD_%D0%B1%D0%B0%D0%B0%D0%BD" title="Киин баан – Yakut" lang="sah" hreflang="sah" data-title="Киин баан" data-language-autonym="Саха тыла" data-language-local-name="Yakut" class="interlanguage-link-target"><span>Саха тыла</span></a></li><li class="interlanguage-link interwiki-sq mw-list-item"><a href="https://sq.wikipedia.org/wiki/Banka_qendrore" title="Banka qendrore – Albanian" lang="sq" hreflang="sq" data-title="Banka qendrore" data-language-autonym="Shqip" data-language-local-name="Albanian" class="interlanguage-link-target"><span>Shqip</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Central_bank" title="Central bank – Simple English" lang="en-simple" hreflang="en-simple" data-title="Central bank" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/Centr%C3%A1lna_banka" title="Centrálna banka – Slovak" lang="sk" hreflang="sk" data-title="Centrálna banka" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target"><span>Slovenčina</span></a></li><li class="interlanguage-link interwiki-sl mw-list-item"><a href="https://sl.wikipedia.org/wiki/Centralna_banka" title="Centralna banka – Slovenian" lang="sl" hreflang="sl" data-title="Centralna banka" data-language-autonym="Slovenščina" data-language-local-name="Slovenian" class="interlanguage-link-target"><span>Slovenščina</span></a></li><li class="interlanguage-link interwiki-ckb mw-list-item"><a href="https://ckb.wikipedia.org/wiki/%D8%A8%D8%A7%D9%86%DA%A9%DB%8C_%D9%86%D8%A7%D9%88%DB%95%D9%86%D8%AF%DB%8C" title="بانکی ناوەندی – Central Kurdish" lang="ckb" hreflang="ckb" data-title="بانکی ناوەندی" data-language-autonym="کوردی" data-language-local-name="Central Kurdish" class="interlanguage-link-target"><span>کوردی</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/%D0%A6%D0%B5%D0%BD%D1%82%D1%80%D0%B0%D0%BB%D0%BD%D0%B0_%D0%B1%D0%B0%D0%BD%D0%BA%D0%B0" title="Централна банка – Serbian" lang="sr" hreflang="sr" data-title="Централна банка" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-sh mw-list-item"><a href="https://sh.wikipedia.org/wiki/Centralna_banka" title="Centralna banka – Serbo-Croatian" lang="sh" hreflang="sh" data-title="Centralna banka" data-language-autonym="Srpskohrvatski / српскохрватски" data-language-local-name="Serbo-Croatian" class="interlanguage-link-target"><span>Srpskohrvatski / српскохрватски</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Keskuspankki" title="Keskuspankki – Finnish" lang="fi" hreflang="fi" data-title="Keskuspankki" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Centralbank" title="Centralbank – Swedish" lang="sv" hreflang="sv" data-title="Centralbank" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-tl mw-list-item"><a href="https://tl.wikipedia.org/wiki/Bangko_sentral" title="Bangko sentral – Tagalog" lang="tl" hreflang="tl" data-title="Bangko sentral" data-language-autonym="Tagalog" data-language-local-name="Tagalog" class="interlanguage-link-target"><span>Tagalog</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%A8%E0%AE%9F%E0%AF%81%E0%AE%B5%E0%AE%A3%E0%AF%8D_%E0%AE%B5%E0%AE%99%E0%AF%8D%E0%AE%95%E0%AE%BF" title="நடுவண் வங்கி – Tamil" lang="ta" hreflang="ta" data-title="நடுவண் வங்கி" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target"><span>தமிழ்</span></a></li><li class="interlanguage-link interwiki-tt mw-list-item"><a href="https://tt.wikipedia.org/wiki/%C3%9Cz%C3%A4k_bank" title="Üzäk bank – Tatar" lang="tt" hreflang="tt" data-title="Üzäk bank" data-language-autonym="Татарча / tatarça" data-language-local-name="Tatar" class="interlanguage-link-target"><span>Татарча / tatarça</span></a></li><li class="interlanguage-link interwiki-te mw-list-item"><a href="https://te.wikipedia.org/wiki/%E0%B0%95%E0%B1%87%E0%B0%82%E0%B0%A6%E0%B1%8D%E0%B0%B0_%E0%B0%AC%E0%B1%8D%E0%B0%AF%E0%B0%BE%E0%B0%82%E0%B0%95%E0%B1%81" title="కేంద్ర బ్యాంకు – Telugu" lang="te" hreflang="te" data-title="కేంద్ర బ్యాంకు" data-language-autonym="తెలుగు" data-language-local-name="Telugu" class="interlanguage-link-target"><span>తెలుగు</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B8%98%E0%B8%99%E0%B8%B2%E0%B8%84%E0%B8%B2%E0%B8%A3%E0%B8%81%E0%B8%A5%E0%B8%B2%E0%B8%87" title="ธนาคารกลาง – Thai" lang="th" hreflang="th" data-title="ธนาคารกลาง" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-tg mw-list-item"><a href="https://tg.wikipedia.org/wiki/%D0%91%D0%BE%D0%BD%D0%BA%D0%B8_%D0%BC%D0%B0%D1%80%D0%BA%D0%B0%D0%B7%D3%A3" title="Бонки марказӣ – Tajik" lang="tg" hreflang="tg" data-title="Бонки марказӣ" data-language-autonym="Тоҷикӣ" data-language-local-name="Tajik" class="interlanguage-link-target"><span>Тоҷикӣ</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Merkez_bankas%C4%B1" title="Merkez bankası – Turkish" lang="tr" hreflang="tr" data-title="Merkez bankası" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-tk mw-list-item"><a href="https://tk.wikipedia.org/wiki/Merkezi_bank" title="Merkezi bank – Turkmen" lang="tk" hreflang="tk" data-title="Merkezi bank" data-language-autonym="Türkmençe" data-language-local-name="Turkmen" class="interlanguage-link-target"><span>Türkmençe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%A6%D0%B5%D0%BD%D1%82%D1%80%D0%B0%D0%BB%D1%8C%D0%BD%D0%B8%D0%B9_%D0%B1%D0%B0%D0%BD%D0%BA" title="Центральний банк – Ukrainian" lang="uk" hreflang="uk" data-title="Центральний банк" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-ur mw-list-item"><a href="https://ur.wikipedia.org/wiki/%D9%85%D8%B1%DA%A9%D8%B2%DB%8C_%D8%A8%DB%8C%D9%86%DA%A9" title="مرکزی بینک – Urdu" lang="ur" hreflang="ur" data-title="مرکزی بینک" data-language-autonym="اردو" data-language-local-name="Urdu" class="interlanguage-link-target"><span>اردو</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Ng%C3%A2n_h%C3%A0ng_trung_%C6%B0%C6%A1ng" title="Ngân hàng trung ương – Vietnamese" lang="vi" hreflang="vi" data-title="Ngân hàng trung ương" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh-classical mw-list-item"><a href="https://zh-classical.wikipedia.org/wiki/%E4%B8%AD%E5%A4%AE%E9%8A%80%E8%A1%8C" title="中央銀行 – Literary Chinese" lang="lzh" hreflang="lzh" data-title="中央銀行" data-language-autonym="文言" data-language-local-name="Literary Chinese" class="interlanguage-link-target"><span>文言</span></a></li><li class="interlanguage-link interwiki-war mw-list-item"><a href="https://war.wikipedia.org/wiki/Bangko_Sentral" title="Bangko Sentral – Waray" lang="war" hreflang="war" data-title="Bangko Sentral" data-language-autonym="Winaray" data-language-local-name="Waray" class="interlanguage-link-target"><span>Winaray</span></a></li><li class="interlanguage-link interwiki-wuu mw-list-item"><a href="https://wuu.wikipedia.org/wiki/%E4%B8%AD%E5%A4%AE%E9%93%B6%E8%A1%8C" title="中央银行 – Wu" lang="wuu" hreflang="wuu" data-title="中央银行" data-language-autonym="吴语" data-language-local-name="Wu" class="interlanguage-link-target"><span>吴语</span></a></li><li class="interlanguage-link interwiki-yi mw-list-item"><a href="https://yi.wikipedia.org/wiki/%D7%A6%D7%A2%D7%A0%D7%98%D7%A8%D7%90%D7%9C%D7%91%D7%90%D7%A0%D7%A7" title="צענטראלבאנק – Yiddish" lang="yi" hreflang="yi" data-title="צענטראלבאנק" data-language-autonym="ייִדיש" data-language-local-name="Yiddish" class="interlanguage-link-target"><span>ייִדיש</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E4%B8%AD%E5%A4%AE%E9%8A%80%E8%A1%8C" title="中央銀行 – Cantonese" lang="yue" hreflang="yue" data-title="中央銀行" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target"><span>粵語</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E4%B8%AD%E5%A4%AE%E9%93%B6%E8%A1%8C" title="中央银行 – Chinese" lang="zh" hreflang="zh" data-title="中央银行" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet 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<div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Government body that manages currency and monetary policy</div> <p class="mw-empty-elt"> </p> <style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output .hlist ul dl,.mw-parser-output .hlist ul ol,.mw-parser-output .hlist ul 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.sidebar{width:100%!important;clear:both;float:none!important;margin-left:0!important;margin-right:0!important}}body.skin--responsive .mw-parser-output .sidebar a>img{max-width:none!important}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><th class="sidebar-title"><a href="/wiki/Public_finance" title="Public finance">Public finance</a></th></tr><tr><td class="sidebar-image"><span class="mw-image-border" typeof="mw:File/Frameless"><a href="/wiki/File:Government-Vedder-Highsmith-detail-1.jpeg" class="mw-file-description"><img alt="Detail from the mural "Government" by Elihu Vedder in the Library of Congress" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cd/Government-Vedder-Highsmith-detail-1.jpeg/250px-Government-Vedder-Highsmith-detail-1.jpeg" decoding="async" width="250" height="158" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cd/Government-Vedder-Highsmith-detail-1.jpeg/375px-Government-Vedder-Highsmith-detail-1.jpeg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cd/Government-Vedder-Highsmith-detail-1.jpeg/500px-Government-Vedder-Highsmith-detail-1.jpeg 2x" data-file-width="3696" data-file-height="2343" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #99f;text-align:center;;color: var(--color-base)"><a href="/wiki/Public_policy" title="Public policy">Policies</a></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Agricultural_policy" title="Agricultural policy">Agricultural</a></li> <li><a href="/wiki/Economic_policy" title="Economic policy">Economic</a></li> <li><a href="/wiki/Energy_policy" title="Energy policy">Energy</a></li> <li><a href="/wiki/Industrial_policy" title="Industrial policy">Industrial</a></li> <li><a href="/wiki/Investment_policy" title="Investment policy">Investment</a></li> <li><a href="/wiki/Social_policy" title="Social policy">Social</a></li> <li><a href="/wiki/Trade_policy" class="mw-redirect" title="Trade policy">Trade</a></li> <li><a href="/wiki/Fiscal_policy" title="Fiscal policy">Fiscal</a></li> <li><a href="/wiki/Monetary_policy" title="Monetary policy">Monetary</a></li> <li><a href="/wiki/Policy_mix" title="Policy mix">Policy mix</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #99f;text-align:center;;color: var(--color-base)"><a href="/wiki/Fiscal_policy" title="Fiscal policy">Fiscal policy</a></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Government_budget" title="Government budget">Budget</a> <ul><li><a href="/wiki/Budgetary_policy" title="Budgetary policy">policy</a></li></ul></li> <li><a href="/wiki/Government_debt" title="Government debt">Debt</a> <ul><li><a href="/wiki/Internal_debt" title="Internal debt">internal</a></li></ul></li> <li><a href="/wiki/Government_budget_deficit" class="mw-redirect" title="Government budget deficit">Deficit / surplus</a></li> <li><a href="/wiki/Finance_minister" class="mw-redirect" title="Finance minister">Finance ministry</a></li> <li><a href="/wiki/Fiscal_union" title="Fiscal union">Fiscal union</a></li> <li><a href="/wiki/Government_revenue" title="Government revenue">Revenue</a></li> <li><a href="/wiki/Government_spending" title="Government spending">Spending</a> <ul><li><a href="/wiki/Deficit_spending" title="Deficit spending">deficit</a></li></ul></li> <li><a href="/wiki/Tax_policy" title="Tax policy">Tax</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #99f;text-align:center;;color: var(--color-base)"><a href="/wiki/Monetary_policy" title="Monetary policy">Monetary policy</a></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Bank_reserves" title="Bank reserves">Bank reserves</a> <ul><li><a href="/wiki/Reserve_requirement" title="Reserve requirement">requirements</a></li></ul></li> <li><a href="/wiki/Discount_window" title="Discount window">Discount window</a></li> <li><a href="/wiki/Gold_reserves" class="mw-redirect" title="Gold reserves">Gold reserves</a></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a></li> <li><a href="/wiki/Monetary_authority" class="mw-redirect" title="Monetary authority">Monetary authority</a> <ul><li><a class="mw-selflink selflink">central bank</a></li> <li><a href="/wiki/Currency_board" title="Currency board">currency board</a></li></ul></li> <li><a href="/wiki/Monetary_base" title="Monetary base">Monetary base</a></li> <li><a href="/wiki/Currency_union" title="Currency union">Monetary (currency) union</a></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #99f;text-align:center;;color: var(--color-base)"><a href="/wiki/Commercial_policy" title="Commercial policy">Trade policy</a></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Balance_of_trade" title="Balance of trade">Balance of trade</a></li> <li><a href="/wiki/Free_trade" title="Free trade">Free trade</a></li> <li><a href="/wiki/Gains_from_trade" title="Gains from trade">Gains from trade</a></li> <li><a href="/wiki/Non-tariff_barrier" class="mw-redirect" title="Non-tariff barrier">Non-tariff barrier</a></li> <li><a href="/wiki/Protectionism" title="Protectionism">Protectionism</a></li> <li><a href="/wiki/Tariff" title="Tariff">Tariff</a></li> <li><a href="/wiki/Trade_bloc" title="Trade bloc">Trade bloc</a></li> <li><a href="/wiki/Trade_creation" title="Trade creation">Trade creation</a></li> <li><a href="/wiki/Trade_diversion" title="Trade diversion">Trade diversion</a></li> <li><a href="/wiki/Commerce_minister" title="Commerce minister">Trade / commerce ministry</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #99f;text-align:center;;color: var(--color-base)"><div class="hlist"><ul><li><a href="/wiki/Government_revenue" title="Government revenue">Revenue</a></li><li><a href="/wiki/Government_spending" title="Government spending">Spending</a></li></ul></div></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Non-tax_revenue" title="Non-tax revenue">Non-tax revenue</a></li> <li><a href="/wiki/Tax_revenue" title="Tax revenue">Tax revenue</a></li> <li><a href="/wiki/Discretionary_spending" title="Discretionary spending">Discretionary spending</a></li> <li><a href="/wiki/Mandatory_spending" title="Mandatory spending">Mandatory spending</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #99f;text-align:center;;color: var(--color-base)">Optimum</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Balanced_budget" title="Balanced budget">Balanced budget</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Economic growth</a></li> <li><a href="/wiki/Price_stability" title="Price stability">Price stability</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #99f;text-align:center;;color: var(--color-base)">Reform</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Fiscal_adjustment" title="Fiscal adjustment">Fiscal adjustment</a></li> <li><a href="/wiki/Monetary_reform" title="Monetary reform">Monetary reform</a></li></ul></div></div></td> </tr><tr><td class="sidebar-below hlist"> <ul><li><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Symbol_portal_class.svg" class="mw-file-description" title="Portal"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/16px-Symbol_portal_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/23px-Symbol_portal_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/31px-Symbol_portal_class.svg.png 2x" data-file-width="180" data-file-height="185" /></a></span> <a href="/wiki/Portal:Money" title="Portal:Money">Portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Public_finance" title="Template:Public finance"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Public_finance" title="Template talk:Public finance"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Public_finance" title="Special:EditPage/Template:Public finance"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of a series on <a href="/wiki/Financial_services" title="Financial services">financial services</a></td></tr><tr><th class="sidebar-title-with-pretitle" style="background:#efefef;padding:0.4em;"><a href="/wiki/Bank" title="Bank">Banking</a></th></tr><tr><td class="sidebar-image"><span class="skin-invert" typeof="mw:File"><a href="/wiki/File:Community_Noun_project_39956.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8d/Community_Noun_project_39956.svg/120px-Community_Noun_project_39956.svg.png" decoding="async" width="120" height="126" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8d/Community_Noun_project_39956.svg/180px-Community_Noun_project_39956.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8d/Community_Noun_project_39956.svg/240px-Community_Noun_project_39956.svg.png 2x" data-file-width="56" data-file-height="59" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Types of banks</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Advising_bank" title="Advising bank">Advising</a></li> <li><a href="/wiki/Banq_(term)" class="mw-redirect" title="Banq (term)">Banq</a></li> <li><a href="/wiki/Bulge_bracket" title="Bulge bracket">Bulge bracket</a></li> <li><a class="mw-selflink selflink">Central</a></li> <li><a href="/wiki/Commercial_bank" title="Commercial bank">Commercial</a></li> <li><a href="/wiki/Community_development_bank" title="Community development bank">Community development</a></li> <li><a href="/wiki/Cooperative_banking" title="Cooperative banking">Cooperative</a></li> <li><a href="/wiki/Credit_union" title="Credit union">Credit union</a></li> <li><a href="/wiki/Custodian_bank" title="Custodian bank">Custodian</a></li> <li><a href="/wiki/Depository_bank" title="Depository bank">Depository</a></li> <li><a href="/wiki/Development_finance_institution" title="Development finance institution">Development</a></li> <li><a href="/wiki/Direct_bank" title="Direct bank">Direct</a></li> <li><a href="/wiki/Export_credit_agency" title="Export credit agency">Export credit agency</a></li> <li><a href="/wiki/Investment_banking" title="Investment banking">Investment</a></li> <li><a href="/wiki/Industrial_loan_company" title="Industrial loan company">Industrial</a></li> <li><a href="/wiki/Merchant_bank" title="Merchant bank">Merchant</a></li> <li><a href="/wiki/Bulge_Bracket#Middle_Market" class="mw-redirect" title="Bulge Bracket">Middle market</a></li> <li><a href="/wiki/Money_center_bank" title="Money center bank">Money center</a></li> <li><a href="/wiki/Mutual_savings_bank" title="Mutual savings bank">Mutual savings</a></li> <li><a href="/wiki/Neobank" title="Neobank">Neobank</a></li> <li><a href="/wiki/Offshore_bank" title="Offshore bank">Offshore</a></li> <li><a href="/wiki/Participation_banking" title="Participation banking">Participation</a></li> <li><a href="/wiki/Payments_bank" title="Payments bank">Payments</a></li> <li><a href="/wiki/Postal_savings_system" title="Postal savings system">Postal savings</a></li> <li><a href="/wiki/Private_bank" title="Private bank">Private</a></li> <li><a href="/wiki/Public_bank" title="Public bank">Public</a></li> <li><a href="/wiki/Retail_banking" title="Retail banking">Retail</a></li> <li><a href="/wiki/Savings_bank" title="Savings bank">Savings</a></li> <li><a href="/wiki/Savings_and_loan_association" title="Savings and loan association">Savings and loan</a></li> <li><a href="/wiki/Universal_bank" title="Universal bank">Universal</a></li> <li><a href="/wiki/Wholesale_banking" title="Wholesale banking">Wholesale</a></li> <li><a href="/wiki/Bank_holding_company" title="Bank holding company">Bank holding company</a></li></ul> <i><a href="/wiki/Lists_of_banks" title="Lists of banks">Lists of banks</a></i></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Bank_account" title="Bank account">Accounts</a> <b>·</b> <a href="/wiki/Bank_card" title="Bank card">Cards</a></div><div class="sidebar-list-content mw-collapsible-content hlist"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal; display:block;margin-top:0.15em;"> Accounts</th></tr><tr><td class="sidebar-content" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Christmas_club" title="Christmas club">Christmas club</a></li> <li><a href="/wiki/Deposit_account" title="Deposit account">Deposit</a></li> <li><a href="/wiki/Money_market_account" title="Money market account">Money-market</a></li> <li><a href="/wiki/Savings_account" title="Savings account">Savings</a></li> <li><a href="/wiki/Time_deposit" title="Time deposit">Time deposit (Bond)</a></li></ul> <a href="/wiki/Transaction_account" title="Transaction account">Transaction (checking / current)</a></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal; display:block;margin-top:0.15em;"> Cards</th></tr><tr><td class="sidebar-content" style="padding-top:0.15em;"> <ul><li><a href="/wiki/ATM_card" title="ATM card">ATM</a></li> <li><a href="/wiki/Credit_card" title="Credit card">Credit</a></li> <li><a href="/wiki/Debit_card" title="Debit card">Debit</a></li> <li><a href="/wiki/Credit_card#Prepaid_cards" title="Credit card">Prepaid</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Funds transfer</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Cheque" title="Cheque">Cheque</a></li> <li><a href="/wiki/Payment_card" title="Payment card">Card</a></li> <li><a href="/wiki/Electronic_funds_transfer" title="Electronic funds transfer">Electronic</a> <ul><li><a href="/wiki/Electronic_bill_payment" title="Electronic bill payment">Bill payment</a></li> <li><a href="/wiki/Mobile_payment" title="Mobile payment">Mobile</a></li></ul></li> <li><a href="/wiki/Wire_transfer" title="Wire transfer">Wire</a> <ul><li><a href="/wiki/Real-time_gross_settlement" title="Real-time gross settlement">RTGS</a></li> <li><a href="/wiki/Net_settlement" title="Net settlement">NS</a></li></ul></li> <li><a href="/wiki/Automated_clearing_house" title="Automated clearing house">ACH</a></li> <li><a href="/wiki/Instant_payment" title="Instant payment">Instant payment</a></li> <li><a href="/wiki/Giro_(banking)" title="Giro (banking)">Giro</a></li> <li><a href="/wiki/SWIFT" title="SWIFT">SWIFT</a> <ul><li><a href="/wiki/Correspondent_account" title="Correspondent account">Correspondent account</a></li></ul></li> <li><a href="/wiki/CLS_Group#Operations" title="CLS Group">CLS</a></li> <li><a href="/wiki/Cross-Border_Interbank_Payment_System" title="Cross-Border Interbank Payment System">CIPS</a></li> <li><a href="/wiki/SPFS" title="SPFS">SPFS</a></li> <li><a href="/wiki/BRICS_PAY" title="BRICS PAY">BRICS PAY</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Terms</div><div class="sidebar-list-content mw-collapsible-content hlist"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><td class="sidebar-content" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Asset" title="Asset">Asset</a> <ul><li><a href="/wiki/Asset_allocation" title="Asset allocation">allocation</a></li> <li><a href="/wiki/Asset_and_liability_management" title="Asset and liability management">management</a></li></ul></li> <li><a href="/wiki/Automated_teller_machine" class="mw-redirect" title="Automated teller machine">Automated teller machine</a></li> <li><a href="/wiki/Bad_debt" title="Bad debt">Bad debt</a></li> <li><a href="/wiki/Bank_regulation" class="mw-redirect" title="Bank regulation">Bank regulation</a></li> <li><a href="/wiki/Bank_secrecy" title="Bank secrecy">Bank secrecy</a></li> <li><a href="/wiki/Capital_appreciation" title="Capital appreciation">Asset growth</a></li> <li><a href="/wiki/Capital_asset" title="Capital asset">Capital asset</a></li> <li><a href="/wiki/Cash" title="Cash">Cash</a></li> <li><a href="/wiki/Climate_finance" title="Climate finance">Climate finance</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a></li> <li><a href="/wiki/Disinvestment" title="Disinvestment">Disinvestment</a></li> <li><a href="/wiki/Diversification_(finance)" title="Diversification (finance)">Diversification (finance)</a></li> <li><a href="/wiki/Eco-investing" title="Eco-investing">Eco-investing</a></li> <li><a href="/wiki/Economic_bubble" title="Economic bubble">Economic bubble</a></li> <li><a href="/wiki/Economic_expansion" title="Economic expansion">Economic expansion</a></li> <li><a href="/wiki/Enterprise_value" title="Enterprise value">Enterprise value</a></li> <li><a href="/wiki/Enterprise_risk_management" title="Enterprise risk management">Enterprise risk management</a></li> <li><a href="/wiki/Environmental_finance" title="Environmental finance">Environmental finance</a></li> <li><a href="/wiki/Environmental,_social,_and_governance" title="Environmental, social, and governance">ESG</a></li> <li><a href="/wiki/Ethical_banking" title="Ethical banking">Ethical banking</a></li> <li><a href="/wiki/Finance" title="Finance">Financial</a> <ul><li><a href="/wiki/Financial_analysis" title="Financial analysis">analysis</a></li> <li><a href="/wiki/Financial_analyst" title="Financial analyst">analyst</a></li> <li><a href="/wiki/Financial_asset" title="Financial asset">asset</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">economics</a></li> <li><a href="/wiki/Financial_engineering" title="Financial engineering">engineering</a></li> <li><a href="/wiki/Financial_forecast" title="Financial forecast">forecast</a></li> <li><a href="/wiki/Financial_plan" title="Financial plan">plan</a></li> <li><a href="/wiki/Financial_planner" title="Financial planner">planner</a></li> <li><a href="/wiki/Financial_services" title="Financial services">services</a></li></ul></li> <li><a href="/wiki/Fractional-reserve_banking" title="Fractional-reserve banking">Fractional-reserve banking</a></li> <li><a href="/wiki/Full-reserve_banking" title="Full-reserve banking">Full-reserve banking</a></li> <li><a href="/wiki/Fundamental_analysis" title="Fundamental analysis">Fundamental analysis</a></li> <li><a href="/wiki/Growth_investing" title="Growth investing">Growth investing</a></li> <li><a href="/wiki/Hedge_(finance)" title="Hedge (finance)">Hedge (finance)</a></li> <li><a href="/wiki/Impact_investing" title="Impact investing">Impact investing</a></li> <li><a href="/wiki/Investment_advisory" title="Investment advisory">Investment advisory</a></li> <li><a href="/wiki/Investment_management" title="Investment management">Investment management</a></li> <li><a href="/wiki/Islamic_banking_and_finance" title="Islamic banking and finance">Islamic banking</a></li> <li><a href="/wiki/Loan" title="Loan">Loan</a></li> <li><a href="/wiki/Mathematical_finance" title="Mathematical finance">Mathematical finance</a></li> <li><a href="/wiki/Mobile_banking" title="Mobile banking">Mobile banking</a></li> <li><a href="/wiki/Money_creation" title="Money creation">Money creation</a></li> <li><a href="/wiki/Pension_fund" title="Pension fund">Pension fund</a></li> <li><a href="/wiki/Private_banking" title="Private banking">Private banking</a></li> <li><a href="/wiki/Sustainability" title="Sustainability">Sustainability</a></li> <li><a href="/wiki/Sustainable_finance" title="Sustainable finance">Sustainable finance</a></li> <li><a href="/wiki/Speculation" title="Speculation">Speculation</a></li> <li><a href="/wiki/Statistical_finance" title="Statistical finance">Statistical finance</a></li> <li><a href="/wiki/Strategic_financial_management" title="Strategic financial management">Strategic financial management</a></li> <li><a href="/wiki/Stress_test_(financial)" title="Stress test (financial)">Stress test (financial)</a></li> <li><a href="/wiki/Structured_finance" title="Structured finance">Structured finance</a></li> <li><a href="/wiki/Structured_product" title="Structured product">Structured product</a></li> <li><a href="/wiki/Toxic_asset" title="Toxic asset">Toxic asset</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Related topics</div><div class="sidebar-list-content mw-collapsible-content hlist" style="padding-bottom:0;"> <ul><li><a href="/wiki/Asset_pricing" title="Asset pricing">Asset pricing</a></li> <li><a href="/wiki/Bond_(finance)" title="Bond (finance)">Bond (finance)</a></li> <li><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a></li> <li><a href="/wiki/Cost_of_capital" title="Cost of capital">Cost of capital</a></li> <li><a href="/wiki/Equity_(finance)" title="Equity (finance)">Equity (finance)</a></li> <li><a href="/wiki/Ethical_banking" title="Ethical banking">Ethical banking</a></li> <li><a href="/wiki/Exchange_traded_fund" class="mw-redirect" title="Exchange traded fund">Exchange traded fund</a></li> <li><a href="/wiki/Finance" title="Finance">Financial</a></li> <li><a href="/wiki/Financial_law" title="Financial law">law</a> <ul><li><a href="/wiki/Financial_market" title="Financial market">market</a></li> <li><a href="/wiki/Financial_market_participants" title="Financial market participants">participants</a></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">regulation</a></li> <li><a href="/wiki/Financial_risk" title="Financial risk">risk</a></li> <li><a href="/wiki/Financial_system" title="Financial system">system</a></li></ul></li> <li><a href="/wiki/History_of_banking" title="History of banking">History of banking</a></li> <li><a href="/wiki/List_of_banks_(alphabetical)" title="List of banks (alphabetical)">List of banks</a></li> <li><a href="/wiki/Market_risk" title="Market risk">Market risk</a></li> <li><a href="/wiki/Personal_finance" title="Personal finance">Personal finance</a></li> <li><a href="/wiki/Public_finance" title="Public finance">Public finance</a></li> <li><a href="/wiki/Security_(finance)" title="Security (finance)">Security (finance)</a></li> <li><a href="/wiki/Share_(finance)" title="Share (finance)">Shares</a></li> <li><a href="/wiki/Sustainable_development_goals" class="mw-redirect" title="Sustainable development goals">Sustainable development goals</a></li> <li><a href="/wiki/Systematic_risk" title="Systematic risk">Systematic risk</a></li> <li><a href="/wiki/Systemic_risk" title="Systemic risk">Systemic risk</a></li> <li><a href="/wiki/Time_value_of_money" title="Time value of money">Time value of money</a></li> <li><a href="/wiki/Too_big_to_fail" title="Too big to fail">Too big to fail</a></li> <li><a href="/wiki/Too_connected_to_fail" title="Too connected to fail">Too connected to fail</a></li> <li><a href="/wiki/Watered_stock" title="Watered stock">Watered stock</a></li></ul> <ol><li class="mw-empty-elt"></li></ol></div></div></td> </tr><tr><td class="sidebar-below hlist"> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Banking" title="Category:Banking">Category</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Commons page"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/12px-Commons-logo.svg.png" decoding="async" width="12" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/18px-Commons-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/24px-Commons-logo.svg.png 2x" data-file-width="1024" data-file-height="1376" /></span></span> <a href="https://commons.wikimedia.org/wiki/Category:Banking" class="extiw" title="commons:Category:Banking">Commons</a></li> <li><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Symbol_portal_class.svg" class="mw-file-description" title="Portal"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/16px-Symbol_portal_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/23px-Symbol_portal_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/31px-Symbol_portal_class.svg.png 2x" data-file-width="180" data-file-height="185" /></a></span> <a href="/wiki/Portal:Banking" class="mw-redirect" title="Portal:Banking">Portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Banking" title="Template:Banking"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Banking" title="Template talk:Banking"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Banking" title="Special:EditPage/Template:Banking"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1126788409">.mw-parser-output .plainlist ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Macroeconomics" title="Category:Macroeconomics">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a></th></tr><tr><td class="sidebar-image" style="padding-top:0.6em;"><span class="notpageimage" typeof="mw:File"><a href="/wiki/File:Ec_8_(26088200676)_(cropped).jpg" class="mw-file-description"><img alt="Federal Reserve" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/220px-Ec_8_%2826088200676%29_%28cropped%29.jpg" decoding="async" width="220" height="150" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/330px-Ec_8_%2826088200676%29_%28cropped%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/440px-Ec_8_%2826088200676%29_%28cropped%29.jpg 2x" data-file-width="2400" data-file-height="1633" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Basic concepts</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Aggregate_demand" title="Aggregate demand">Aggregate demand</a></li> <li><a href="/wiki/Aggregate_supply" title="Aggregate supply">Aggregate supply</a></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Compound_annual_growth_rate" title="Compound annual growth rate">CAGR</a></li> <li><a href="/wiki/Deflation" title="Deflation">Deflation</a></li> <li><a href="/wiki/Demand_shock" title="Demand shock">Demand shock</a></li> <li><a href="/wiki/Disinflation" title="Disinflation">Disinflation</a></li> <li><a href="/wiki/Effective_demand" title="Effective demand">Effective demand</a></li> <li>Expectations <ul><li><a href="/wiki/Adaptive_expectations" title="Adaptive expectations">Adaptive</a></li> <li><a href="/wiki/Rational_expectations" title="Rational expectations">Rational</a></li></ul></li> <li><a href="/wiki/Financial_crisis" title="Financial crisis">Financial crisis</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Growth</a></li> <li><a href="/wiki/Inflation" title="Inflation">Inflation</a> <ul><li><a href="/wiki/Demand-pull_inflation" title="Demand-pull inflation">Demand-pull</a></li> <li><a href="/wiki/Cost-push_inflation" title="Cost-push inflation">Cost-push</a></li></ul></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a></li> <li><a href="/wiki/Investment_(macroeconomics)" title="Investment (macroeconomics)">Investment</a></li> <li><a href="/wiki/Liquidity_trap" title="Liquidity trap">Liquidity trap</a></li> <li><a href="/wiki/Measures_of_national_income_and_output" title="Measures of national income and output">Measures of national income and output</a> <ul><li><a href="/wiki/Gross_domestic_product" title="Gross domestic product">GDP</a></li> <li><a href="/wiki/Gross_national_income" title="Gross national income">GNI</a></li> <li><a href="/wiki/Net_national_income" title="Net national income">NNI</a></li></ul></li> <li><a href="/wiki/Microfoundations" title="Microfoundations">Microfoundations</a></li> <li><a href="/wiki/Money" title="Money">Money</a> <ul><li><a href="/wiki/Endogenous_money" title="Endogenous money">Endogenous</a></li></ul></li> <li><a href="/wiki/Money_creation" title="Money creation">Money creation</a></li> <li><a href="/wiki/Demand_for_money" title="Demand for money">Demand for money</a> <ul><li><a href="/wiki/Liquidity_preference" title="Liquidity preference">Liquidity preference</a></li></ul></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a></li> <li><a href="/wiki/National_accounts" title="National accounts">National accounts</a> <ul><li><a href="/wiki/System_of_National_Accounts" title="System of National Accounts">SNA</a></li></ul></li> <li><a href="/wiki/Nominal_rigidity" title="Nominal rigidity">Nominal rigidity</a></li> <li><a href="/wiki/Price_level" title="Price level">Price level</a></li> <li><a href="/wiki/Recession" title="Recession">Recession</a></li> <li><a href="/wiki/Shrinkflation" title="Shrinkflation">Shrinkflation</a></li> <li><a href="/wiki/Stagflation" title="Stagflation">Stagflation</a></li> <li><a href="/wiki/Supply_shock" title="Supply shock">Supply shock</a></li> <li><a href="/wiki/National_saving" title="National saving">Saving</a></li> <li><a href="/wiki/Unemployment" title="Unemployment">Unemployment</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Policies</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Fiscal_policy" title="Fiscal policy">Fiscal</a></li> <li><a href="/wiki/Monetary_policy" title="Monetary policy">Monetary</a></li> <li><a href="/wiki/Commercial_policy" title="Commercial policy">Commercial</a></li> <li><a class="mw-selflink selflink">Central bank</a></li> <li><a href="/wiki/Universal_basic_income" title="Universal basic income">Universal basic income</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Models</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/IS%E2%80%93LM_model" title="IS–LM model">IS–LM</a></li> <li><a href="/wiki/AD%E2%80%93AS_model" title="AD–AS model">AD–AS</a></li> <li><a href="/wiki/Keynesian_cross" title="Keynesian cross">Keynesian cross</a></li> <li><a href="/wiki/Multiplier_(economics)" title="Multiplier (economics)">Multiplier</a></li> <li><a href="/wiki/Accelerator_effect" title="Accelerator effect">Accelerator</a></li> <li><a href="/wiki/Phillips_curve" title="Phillips curve">Phillips curve</a></li> <li><a href="/wiki/Arrow%E2%80%93Debreu_model" title="Arrow–Debreu model">Arrow–Debreu</a></li> <li><a href="/wiki/Harrod%E2%80%93Domar_model" title="Harrod–Domar model">Harrod–Domar</a>Нмиф</li> <li><a href="/wiki/Solow%E2%80%93Swan_model" title="Solow–Swan model">Solow–Swan</a></li> <li><a href="/wiki/Ramsey%E2%80%93Cass%E2%80%93Koopmans_model" title="Ramsey–Cass–Koopmans model">Ramsey–Cass–Koopmans</a></li> <li><a href="/wiki/Overlapping_generations_model" title="Overlapping generations model">Overlapping generations</a></li> <li><a href="/wiki/General_equilibrium_theory" title="General equilibrium theory">General equilibrium</a> <ul><li><a href="/wiki/Dynamic_stochastic_general_equilibrium" title="Dynamic stochastic general equilibrium">DSGE</a></li></ul></li> <li><a href="/wiki/Endogenous_growth_theory" title="Endogenous growth theory">Endogenous growth</a></li> <li><a href="/wiki/Matching_theory_(economics)" class="mw-redirect" title="Matching theory (economics)">Matching theory</a></li> <li><a href="/wiki/Mundell%E2%80%93Fleming_model" title="Mundell–Fleming model">Mundell–Fleming</a></li> <li><a href="/wiki/Overshooting_model" title="Overshooting model">Overshooting</a></li> <li><a href="/wiki/NAIRU" title="NAIRU">NAIRU</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Related fields</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Economic statistics</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary economics</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development economics</a></li> <li><a href="/wiki/International_economics" title="International economics">International economics</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)"><a href="/wiki/History_of_macroeconomic_thought" title="History of macroeconomic thought">Schools</a></div><div class="sidebar-list-content mw-collapsible-content hlist"><i>Mainstream</i> <ul><li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a></li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li></ul></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarism</a></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/Stockholm_school_(economics)" class="mw-redirect" title="Stockholm school (economics)">Stockholm</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">New neoclassical synthesis</a></li> <li><a href="/wiki/Saltwater_and_freshwater_economics" title="Saltwater and freshwater economics">Saltwater and freshwater</a></li></ul> <p><i>Heterodox</i> </p> <ul><li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-Keynesian</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a></li> <li><a href="/wiki/Market_monetarism" title="Market monetarism">Market monetarism</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)"><a href="/wiki/Category:Macroeconomists" title="Category:Macroeconomists">People</a></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">François Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Thomas Robert Malthus</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Léon Walras</a></li> <li><a href="/wiki/Knut_Wicksell" title="Knut Wicksell">Knut Wicksell</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Irving Fisher</a></li> <li><a href="/wiki/Wesley_Clair_Mitchell" title="Wesley Clair Mitchell">Wesley Clair Mitchell</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a></li> <li><a href="/wiki/Alvin_Hansen" title="Alvin Hansen">Alvin Hansen</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Michał Kalecki</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Gunnar Myrdal</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Simon Kuznets</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Joan Robinson</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">John Hicks</a></li> <li><a href="/wiki/Richard_Stone" title="Richard Stone">Richard Stone</a></li> <li><a href="/wiki/Hyman_Minsky" title="Hyman Minsky">Hyman Minsky</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Paul Samuelson</a></li> <li><a href="/wiki/Lawrence_Klein" title="Lawrence Klein">Lawrence Klein</a></li> <li><a href="/wiki/Edmund_Phelps" title="Edmund Phelps">Edmund Phelps</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Robert Lucas Jr.</a></li> <li><a href="/wiki/Edward_C._Prescott" title="Edward C. Prescott">Edward C. Prescott</a></li> <li><a href="/wiki/Peter_Diamond" title="Peter Diamond">Peter Diamond</a></li> <li><a href="/wiki/William_Nordhaus" title="William Nordhaus">William Nordhaus</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a></li> <li><a href="/wiki/Thomas_J._Sargent" title="Thomas J. Sargent">Thomas J. Sargent</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a></li> <li><a href="/wiki/Greg_Mankiw" title="Greg Mankiw">N. Gregory Mankiw</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">See also</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Macroeconomic_model" title="Macroeconomic model">Macroeconomic model</a></li> <li><a href="/wiki/List_of_important_publications_in_economics#Macroeconomics" title="List of important publications in economics">Publications in macroeconomics</a></li> <li><a href="/wiki/Economics" title="Economics">Economics</a> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li></ul></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical economics</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-below plainlist"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Macroeconomics_sidebar" title="Template:Macroeconomics sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Macroeconomics_sidebar" title="Template talk:Macroeconomics sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Macroeconomics_sidebar" title="Special:EditPage/Template:Macroeconomics sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>A <b>central bank</b>, <b>reserve bank</b>, <b>national bank</b>, or <b>monetary authority</b> is an institution that manages the <a href="/wiki/Currency" title="Currency">currency</a> and <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a> of a country or monetary union.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> In contrast to a <a href="/wiki/Commercial_bank" title="Commercial bank">commercial bank</a>, a central bank possesses a <a href="/wiki/Monopoly" title="Monopoly">monopoly</a> on increasing the <a href="/wiki/Monetary_base" title="Monetary base">monetary base</a>. Many central banks also have supervisory or regulatory powers to ensure the stability of <a href="/wiki/Commercial_bank" title="Commercial bank">commercial banks</a> in their jurisdiction, to prevent <a href="/wiki/Bank_run" title="Bank run">bank runs</a>, and in some cases also to enforce policies on financial <a href="/wiki/Consumer_protection" title="Consumer protection">consumer protection</a> and against <a href="/wiki/Bank_fraud" title="Bank fraud">bank fraud</a>, <a href="/wiki/Money_laundering" title="Money laundering">money laundering</a>, or <a href="/wiki/Terrorism_financing" title="Terrorism financing">terrorism financing</a>. Central banks play a crucial role in macroeconomic forecasting, which is essential for guiding monetary policy decisions, especially during times of economic turbulence.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>Central banks in most <a href="/wiki/Developed_nations" class="mw-redirect" title="Developed nations">developed nations</a> are usually set up to be institutionally independent from political interference,<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> even though governments typically have governance rights over them, legislative bodies exercise scrutiny, and central banks frequently do show responsiveness to politics.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>Issues like central bank independence, central bank policies and rhetoric in central bank governors discourse or the premises of <a href="/wiki/Macroeconomic_policy" class="mw-redirect" title="Macroeconomic policy">macroeconomic policies</a><sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> (<a href="/wiki/Monetary_policy" title="Monetary policy">monetary</a> and <a href="/wiki/Fiscal_policy" title="Fiscal policy">fiscal policy</a>) of the <a href="/wiki/State_(polity)" title="State (polity)">state</a> are a focus of contention and criticism by some policymakers,<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> researchers<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> and specialized business, economics and finance media.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Definition">Definition</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Central_bank&action=edit&section=1" title="Edit section: Definition"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Walter_Bagehot_NPG_cropped.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ee/Walter_Bagehot_NPG_cropped.jpg/220px-Walter_Bagehot_NPG_cropped.jpg" decoding="async" width="220" height="273" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ee/Walter_Bagehot_NPG_cropped.jpg/330px-Walter_Bagehot_NPG_cropped.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ee/Walter_Bagehot_NPG_cropped.jpg/440px-Walter_Bagehot_NPG_cropped.jpg 2x" data-file-width="575" data-file-height="713" /></a><figcaption><a href="/wiki/Walter_Bagehot" title="Walter Bagehot">Walter Bagehot</a>, influential 19th-century theorist of the economic role of central banks</figcaption></figure> <p>The notion of central banks as a separate category from other banks has emerged gradually, and only fully coalesced in the 20th century. In the aftermath of <a href="/wiki/World_War_I" title="World War I">World War I</a>, leading central bankers of the <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a> and the <a href="/wiki/United_States" title="United States">United States</a> respectively, <a href="/wiki/Montagu_Norman" class="mw-redirect" title="Montagu Norman">Montagu Norman</a> and <a href="/wiki/Benjamin_Strong" class="mw-redirect" title="Benjamin Strong">Benjamin Strong</a>, agreed on a definition of central banks that was both <a href="/wiki/Positive_statement" class="mw-redirect" title="Positive statement">positive</a> and <a href="/wiki/Normative_statement" class="mw-redirect" title="Normative statement">normative</a>.<sup id="cite_ref-DeCecco_14-0" class="reference"><a href="#cite_note-DeCecco-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page: 4-5">: 4-5 </span></sup> Since that time, central banks have been generally distinguishable from other financial institutions, except under <a href="/wiki/Communism" title="Communism">Communism</a> in so-called <a href="/wiki/Single-tier_banking_system" title="Single-tier banking system">single-tier banking systems</a> such as Hungary's between 1950 and 1987, where the <a href="/wiki/Hungarian_National_Bank" title="Hungarian National Bank">Hungarian National Bank</a> operated alongside three other major state-owned banks.<sup id="cite_ref-Lengyel_15-0" class="reference"><a href="#cite_note-Lengyel-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> For earlier periods, what institutions do or do not count as central banks is often not univocal. </p><p>Correlatively, different scholars have held different views about the timeline of emergence of the first central banks. A widely held view in the second half of the 20th century has been that <a href="/wiki/Stockholms_Banco" title="Stockholms Banco">Stockholms Banco</a> (est. 1657), as the original issuer of <a href="/wiki/Banknote" title="Banknote">banknotes</a>, counted as the oldest central bank, and that consequently its successor the <a href="/wiki/Sveriges_Riksbank" title="Sveriges Riksbank">Sveriges Riksbank</a> was the oldest central bank in continuous operation, with the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a> as second-oldest and direct or indirect model for all subsequent central banks.<sup id="cite_ref-lse_16-0" class="reference"><a href="#cite_note-lse-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> That view has persisted in some early-21st-century publications.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> In more recent scholarship, however, the issuance of banknotes has often been viewed as just one of several techniques to provide <a href="/wiki/Central_bank_money" class="mw-redirect" title="Central bank money">central bank money</a>, defined as financial money (in contrast to <a href="/wiki/Commodity_money" title="Commodity money">commodity money</a>) of the highest quality. Under that definition, municipal banks of the late medieval and early modern periods, such as the <a href="/wiki/Taula_de_canvi_de_Barcelona" title="Taula de canvi de Barcelona">Taula de canvi de Barcelona</a> (est. 1401) or <a href="/wiki/Bank_of_Amsterdam" title="Bank of Amsterdam">Bank of Amsterdam</a> (est. 1609), issued central bank money and count as early central banks.<sup id="cite_ref-Bindseil_18-0" class="reference"><a href="#cite_note-Bindseil-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Naming">Naming</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Central_bank&action=edit&section=2" title="Edit section: Naming"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There is no universal terminology for the name of a central bank. Early central banks were often the only or principal formal financial institution in their jurisdiction, and were consequently often named "bank of" the relevant city's or country's name, e.g. the <a href="/wiki/Bank_of_Amsterdam" title="Bank of Amsterdam">Bank of Amsterdam</a>, <a href="/wiki/Bank_of_Hamburg" class="mw-redirect" title="Bank of Hamburg">Bank of Hamburg</a>, <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a>, or <a href="/wiki/Wiener_Stadtbank" title="Wiener Stadtbank">Wiener Stadtbank</a>. Naming practices subsequently evolved as more central banks were established. The expression "central bank" itself only appeared in the early 19th century, but at that time it referred to the head office of a multi-<a href="/wiki/Branch_(banking)" title="Branch (banking)">branched</a> bank, and was still used in that sense by <a href="/wiki/Walter_Bagehot" title="Walter Bagehot">Walter Bagehot</a> in his seminal 1873 essay <i><a href="/wiki/Lombard_Street:_A_Description_of_the_Money_Market" title="Lombard Street: A Description of the Money Market">Lombard Street</a></i>.<sup id="cite_ref-Ugolini_19-0" class="reference"><a href="#cite_note-Ugolini-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 9">: 9 </span></sup> During that era, what is now known as a central bank was often referred to as a <a href="/wiki/Bank_of_issue" title="Bank of issue">bank of issue</a> (<a href="/wiki/French_language" title="French language">French</a>: <i lang="fr">institut d'émission</i>, <a href="/wiki/German_language" title="German language">German</a>: <i lang="de">Notenbank</i>). The reference to central banking in the current sense only became widespread in the early 20th century. </p><p>Names of individual central banks include, with references to the date when the bank acquired its current name: </p> <ul><li>"Bank of [Country]": e.g. <a href="/wiki/First_Bank_of_the_United_States" title="First Bank of the United States">Bank of the United States</a> (1791), <a href="/wiki/Bank_of_France" title="Bank of France">Bank of France</a> (1800), <a href="/wiki/Bank_of_Java" title="Bank of Java">Bank of Java</a> (1828), <a href="/wiki/Bank_of_Japan" title="Bank of Japan">Bank of Japan</a> (1882), <a href="/wiki/Bank_of_Italy" title="Bank of Italy">Bank of Italy</a> (1893), <a href="/wiki/Bank_of_China" title="Bank of China">Bank of China</a> (1912), <a href="/wiki/Bank_of_Mexico" title="Bank of Mexico">Bank of Mexico</a> (1925), <a href="/wiki/Bank_of_Canada" title="Bank of Canada">Bank of Canada</a> (1934), <a href="/wiki/Bank_of_Korea" title="Bank of Korea">Bank of Korea</a> (1950). The <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a> has kept its original name of 1694, even though the <a href="/wiki/Act_of_Union_1707" class="mw-redirect" title="Act of Union 1707">Act of Union 1707</a> and <a href="/wiki/Acts_of_Union_1800" title="Acts of Union 1800">Acts of Union 1800</a> expanded its remit to the broader <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a>.</li> <li>"National Bank": e.g. <a href="/wiki/National_Bank_of_Belgium" title="National Bank of Belgium">National Bank of Belgium</a> (1850), <a href="/wiki/Bulgarian_National_Bank" title="Bulgarian National Bank">Bulgarian National Bank</a> (1879), <a href="/wiki/Swiss_National_Bank" title="Swiss National Bank">Swiss National Bank</a> (1907), <a href="/wiki/National_Bank_of_Poland" title="National Bank of Poland">National Bank of Poland</a> (1945), <a href="/wiki/National_Bank_of_Ukraine" title="National Bank of Ukraine">National Bank of Ukraine</a> (1991).</li> <li>"State Bank": e.g. <a href="/wiki/State_Bank_of_the_Russian_Empire" title="State Bank of the Russian Empire">State Bank of the Russian Empire</a> (1860), <a href="/wiki/State_Bank_of_Pakistan" title="State Bank of Pakistan">State Bank of Pakistan</a> (1948), <a href="/wiki/State_Bank_of_Vietnam" title="State Bank of Vietnam">State Bank of Vietnam</a> (1951); also former central banks of Communist countries, e.g. the <a href="/wiki/Gosbank" class="mw-redirect" title="Gosbank">State Bank of the USSR</a> (or Gosbank, 1922) or the <a href="/wiki/State_Bank_of_Czechoslovakia" class="mw-redirect" title="State Bank of Czechoslovakia">State Bank of Czechoslovakia</a> (1950). "People's Bank", also associated with Communism, is used by the <a href="/wiki/People%27s_Bank_of_China" title="People's Bank of China">People's Bank of China</a>.</li> <li>"Reserve Bank": in the U.S. <a href="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve</a> (1913) and thereafter British colonies or <a href="/wiki/Dominion" title="Dominion">dominions</a>, e.g. <a href="/wiki/South_African_Reserve_Bank" title="South African Reserve Bank">South African Reserve Bank</a> (1921), <a href="/wiki/Reserve_Bank_of_New_Zealand" title="Reserve Bank of New Zealand">Reserve Bank of New Zealand</a> (1934), <a href="/wiki/Reserve_Bank_of_India" title="Reserve Bank of India">Reserve Bank of India</a> (1935), <a href="/wiki/Reserve_Bank_of_Australia" title="Reserve Bank of Australia">Reserve Bank of Australia</a> (1960), <a href="/wiki/Reserve_Bank_of_Fiji" title="Reserve Bank of Fiji">Reserve Bank of Fiji</a> (1984)</li> <li>"Central Bank": e.g. <a href="/wiki/Central_Bank_of_the_Republic_of_China_(Taiwan)" title="Central Bank of the Republic of China (Taiwan)">Central Bank of China</a> (1924), <a href="/wiki/Central_Bank_of_the_Republic_of_Turkey" title="Central Bank of the Republic of Turkey">Central Bank of the Republic of Turkey</a> (1930), <a href="/wiki/Central_Bank_of_Argentina" title="Central Bank of Argentina">Central Bank of Argentina</a> (1935), <a href="/wiki/Central_Bank_of_Ireland" title="Central Bank of Ireland">Central Bank of Ireland</a> (1943), <a href="/wiki/Central_Bank_of_Sri_Lanka" title="Central Bank of Sri Lanka">Central Bank of Sri Lanka</a> (1950) <a href="/wiki/Central_Bank_of_Paraguay" title="Central Bank of Paraguay">Central Bank of Paraguay</a> (1952), <a href="/wiki/Central_Bank_of_Brazil" title="Central Bank of Brazil">Central Bank of Brazil</a> (1964), <a href="/wiki/Central_Bank_of_Russia" title="Central Bank of Russia">Central Bank of Russia</a> (1990), <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a> (1998).</li> <li>"Monetary Authority", e.g. <a href="/wiki/Monetary_Authority_of_Singapore" title="Monetary Authority of Singapore">Monetary Authority of Singapore</a> (1971), <a href="/wiki/Maldives_Monetary_Authority" title="Maldives Monetary Authority">Maldives Monetary Authority</a> (1981), <a href="/wiki/Hong_Kong_Monetary_Authority" title="Hong Kong Monetary Authority">Hong Kong Monetary Authority</a> (1993), <a href="/wiki/Cayman_Islands_Monetary_Authority" title="Cayman Islands Monetary Authority">Cayman Islands Monetary Authority</a> (1997). The <a href="/wiki/Saudi_Arabian_Monetary_Authority" class="mw-redirect" title="Saudi Arabian Monetary Authority">Saudi Arabian Monetary Authority</a> (est. 1952) was renamed the <a href="/wiki/Saudi_Central_Bank" title="Saudi Central Bank">Saudi Central Bank</a> in 2020 but still uses the acronym SAMA.</li></ul> <p>In some cases, the local-language name is used in English-language practice, e.g. <a href="/wiki/Sveriges_Riksbank" title="Sveriges Riksbank">Sveriges Riksbank</a> (est. 1668, current name in use since 1866), <a href="/wiki/De_Nederlandsche_Bank" title="De Nederlandsche Bank">De Nederlandsche Bank</a> (est. 1814), <span title="German-language text"><span lang="de" style="font-style: normal;"><a href="/wiki/Deutsche_Bundesbank" title="Deutsche Bundesbank">Deutsche Bundesbank</a></span></span> (est. 1957), or <a href="/wiki/Bangko_Sentral_ng_Pilipinas" title="Bangko Sentral ng Pilipinas">Bangko Sentral ng Pilipinas</a> (est. 1993). </p><p>Some commercial banks have names suggestive of central banks, even if they are not: examples are the <a href="/wiki/State_Bank_of_India" title="State Bank of India">State Bank of India</a> and <a href="/wiki/Central_Bank_of_India" title="Central Bank of India">Central Bank of India</a>, <a href="/wiki/National_Bank_of_Greece" title="National Bank of Greece">National Bank of Greece</a>, <a href="/wiki/Banco_do_Brasil" title="Banco do Brasil">Banco do Brasil</a>, <a href="/wiki/National_Bank_of_Pakistan" title="National Bank of Pakistan">National Bank of Pakistan</a>, <a href="/wiki/Bank_of_China" title="Bank of China">Bank of China</a>, <a href="/wiki/Bank_of_Cyprus" title="Bank of Cyprus">Bank of Cyprus</a>, or <a href="/wiki/Bank_of_Ireland" title="Bank of Ireland">Bank of Ireland</a>, as well as <a href="/wiki/Deutsche_Bank" title="Deutsche Bank">Deutsche Bank</a>. Some but not all of these institutions had assumed central banking roles in the past. </p><p>The leading executive of a central bank is usually known as the <a href="/wiki/Governor" title="Governor">Governor</a>, <a href="/wiki/President_(corporate_title)" title="President (corporate title)">President</a>, or <a href="/wiki/Chairperson" class="mw-redirect" title="Chairperson">Chair</a>. </p> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Central_bank&action=edit&section=3" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/History_of_banking" title="History of banking">History of banking</a> and <a href="/wiki/History_of_central_banking_in_the_United_States" title="History of central banking in the United States">History of central banking in the United States</a></div><p>The widespread adoption of central banking is a rather recent phenomenon. At the start of the 20th century, approximately two-thirds of sovereign states did not have a central bank. Waves of central bank adoption occurred in the interwar period and in the aftermath of World War II.<sup id="cite_ref-:0_20-0" class="reference"><a href="#cite_note-:0-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p><p>In the 20th century, central banks were often created with the intent to attract foreign capital, as bankers preferred to lend to countries with a central bank on the gold standard.<sup id="cite_ref-:0_20-1" class="reference"><a href="#cite_note-:0-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Background">Background</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Central_bank&action=edit&section=4" title="Edit section: Background"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/History_of_money" title="History of money">History of money</a></div> <p>The use of <a href="/wiki/Money" title="Money">money</a> as a unit of account predates history. Government control of money is documented in the <a href="/wiki/Ancient_Egypt" title="Ancient Egypt">ancient Egyptian</a> economy (2750–2150 BCE).<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> The Egyptians measured the value of goods with a central unit called <i>shat</i>. Like many other currencies, the shat was linked to <a href="/wiki/Gold" title="Gold">gold</a>. The value of a shat in terms of goods was defined by government administrations. Other cultures in <a href="/wiki/Asia_Minor" class="mw-redirect" title="Asia Minor">Asia Minor</a> later materialized their currencies in the form of gold and silver <a href="/wiki/Coin" title="Coin">coins</a>.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p><p>The mere issuance of <a href="/wiki/Paper_currency" class="mw-redirect" title="Paper currency">paper currency</a> or other types of financial money by a government is not the same as central banking. The difference is that government-issued financial money, as present e.g. in <a href="/wiki/China" title="China">China</a> during the <a href="/wiki/Yuan_dynasty" title="Yuan dynasty">Yuan dynasty</a> in the form of paper currency, is typically not freely <a href="/wiki/Convertibility" title="Convertibility">convertible</a> and thus of inferior quality, occasionally leading to <a href="/wiki/Hyperinflation" title="Hyperinflation">hyperinflation</a>. </p><p>From the 12th century, a network of professional <a href="/wiki/Bank" title="Bank">banks</a> emerged primarily in <a href="/wiki/Southern_Europe" title="Southern Europe">Southern Europe</a> (including Southern France, with the <a href="/wiki/Cahorsins" title="Cahorsins">Cahorsins</a>).<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> Banks could use book money to create <a href="/wiki/Deposit_(finance)" title="Deposit (finance)">deposits</a> for their customers. Thus, they had the possibility to issue, lend and transfer money autonomously without direct control from political authorities. </p> <div class="mw-heading mw-heading3"><h3 id="Early_municipal_central_banks">Early municipal central banks</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Central_bank&action=edit&section=5" title="Edit section: Early municipal central banks"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Sal%C3%B3_de_contractacions_-_45587886644.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/16/Sal%C3%B3_de_contractacions_-_45587886644.jpg/220px-Sal%C3%B3_de_contractacions_-_45587886644.jpg" decoding="async" width="220" height="147" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/16/Sal%C3%B3_de_contractacions_-_45587886644.jpg/330px-Sal%C3%B3_de_contractacions_-_45587886644.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/16/Sal%C3%B3_de_contractacions_-_45587886644.jpg/440px-Sal%C3%B3_de_contractacions_-_45587886644.jpg 2x" data-file-width="5760" data-file-height="3840" /></a><figcaption>Interior of the <a href="/wiki/Llotja_de_Barcelona" title="Llotja de Barcelona">Llotja de Barcelona</a> where the city's <i>Taula de canvi</i> was operated</figcaption></figure> <p>The <a href="/wiki/Taula_de_canvi_de_Barcelona" title="Taula de canvi de Barcelona">Taula de canvi de Barcelona</a>, established in 1401, is the first example of municipal, mostly public banks which pioneered central banking on a limited scale. It was soon emulated by the <a href="/wiki/Bank_of_Saint_George" title="Bank of Saint George">Bank of Saint George</a> in the <a href="/wiki/Republic_of_Genoa" title="Republic of Genoa">Republic of Genoa</a>, first established in 1407, and significantly later by the <a href="/wiki/Banco_del_Giro" title="Banco del Giro">Banco del Giro</a> in the <a href="/wiki/Republic_of_Venice" title="Republic of Venice">Republic of Venice</a> and by a network of institutions in <a href="/wiki/Naples" title="Naples">Naples</a> that later consolidated into <a href="/wiki/Banco_di_Napoli" title="Banco di Napoli">Banco di Napoli</a>. Notable municipal central banks were established in the early 17th century in leading northwestern European commercial centers, namely the <a href="/wiki/Bank_of_Amsterdam" title="Bank of Amsterdam">Bank of Amsterdam</a> in 1609<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> and the <a href="/wiki/Hamburger_Bank" title="Hamburger Bank">Hamburger Bank</a> in 1619.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> These institutions offered a public infrastructure for cashless international payments.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> They aimed to increase the efficiency of international trade and to safeguard monetary stability. These municipal public banks thus fulfilled comparable functions to modern central banks.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Early_national_central_banks">Early national central banks</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Central_bank&action=edit&section=6" title="Edit section: Early national central banks"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Thomas_Malton_after_Sir_Robert_Taylor_PrincipalFront_ofBankofEngland1791.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a0/Thomas_Malton_after_Sir_Robert_Taylor_PrincipalFront_ofBankofEngland1791.jpg/220px-Thomas_Malton_after_Sir_Robert_Taylor_PrincipalFront_ofBankofEngland1791.jpg" decoding="async" width="220" height="154" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a0/Thomas_Malton_after_Sir_Robert_Taylor_PrincipalFront_ofBankofEngland1791.jpg/330px-Thomas_Malton_after_Sir_Robert_Taylor_PrincipalFront_ofBankofEngland1791.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a0/Thomas_Malton_after_Sir_Robert_Taylor_PrincipalFront_ofBankofEngland1791.jpg/440px-Thomas_Malton_after_Sir_Robert_Taylor_PrincipalFront_ofBankofEngland1791.jpg 2x" data-file-width="500" data-file-height="351" /></a><figcaption>The <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a> in 1791</figcaption></figure> <p>The Swedish central bank, known since 1866 as <a href="/wiki/Sveriges_Riksbank" title="Sveriges Riksbank">Sveriges Riksbank</a>, was founded in <a href="/wiki/Stockholm" title="Stockholm">Stockholm</a> in 1664 from the remains of the failed <a href="/wiki/Stockholms_Banco" title="Stockholms Banco">Stockholms Banco</a> and answered to the <a href="/wiki/Riksdag_of_the_Estates" title="Riksdag of the Estates">Riksdag of the Estates</a>, Sweden's early modern parliament.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> One role of the Swedish central bank was lending money to the government.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p><p>The establishment of the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a> was devised by <a href="/wiki/Charles_Montagu,_1st_Earl_of_Halifax" title="Charles Montagu, 1st Earl of Halifax">Charles Montagu, 1st Earl of Halifax</a>, following a 1691 proposal by <a href="/wiki/William_Paterson_(banker)" title="William Paterson (banker)">William Paterson</a>.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> A <a href="/wiki/Royal_charter" title="Royal charter">royal charter</a> was granted on 27 July 1694 through the passage of the <a href="/wiki/Tonnage_Act_1694" class="mw-redirect" title="Tonnage Act 1694">Tonnage Act</a>.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> The bank was given exclusive possession of the government's balances, and was the only limited-liability corporation allowed to issue <a href="/wiki/Banknote" title="Banknote">banknotes</a>.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources"><span title="This citation requires a reference to the specific page or range of pages in which the material appears. (October 2015)">page needed</span></a></i>]</sup> The early modern Bank of England, however, did not have all the functions of a today's central banks, e.g. to regulate the value of the national currency, to finance the government, to be the sole authorized distributor of banknotes, or to function as a <a href="/wiki/Lender_of_last_resort" title="Lender of last resort">lender of last resort</a> to banks suffering a <a href="/wiki/Liquidity_crisis" title="Liquidity crisis">liquidity crisis</a>. </p><p>In the early 18th century, a major experiment in national central banking failed in <a href="/wiki/France" title="France">France</a> with <a href="/wiki/John_Law_(economist)" title="John Law (economist)">John Law</a>'s <a href="/wiki/Banque_Royale" class="mw-redirect" title="Banque Royale">Banque Royale</a> in 1720–1721. Later in the century, France had other attempts with the <a href="/wiki/Caisse_d%27Escompte" class="mw-redirect" title="Caisse d'Escompte">Caisse d'Escompte</a> first created in 1767, and <a href="/wiki/Charles_III_of_Spain" title="Charles III of Spain">King Charles III</a> established the <a href="/wiki/Bank_of_Spain" title="Bank of Spain">Bank of Spain</a> in 1782. The <a href="/wiki/Russian_Assignation_Bank" title="Russian Assignation Bank">Russian Assignation Bank</a>, established in 1769 by <a href="/wiki/Catherine_the_Great" title="Catherine the Great">Catherine the Great</a>, was an outlier from the general pattern of early national central banks in that it was directly owned by the Imperial Russian government, rather than private individual shareholders. In the nascent <a href="/wiki/United_States" title="United States">United States</a>, <a href="/wiki/Alexander_Hamilton" title="Alexander Hamilton">Alexander Hamilton</a>, as Secretary of the Treasury in the 1790s, set up the <a href="/wiki/First_Bank_of_the_United_States" title="First Bank of the United States">First Bank of the United States</a> despite heavy opposition from <a href="/wiki/Jeffersonian_Republicans" class="mw-redirect" title="Jeffersonian Republicans">Jeffersonian Republicans</a>.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="National_central_banks_since_1800">National central banks since 1800</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Central_bank&action=edit&section=7" title="Edit section: National central banks since 1800"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:BankofFinlandSuomenPankkiFinlandsBank.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/89/BankofFinlandSuomenPankkiFinlandsBank.jpg/220px-BankofFinlandSuomenPankkiFinlandsBank.jpg" decoding="async" width="220" height="101" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/89/BankofFinlandSuomenPankkiFinlandsBank.jpg/330px-BankofFinlandSuomenPankkiFinlandsBank.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/89/BankofFinlandSuomenPankkiFinlandsBank.jpg/440px-BankofFinlandSuomenPankkiFinlandsBank.jpg 2x" data-file-width="1198" data-file-height="551" /></a><figcaption>The <a href="/wiki/Bank_of_Finland" title="Bank of Finland">Bank of Finland</a> in <a href="/wiki/Helsinki" title="Helsinki">Helsinki</a></figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Marriner_S._Eccles_Federal_Reserve_Board_Building.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8d/Marriner_S._Eccles_Federal_Reserve_Board_Building.jpg/220px-Marriner_S._Eccles_Federal_Reserve_Board_Building.jpg" decoding="async" width="220" height="122" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8d/Marriner_S._Eccles_Federal_Reserve_Board_Building.jpg/330px-Marriner_S._Eccles_Federal_Reserve_Board_Building.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8d/Marriner_S._Eccles_Federal_Reserve_Board_Building.jpg/440px-Marriner_S._Eccles_Federal_Reserve_Board_Building.jpg 2x" data-file-width="2978" data-file-height="1652" /></a><figcaption>The <a href="/wiki/Eccles_Building" title="Eccles Building">Eccles Building</a> in <a href="/wiki/Washington,_D.C." title="Washington, D.C.">Washington, D.C.</a> houses the main offices of the <a href="/wiki/Board_of_Governors_of_the_Federal_Reserve" class="mw-redirect" title="Board of Governors of the Federal Reserve">Board of Governors of the Federal Reserve</a></figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:People%27s_Bank_of_China.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/62/People%27s_Bank_of_China.jpg/220px-People%27s_Bank_of_China.jpg" decoding="async" width="220" height="135" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/62/People%27s_Bank_of_China.jpg/330px-People%27s_Bank_of_China.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/62/People%27s_Bank_of_China.jpg/440px-People%27s_Bank_of_China.jpg 2x" data-file-width="2410" data-file-height="1480" /></a><figcaption>Head office of the <a href="/wiki/People%27s_Bank_of_China" title="People's Bank of China">People's Bank of China</a> in <a href="/wiki/Beijing" title="Beijing">Beijing</a></figcaption></figure> <p>Central banks were established in many European countries during the 19th century.<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> Napoleon created the <a href="/wiki/Banque_de_France" class="mw-redirect" title="Banque de France">Banque de France</a> in 1800, in order to stabilize and develop the French economy and to improve the financing of his wars.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> The Bank of France remained the most important Continental European central bank throughout the 19th century.<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Bank_of_Finland" title="Bank of Finland">Bank of Finland</a> was founded in 1812, soon after Finland had been taken over from Sweden by Russia to become a <a href="/wiki/Grand_Duchy_of_Finland" title="Grand Duchy of Finland">grand duchy</a>.<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> Simultaneously, a quasi-central banking role was played by a small group of powerful family-run banking networks, typified by the <a href="/wiki/Rothschild_family" title="Rothschild family">House of Rothschild</a>, with branches in major cities across Europe, as well as <a href="/wiki/Hottinguer_family" title="Hottinguer family">Hottinguer</a> in Switzerland and <a href="/wiki/Oppenheim_family" title="Oppenheim family">Oppenheim</a> in Germany.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> </p><p>The theory of central banking, even though the name was not yet widely used, evolved in the 19th century. <a href="/wiki/Henry_Thornton_(reformer)" title="Henry Thornton (reformer)">Henry Thornton</a>, an opponent of the <a href="/wiki/Real_bills_doctrine" title="Real bills doctrine">real bills doctrine</a>, was a defender of the bullionist position and a significant figure in monetary theory. Thornton's process of monetary expansion anticipated the theories of <a href="/wiki/Knut_Wicksell" title="Knut Wicksell">Knut Wicksell</a> regarding the "cumulative process which restates the Quantity Theory in a theoretically coherent form". As a response to a currency crisis in 1797, Thornton wrote in 1802 <i><a href="/wiki/An_Enquiry_into_the_Nature_and_Effects_of_the_Paper_Credit_of_Great_Britain" class="mw-redirect" title="An Enquiry into the Nature and Effects of the Paper Credit of Great Britain">An Enquiry into the Nature and Effects of the Paper Credit of Great Britain</a></i>, in which he argued that the increase in paper credit did not cause the crisis. The book also gives a detailed account of the British monetary system as well as a detailed examination of the ways in which the Bank of England should act to counteract fluctuations in the value of the pound.<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> </p><p>In the United Kingdom until the mid-nineteenth century, commercial banks were able to issue their own banknotes, and notes issued by provincial banking companies were commonly in circulation.<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> Many consider the origins of the central bank to lie with the passage of the <a href="/wiki/Bank_Charter_Act_1844" title="Bank Charter Act 1844">Bank Charter Act 1844</a>.<sup id="cite_ref-lse_16-1" class="reference"><a href="#cite_note-lse-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> Under the 1844 Act, <a href="/wiki/Bullionism" title="Bullionism">bullionism</a> was institutionalized in Britain,<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> creating a ratio between the gold reserves held by the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a> and the notes that the bank could issue.<sup id="cite_ref-Poovey_44-0" class="reference"><a href="#cite_note-Poovey-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> The Act also placed strict curbs on the issuance of notes by the country banks.<sup id="cite_ref-Poovey_44-1" class="reference"><a href="#cite_note-Poovey-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> The Bank of England took over a role of lender of last resort in the 1870s after criticism of its lacklustre response to the failure of <a href="/wiki/Overend,_Gurney_and_Company" title="Overend, Gurney and Company">Overend, Gurney and Company</a>. The journalist <a href="/wiki/Walter_Bagehot" title="Walter Bagehot">Walter Bagehot</a> wrote on the subject in <i><a href="/wiki/Lombard_Street:_A_Description_of_the_Money_Market" title="Lombard Street: A Description of the Money Market">Lombard Street: A Description of the Money Market</a></i>, in which he advocated for the bank to officially become a <a href="/wiki/Lender_of_last_resort" title="Lender of last resort">lender of last resort</a> during a <a href="/wiki/Credit_crunch" title="Credit crunch">credit crunch</a>, sometimes referred to as "Bagehot's dictum". </p><p>The 19th and early 20th centuries central banks in most of Europe and <a href="/wiki/Bank_of_Japan" title="Bank of Japan">Japan</a> developed under the international <a href="/wiki/Gold_standard" title="Gold standard">gold standard</a>. <a href="/wiki/Free_banking" title="Free banking">Free banking</a> or <a href="/wiki/Currency_board" title="Currency board">currency boards</a> were common at the time.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (July 2023)">citation needed</span></a></i>]</sup> Problems with collapses of banks during downturns, however, led to wider support for central banks in those nations which did not as yet possess them, for example in Australia.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (July 2023)">citation needed</span></a></i>]</sup> In the United States, the role of a central bank had been ended in the so-called <a href="/wiki/Bank_War" title="Bank War">Bank War</a> of the 1830s by President <a href="/wiki/Andrew_Jackson" title="Andrew Jackson">Andrew Jackson</a>.<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup> In 1913, the U.S. created the <a href="/wiki/Federal_Reserve_System" class="mw-redirect" title="Federal Reserve System">Federal Reserve System</a> through the passing of <a href="/wiki/The_Federal_Reserve_Act" class="mw-redirect" title="The Federal Reserve Act">The Federal Reserve Act</a>.<sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> </p><p>Following <a href="/wiki/World_War_I" title="World War I">World War I</a>, the <a href="/wiki/Economic_and_Financial_Organization_of_the_League_of_Nations" title="Economic and Financial Organization of the League of Nations">Economic and Financial Organization</a> (EFO) of the <a href="/wiki/League_of_Nations" title="League of Nations">League of Nations</a>, influenced by the ideas of <a href="/wiki/Montagu_Norman" class="mw-redirect" title="Montagu Norman">Montagu Norman</a> and other leading policymakers and economists of the time, took an active role to promote the independence of central banks, a key component of the economic orthodoxy the EFO fostered at the <a href="/wiki/Brussels_Conference_(1920)" class="mw-redirect" title="Brussels Conference (1920)">Brussels Conference (1920)</a>. The EFO thus directed the creation of the <a href="/wiki/Oesterreichische_Nationalbank" title="Oesterreichische Nationalbank">Oesterreichische Nationalbank</a> in <a href="/wiki/Austria" title="Austria">Austria</a>, <a href="/wiki/Hungarian_National_Bank" title="Hungarian National Bank">Hungarian National Bank</a>, <a href="/wiki/Bank_of_Danzig" title="Bank of Danzig">Bank of Danzig</a>, and <a href="/wiki/Bank_of_Greece" title="Bank of Greece">Bank of Greece</a>, as well as comprehensive reforms of the <a href="/wiki/Bulgarian_National_Bank" title="Bulgarian National Bank">Bulgarian National Bank</a> and <a href="/wiki/Bank_of_Estonia" title="Bank of Estonia">Bank of Estonia</a>. Similar ideas were emulated in other newly independent European countries, e.g. for the <a href="/wiki/National_Bank_of_Czechoslovakia" title="National Bank of Czechoslovakia">National Bank of Czechoslovakia</a>.<sup id="cite_ref-DeCecco_14-1" class="reference"><a href="#cite_note-DeCecco-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Brazil" title="Brazil">Brazil</a> established a central bank in 1945, which was a precursor to the <a href="/wiki/Central_Bank_of_Brazil" title="Central Bank of Brazil">Central Bank of Brazil</a> created twenty years later. After gaining independence, numerous African and Asian countries also established central banks or monetary unions. The <a href="/wiki/Reserve_Bank_of_India" title="Reserve Bank of India">Reserve Bank of India</a>, which had been established during British colonial rule as a private company, was nationalized in 1949 following India's independence. By the early 21st century, most of the world's countries had a national central bank set up as a <a href="/wiki/Public_sector" title="Public sector">public sector</a> institution, albeit with widely varying degrees of independence. </p> <div class="mw-heading mw-heading3"><h3 id="Colonial,_extraterritorial_and_federal_central_banks"><span id="Colonial.2C_extraterritorial_and_federal_central_banks"></span>Colonial, extraterritorial and federal central banks</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Central_bank&action=edit&section=8" title="Edit section: Colonial, extraterritorial and federal central banks"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:COLLECTIE_TROPENMUSEUM_Kantoor_van_de_Javasche_Bank_in_Batavia_TMnr_60047649.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/62/COLLECTIE_TROPENMUSEUM_Kantoor_van_de_Javasche_Bank_in_Batavia_TMnr_60047649.jpg/220px-COLLECTIE_TROPENMUSEUM_Kantoor_van_de_Javasche_Bank_in_Batavia_TMnr_60047649.jpg" decoding="async" width="220" height="156" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/62/COLLECTIE_TROPENMUSEUM_Kantoor_van_de_Javasche_Bank_in_Batavia_TMnr_60047649.jpg/330px-COLLECTIE_TROPENMUSEUM_Kantoor_van_de_Javasche_Bank_in_Batavia_TMnr_60047649.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/62/COLLECTIE_TROPENMUSEUM_Kantoor_van_de_Javasche_Bank_in_Batavia_TMnr_60047649.jpg/440px-COLLECTIE_TROPENMUSEUM_Kantoor_van_de_Javasche_Bank_in_Batavia_TMnr_60047649.jpg 2x" data-file-width="700" data-file-height="495" /></a><figcaption>Head office of the Bank of Java in Batavia, early 20th century</figcaption></figure> <p>Before the near-generalized adoption of the model of national public-sector central banks, a number of economies relied on a central bank that was effectively or legally run from outside their territory. The first colonial central banks, such as the <a href="/wiki/Bank_of_Java" title="Bank of Java">Bank of Java</a> (est. 1828 in <a href="/wiki/Batavia,_Dutch_East_Indies" title="Batavia, Dutch East Indies">Batavia</a>), <a href="/wiki/Banque_de_l%27Alg%C3%A9rie" title="Banque de l'Algérie">Banque de l'Algérie</a> (est. 1851 in <a href="/wiki/Algiers" title="Algiers">Algiers</a>), or <a href="/wiki/Hongkong_and_Shanghai_Banking_Corporation" class="mw-redirect" title="Hongkong and Shanghai Banking Corporation">Hongkong and Shanghai Banking Corporation</a> (est. 1865 in <a href="/wiki/Hong_Kong" title="Hong Kong">Hong Kong</a>), operated from the colony itself. Following the generalization of the transcontinental use of the <a href="/wiki/Electrical_telegraph" title="Electrical telegraph">electrical telegraph</a> using <a href="/wiki/Submarine_communications_cable" title="Submarine communications cable">submarine communications cable</a>, however, new colonial banks were typically headquartered in the colonial metropolis; prominent examples included the Paris-based <a href="/wiki/Banque_de_l%27Indochine" title="Banque de l'Indochine">Banque de l'Indochine</a> (est. 1875), <a href="/wiki/Banque_de_l%27Afrique_Occidentale" title="Banque de l'Afrique Occidentale">Banque de l'Afrique Occidentale</a> (est. 1901), and <a href="/wiki/Banque_de_Madagascar" title="Banque de Madagascar">Banque de Madagascar</a> (est. 1925). The Banque de l'Algérie's head office was relocated from Algiers to Paris in 1900. </p><p>In some cases, independent countries which did not have a strong domestic base of <a href="/wiki/Capital_accumulation" title="Capital accumulation">capital accumulation</a> and were critically reliant on foreign funding found advantage in granting a central banking role to banks that were effectively or even legally foreign. A seminal case was the <a href="/wiki/Imperial_Ottoman_Bank" class="mw-redirect" title="Imperial Ottoman Bank">Imperial Ottoman Bank</a> established in 1863 as a French-British joint venture, and a particularly egregious one was the Paris-based <a href="/wiki/National_Bank_of_Haiti" title="National Bank of Haiti">National Bank of Haiti</a> (est. 1881) which captured significant financial resources from the economically struggling albeit independent nation of <a href="/wiki/Haiti" title="Haiti">Haiti</a>.<sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> Other cases include the London-based <a href="/wiki/Imperial_Bank_of_Persia" title="Imperial Bank of Persia">Imperial Bank of Persia</a>, established in 1885, and the Rome-based <a href="/wiki/National_Bank_of_Albania" class="mw-redirect" title="National Bank of Albania">National Bank of Albania</a>, established in 1925. The <a href="/wiki/State_Bank_of_Morocco" title="State Bank of Morocco">State Bank of Morocco</a> was established in 1907 with international shareholding and headquarters functions distributed between Paris and <a href="/wiki/Tangier" title="Tangier">Tangier</a>, a half-decade before the country lost its independence. In other cases, there have been organized currency unions such as the <a href="/wiki/Belgium%E2%80%93Luxembourg_Economic_Union" title="Belgium–Luxembourg Economic Union">Belgium–Luxembourg Economic Union</a> established in 1921, under which Luxembourg had no central bank, but that was managed by a national central bank (in that case the <a href="/wiki/National_Bank_of_Belgium" title="National Bank of Belgium">National Bank of Belgium</a>) rather than a supranational one. The present-day <a href="/wiki/Common_Monetary_Area" title="Common Monetary Area">Common Monetary Area</a> of Southern Africa has comparable features. </p><p>Yet another pattern was set in countries where federated or otherwise sub-sovereign entities had wide policy autonomy that was echoed to varying degrees in the organization of the central bank itself. These included, for example, the <a href="/wiki/Austro-Hungarian_Bank" title="Austro-Hungarian Bank">Austro-Hungarian Bank</a> from 1878 to 1918, the U.S. <a href="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve</a> in its first two decades, the <a href="/wiki/Bank_deutscher_L%C3%A4nder" title="Bank deutscher Länder">Bank deutscher Länder</a> between 1948 and 1957, or the <a href="/wiki/National_Bank_of_Yugoslavia" title="National Bank of Yugoslavia">National Bank of Yugoslavia</a> between 1972 and 1993. Conversely, some countries that are politically organized as federations, such as today's Canada, Mexico, or Switzerland, rely on a unitary central bank. </p> <div class="mw-heading mw-heading3"><h3 id="Supranational_central_banks">Supranational central banks</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Central_bank&action=edit&section=9" title="Edit section: Supranational central banks"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Frankfurt_EZB.Nordwest-2.20141228.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/0b/Frankfurt_EZB.Nordwest-2.20141228.jpg/220px-Frankfurt_EZB.Nordwest-2.20141228.jpg" decoding="async" width="220" height="155" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/0b/Frankfurt_EZB.Nordwest-2.20141228.jpg/330px-Frankfurt_EZB.Nordwest-2.20141228.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/0b/Frankfurt_EZB.Nordwest-2.20141228.jpg/440px-Frankfurt_EZB.Nordwest-2.20141228.jpg 2x" data-file-width="4507" data-file-height="3166" /></a><figcaption>The <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a>'s main building in <a href="/wiki/Frankfurt" title="Frankfurt">Frankfurt</a></figcaption></figure> <p>In the second half of the 20th century, the dismantling of colonial systems left some groups of countries using the same currency even though they had achieved national independence. In contrast to the unraveling of <a href="/wiki/Austria-Hungary" title="Austria-Hungary">Austria-Hungary</a> and the <a href="/wiki/Ottoman_Empire" title="Ottoman Empire">Ottoman Empire</a> after <a href="/wiki/World_War_I" title="World War I">World War I</a>, some of these countries decided to keep using a common currency, thus forming a <a href="/wiki/Monetary_union" class="mw-redirect" title="Monetary union">monetary union</a>, and to entrust its management to a common central bank. Examples include the <a href="/wiki/Eastern_Caribbean_Currency_Authority" class="mw-redirect" title="Eastern Caribbean Currency Authority">Eastern Caribbean Currency Authority</a>, the <a href="/wiki/Central_Bank_of_West_African_States" title="Central Bank of West African States">Central Bank of West African States</a>, and the <a href="/wiki/Bank_of_Central_African_States" title="Bank of Central African States">Bank of Central African States</a>. </p><p>The concept of supranational central banking took a globally significant dimension with the <a href="/wiki/Economic_and_Monetary_Union_of_the_European_Union" title="Economic and Monetary Union of the European Union">Economic and Monetary Union</a> of the <a href="/wiki/European_Union" title="European Union">European Union</a> and the establishment of the <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a> (ECB) in 1998. In 2014, the ECB took an additional role of banking supervision as part of the newly established policy of <a href="/wiki/European_banking_union" title="European banking union">European banking union</a>. </p> <div class="mw-heading mw-heading2"><h2 id="Central_bank_mandates">Central bank mandates</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Central_bank&action=edit&section=10" title="Edit section: Central bank mandates"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Price_stability">Price stability</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Central_bank&action=edit&section=11" title="Edit section: Price stability"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The primary role of central banks is usually to maintain price stability, as defined as a specific level of inflation. <a href="/wiki/Inflation" title="Inflation">Inflation</a> is defined either as the devaluation of a currency or equivalently the rise of prices relative to a currency. Most central banks currently have an inflation target close to 2%. </p><p>Since inflation lowers <a href="/wiki/Real_wage" class="mw-redirect" title="Real wage">real wages</a>, <a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesians</a> view inflation as the solution to involuntary unemployment. However, "unanticipated" inflation leads to lender losses as the real interest rate will be lower than expected. Thus, Keynesian monetary policy aims for a steady rate of inflation. </p><p>Central banks as monetary authorities in representative states are intertwined through globalized financial markets. As a regulator of one of the most widespread currencies in the global economy, the US Federal Reserve plays an outsized role in the international monetary market. Being the main supplier and rate adjusted for US dollars, the Federal Reserve implements a set of requirements to control inflation and unemployment in the US.<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="High_employment">High employment</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Central_bank&action=edit&section=12" title="Edit section: High employment"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Frictional_unemployment" title="Frictional unemployment">Frictional unemployment</a> is the time period between jobs when a worker is searching for, or transitioning from one job to another. Unemployment beyond frictional unemployment is classified as unintended unemployment. For example, <a href="/wiki/Structural_unemployment" title="Structural unemployment">structural unemployment</a> is a form of unintended unemployment resulting from a mismatch between demand in the labour market and the skills and locations of the workers seeking employment. Macroeconomic policy generally aims to reduce unintended unemployment. </p><p>Keynes labeled any jobs that would be created by a rise in wage-goods (i.e., a decrease in <a href="/wiki/Real_wage" class="mw-redirect" title="Real wage">real-wages</a>) as <a href="/wiki/Involuntary_unemployment" title="Involuntary unemployment">involuntary unemployment</a>: </p> <dl><dd><dl><dd>Men are involuntarily unemployed if, in the event of a small rise in the price of wage-goods relatively to the money-wage, both the aggregate supply of labour willing to work for the current money-wage and the aggregate demand for it at that wage would be greater than the existing volume of employment.— <a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a>, <i><a href="/wiki/The_General_Theory_of_Employment,_Interest_and_Money" title="The General Theory of Employment, Interest and Money">The General Theory of Employment, Interest and Money</a></i> p1</dd></dl></dd></dl> <div class="mw-heading mw-heading3"><h3 id="Economic_growth">Economic growth</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Central_bank&action=edit&section=13" title="Edit section: Economic growth"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Economic growth can be enhanced by investment in <a href="/wiki/Capital_(economics)" title="Capital (economics)">capital</a>, such as more or better machinery. A low interest rate implies that firms can borrow money to invest in their capital stock and pay less interest for it. Lowering the interest is therefore considered to encourage economic growth and is often used to alleviate times of low economic growth. On the other hand, raising the interest rate is often used in times of high economic growth as a contra-cyclical device to keep the economy from overheating and avoid market bubbles. </p><p>Further goals of monetary policy are stability of interest rates, of the financial market, and of the foreign exchange market. Goals frequently cannot be separated from each other and often conflict. Costs must therefore be carefully weighed before policy implementation. </p> <div class="mw-heading mw-heading3"><h3 id="Climate_change">Climate change</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Central_bank&action=edit&section=14" title="Edit section: Climate change"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the aftermath of the <a href="/wiki/Paris_Agreement" title="Paris Agreement">Paris agreement on climate change</a>, a debate is now underway on whether central banks should also pursue environmental goals as part of their activities. In 2017, eight central banks formed the <a href="/wiki/Network_for_Greening_the_Financial_System" title="Network for Greening the Financial System">Network for Greening the Financial System (NGFS)</a><sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> to evaluate the way in which central banks can use their regulatory and monetary policy tools to support <a href="/wiki/Climate_change_mitigation" title="Climate change mitigation">climate change mitigation</a>. Today more than 70 central banks are part of the NGFS.<sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> </p><p>In January 2020, the <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a> has announced<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> it will consider climate considerations when reviewing its monetary policy framework. </p><p>Proponents of "green monetary policy" are proposing that central banks include climate-related criteria in their collateral eligibility frameworks, when conducting asset purchases and also in their refinancing operations.<sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> But critics such as <a href="/wiki/Jens_Weidmann" title="Jens Weidmann">Jens Weidmann</a> are arguing it is not central banks' role to conduct climate policy.<sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> China is among the most advanced central banks when it comes to green monetary policy.<sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> It has given green bonds preferential status to lower their yield<sup id="cite_ref-55" class="reference"><a href="#cite_note-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> and uses window policy to direct green lending.<sup id="cite_ref-56" class="reference"><a href="#cite_note-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> </p><p>The implications of potential <a href="/wiki/Stranded_asset" title="Stranded asset">stranded assets</a> in the economy highlights one example of the embedded transition risk to climate change with potential <a href="/wiki/Cascade_effect" title="Cascade effect">cascade effects</a> throughout the <a href="/wiki/Financial_system" title="Financial system">financial system</a>.<sup id="cite_ref-57" class="reference"><a href="#cite_note-57"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-58" class="reference"><a href="#cite_note-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-59" class="reference"><a href="#cite_note-59"><span class="cite-bracket">[</span>59<span class="cite-bracket">]</span></a></sup> In response, four broad types of interventions including methodology development, investor encouragement, <a href="/wiki/Financial_regulation" title="Financial regulation">financial regulation</a> and policy toolkits have been adopted by or suggested for central banks.<sup id="cite_ref-:0_20-2" class="reference"><a href="#cite_note-:0-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p><p>Achieving the <a href="/wiki/2_degree_climate_target" title="2 degree climate target">2°C threshold</a> revolve in part around the development of climate-aligned financial regulations. A significant challenge lies in the lack of awareness among corporations and investors, driven by poor information flow and insufficient disclosure.<sup id="cite_ref-:0_20-3" class="reference"><a href="#cite_note-:0-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> To address this issue, regulators and central banks are promoting transparency, <a href="/wiki/Integrated_reporting" title="Integrated reporting">integrated reporting</a>, and exposure specifications, with the goal of promoting long-term, low-carbon emission goals, rather than short-term financial objectives.<sup id="cite_ref-:0_20-4" class="reference"><a href="#cite_note-:0-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-60" class="reference"><a href="#cite_note-60"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup> These regulations aim to assess risk comprehensively, identifying <a href="/wiki/Carbon-intensive" class="mw-redirect" title="Carbon-intensive">carbon-intensive</a> assets and increasing their capital requirements. This should result in high-carbon assets becoming less attractive while favoring low-carbon assets, which have historically been perceived as high-risk, and low <a href="/wiki/Volatility_(finance)" title="Volatility (finance)">volatility</a> <a href="/wiki/Investment_vehicles" class="mw-redirect" title="Investment vehicles">investment vehicles</a>.<sup id="cite_ref-:0_20-5" class="reference"><a href="#cite_note-:0-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-61" class="reference"><a href="#cite_note-61"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-62" class="reference"><a href="#cite_note-62"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Quantitative_easing" title="Quantitative easing">Quantitative easing</a> is a potential measure that could be applied by Central banks to achieve a low-carbon transition.<sup id="cite_ref-:0_20-6" class="reference"><a href="#cite_note-:0-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> Although there is a historical bias toward high-carbon companies, included in Central banks portfolios due to their high credit ratings, innovative approaches to quantitative easing could invert this trend to favor low-carbon assets.<sup id="cite_ref-:0_20-7" class="reference"><a href="#cite_note-:0-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-63" class="reference"><a href="#cite_note-63"><span class="cite-bracket">[</span>63<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-64" class="reference"><a href="#cite_note-64"><span class="cite-bracket">[</span>64<span class="cite-bracket">]</span></a></sup> </p><p>Considering the potential impact of central banks on climate change, it is important to consider the mandates of central banks. The mandate of a central bank can be narrow, meaning only a few objectives are given, limiting the ability of a central bank to include climate change in its policies.<sup id="cite_ref-:0_20-8" class="reference"><a href="#cite_note-:0-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> However, central bank mandates may not necessarily have to be modified to accommodate climate change-related activities.<sup id="cite_ref-:0_20-9" class="reference"><a href="#cite_note-:0-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> For example, the <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a> has incorporated carbon-emissions into its asset purchase criteria, despite its relatively narrow mandate that focuses on price stability.<sup id="cite_ref-65" class="reference"><a href="#cite_note-65"><span class="cite-bracket">[</span>65<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Central_bank_operations">Central bank operations</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Central_bank&action=edit&section=15" title="Edit section: Central bank operations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Currency_board" title="Currency board">Currency board</a></div> <p>The functions of a central bank may include: </p> <ul><li><b>Monetary policy:</b> by setting the official <a href="/wiki/Interest_rate" title="Interest rate">interest rate</a> and controlling the <a href="/wiki/Money_supply" title="Money supply">money supply</a>;</li> <li><b>Financial stability:</b> acting as a government's <a href="/wiki/Banker" class="mw-redirect" title="Banker">banker</a> and as the bankers' bank ("<a href="/wiki/Lender_of_last_resort" title="Lender of last resort">lender of last resort</a>");</li> <li><b>Reserve management:</b> managing a country's <a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">foreign-exchange</a> and <a href="/wiki/Gold_reserves" class="mw-redirect" title="Gold reserves">gold reserves</a> and <a href="/wiki/Government_bond" title="Government bond">government bonds</a>;</li> <li><b>Banking supervision:</b> regulating and supervising the <a href="/wiki/Bank" title="Bank">banking industry</a>, and currency exchange;</li> <li><b>Payments system</b>: managing or supervising means of payments and inter-banking clearing systems;</li> <li><b>Coins and notes issuance;</b></li> <li><b>Other functions</b> of central banks may include economic research, statistical collection, supervision of deposit guarantee schemes, advice to government in financial policy.</li></ul> <div class="mw-heading mw-heading3"><h3 id="Monetary_policy">Monetary policy</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Central_bank&action=edit&section=16" title="Edit section: Monetary policy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Monetary_policy" title="Monetary policy">Monetary policy</a></div> <p>Central banks implement a country's chosen <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a>. </p> <div class="mw-heading mw-heading4"><h4 id="Currency_issuance">Currency issuance</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Central_bank&action=edit&section=17" title="Edit section: Currency issuance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>At the most basic level, monetary policy involves establishing what form of currency the country may have, whether a <a href="/wiki/Fiat_currency" class="mw-redirect" title="Fiat currency">fiat currency</a>, <a href="/wiki/Gold_standard" title="Gold standard">gold-backed currency</a> (disallowed for countries in the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a>), <a href="/wiki/Currency_board" title="Currency board">currency board</a> or a <a href="/wiki/Currency_union" title="Currency union">currency union</a>. When a country has its own national currency, this involves the issue of some form of standardized currency, which is essentially a form of <a href="/wiki/Promissory_note" title="Promissory note">promissory note</a>: "money" under certain circumstances. Historically, this was often a promise to exchange the money for precious metals in some fixed amount. Now, when many currencies are <a href="/wiki/Fiat_money" title="Fiat money">fiat money</a>, the "promise to pay" consists of the promise to accept that currency to pay for taxes. </p><p>A central bank may use another country's currency either directly in a currency union, or indirectly on a currency board. In the latter case, exemplified by the <a href="/wiki/Bulgarian_National_Bank" title="Bulgarian National Bank">Bulgarian National Bank</a>, <a href="/wiki/Hong_Kong" title="Hong Kong">Hong Kong</a> and <a href="/wiki/Latvia" title="Latvia">Latvia</a> (until 2014), the local currency is backed at a fixed rate by the central bank's holdings of a foreign currency. Similar to commercial banks, central banks hold assets (government bonds, foreign exchange, gold, and other financial assets) and incur liabilities (currency outstanding). Central banks create money by issuing <a href="/wiki/Banknote" title="Banknote">banknotes</a> and loaning them to the government in exchange for interest-bearing assets such as government bonds. When central banks decide to increase the money supply by an amount which is greater than the amount their national governments decide to borrow, the central banks may purchase private bonds or assets denominated in foreign currencies. </p><p>The <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a> remits its interest income to the central banks of the member countries of the European Union. The US <a href="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve</a> remits most of its profits to the U.S. Treasury. This income, derived from the power to issue currency, is referred to as <a href="/wiki/Seigniorage" title="Seigniorage">seigniorage</a>, and usually belongs to the national government. The state-sanctioned power to create currency is called the <a href="/wiki/Right_of_Issuance" class="mw-redirect" title="Right of Issuance">Right of Issuance</a>. Throughout history, there have been disagreements over this power, since whoever controls the creation of currency controls the seigniorage income. The expression "monetary policy" may also refer more narrowly to the interest-rate targets and other active measures undertaken by the monetary authority. </p> <div class="mw-heading mw-heading4"><h4 id="Monetary_policy_instruments">Monetary policy instruments</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Central_bank&action=edit&section=18" title="Edit section: Monetary policy instruments"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The primary monetary policy tool available to central banks is the administered interest rate paid on qualifying deposits held with them. Adjusting this rate up or down influences the rate commercial banks pay on their own customer deposits, which in turn influences the rate that commercial banks charge customers for loans. </p><p>A central bank affects the monetary base through <a href="/wiki/Open_market_operations" class="mw-redirect" title="Open market operations">open market operations</a>, if its country has a well developed market for its government bonds. This entails managing the quantity of money in circulation through the buying and selling of various financial instruments, such as treasury bills, repurchase agreements or "repos", company bonds, or foreign currencies, in exchange for money on deposit at the central bank. Those deposits are convertible to currency, so all of these purchases or sales result in more or less base currency entering or leaving market circulation. </p><p>If the central bank wishes to decrease interest rates, it reduces its administered rates (<a href="/wiki/Bank_rate" title="Bank rate">Bank Rate</a>, the <a href="/wiki/Repurchase_agreement" title="Repurchase agreement">reverse repurchase agreement rate</a> and the <a href="/wiki/Discount_window" title="Discount window">discount rate</a>). This results in commercial banks bidding down the rate they pay customers on their deposits and, subsequently, loan rates are reduced commensurately. Cheaper credit can increase <a href="/wiki/Consumer_spending" title="Consumer spending">consumer spending</a> or business investment, stimulating output growth. On the other hand, cheaper interest income can reduce spending, suppressing output. Additionally, when business loans are more affordable, companies can expand to keep up with consumer demand. They ultimately hire more workers, whose incomes increase, which in its turn also increases the demand. This method is usually enough to stimulate demand and drive economic growth to a higher rate. In other instances, monetary policy might instead entail the targeting of a specific exchange rate relative to some foreign currency or else relative to gold. For example, in the case of the <a href="/wiki/United_States" title="United States">United States</a>, the <a href="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve</a> targets the <a href="/wiki/Federal_funds_rate" title="Federal funds rate">federal funds rate</a>, the rate at which member banks lend to one another overnight; however, the <a href="/wiki/Monetary_policy_of_China" title="Monetary policy of China">monetary policy of China</a> (since 2014) is to target the exchange rate between the Chinese renminbi and a basket of foreign currencies. </p><p>A third alternative is to change <a href="/wiki/Reserve_requirements" class="mw-redirect" title="Reserve requirements">reserve requirements</a>. The reserve requirement refers to the proportion of total liabilities that banks must keep on hand overnight, either in its vaults or at the central bank. Banks only maintain a small portion of their assets as cash available for immediate withdrawal; the rest is invested in illiquid assets like mortgages and loans. Lowering the reserve requirement frees up funds for banks to buy other profitable assets. However, even though this tool immediately increases liquidity, central banks rarely change the reserve requirement because doing so frequently adds uncertainty to banks' planning. Most modern central banks now have zero formal reserve requirement. </p> <div class="mw-heading mw-heading4"><h4 id="Unconventional_monetary_policy">Unconventional monetary policy</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Central_bank&action=edit&section=19" title="Edit section: Unconventional monetary policy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Other forms of monetary policy, particularly used when interest rates are at or near 0% and there are concerns about deflation or deflation is occurring, are referred to as <b>unconventional monetary policy</b>. These include <a href="/wiki/Quantitative_easing#Credit_easing" title="Quantitative easing">credit easing</a>, <a href="/wiki/Quantitative_easing" title="Quantitative easing">quantitative easing</a>, <a href="/wiki/Forward_guidance" title="Forward guidance">forward guidance</a>, and <a href="/wiki/Signalling_(economics)" title="Signalling (economics)">signalling</a>.<sup id="cite_ref-66" class="reference"><a href="#cite_note-66"><span class="cite-bracket">[</span>66<span class="cite-bracket">]</span></a></sup> In credit easing, a central bank purchases private sector assets to improve liquidity and improve access to credit. Signaling can be used to lower market expectations for lower interest rates in the future. For example, during the credit crisis of 2008, the <a href="/wiki/US_Federal_Reserve" class="mw-redirect" title="US Federal Reserve">US Federal Reserve</a> indicated rates would be low for an "extended period", and the <a href="/wiki/Bank_of_Canada" title="Bank of Canada">Bank of Canada</a> made a "conditional commitment" to keep rates at the lower bound of 25 basis points (0.25%) until the end of the second quarter of 2010. </p><p>Some have envisaged the use of what Milton Friedman once called "<a href="/wiki/Helicopter_money" title="Helicopter money">helicopter money</a>" whereby the central bank would make direct transfers to citizens<sup id="cite_ref-67" class="reference"><a href="#cite_note-67"><span class="cite-bracket">[</span>67<span class="cite-bracket">]</span></a></sup> in order to lift inflation up to the central bank's intended target. Such policy option could be particularly effective at the zero lower bound.<sup id="cite_ref-68" class="reference"><a href="#cite_note-68"><span class="cite-bracket">[</span>68<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Central_Bank_Digital_Currencies">Central Bank Digital Currencies</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Central_bank&action=edit&section=20" title="Edit section: Central Bank Digital Currencies"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Since 2017, prospect of implementing <a href="/wiki/Central_Bank_Digital_Currency" class="mw-redirect" title="Central Bank Digital Currency">Central Bank Digital Currency</a> (CBDC) has been in discussion.<sup id="cite_ref-69" class="reference"><a href="#cite_note-69"><span class="cite-bracket">[</span>69<span class="cite-bracket">]</span></a></sup> As of the end of 2018, at least 15 central banks were considering to implementing CBDC.<sup id="cite_ref-70" class="reference"><a href="#cite_note-70"><span class="cite-bracket">[</span>70<span class="cite-bracket">]</span></a></sup> Since 2014, the People's Bank of China has been working on a project for digital currency to make its own digital currency and electronic payment systems.<sup id="cite_ref-71" class="reference"><a href="#cite_note-71"><span class="cite-bracket">[</span>71<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-72" class="reference"><a href="#cite_note-72"><span class="cite-bracket">[</span>72<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Banking_supervision_and_other_activities">Banking supervision and other activities</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Central_bank&action=edit&section=21" title="Edit section: Banking supervision and other activities"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar nomobile nowraplinks hlist"><tbody><tr><th class="sidebar-title" style="background: silver">Basel Framework <br /><small>International regulatory standards for banks</small></th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Basel_Committee_on_Banking_Supervision" title="Basel Committee on Banking Supervision">Basel Committee on Banking Supervision</a></li> <li><a href="/wiki/Basel_Accords" title="Basel Accords">Basel Accords</a> <ul><li><a href="/wiki/Basel_I" title="Basel I">Basel I</a></li> <li><a href="/wiki/Basel_II" title="Basel II">Basel II</a></li> <li><a href="/wiki/Basel_III" title="Basel III">Basel III</a> <ul><li><a href="/wiki/Liquidity_coverage_ratio" class="mw-redirect" title="Liquidity coverage ratio">LCR</a></li> <li><a href="/wiki/Net_stable_funding_ratio" title="Net stable funding ratio">NSFR</a></li> <li><a href="/wiki/Fundamental_Review_of_the_Trading_Book" title="Fundamental Review of the Trading Book">FRTB</a></li> <li><a href="/wiki/Basel_III:_Finalising_post-crisis_reforms" title="Basel III: Finalising post-crisis reforms">Endgame</a></li></ul></li></ul></li></ul></td> </tr><tr><th class="sidebar-heading" style="font-weight: normal; background: silver; padding-bottom: 0.3em;"> Background</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Banking" class="mw-redirect" title="Banking">Banking</a> / <a href="/wiki/Bank_regulation" class="mw-redirect" title="Bank regulation">Regulation</a></li> <li><a href="/wiki/Monetary_policy" title="Monetary policy">Monetary policy</a> / <a class="mw-selflink selflink">Central bank</a></li> <li><a href="/wiki/Risk" title="Risk">Risk</a> / <a href="/wiki/Risk_management" title="Risk management">Risk management</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="font-weight: normal; background: silver; padding-bottom: 0.3em;"> Pillar 1: Regulatory capital</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Capital_requirement" title="Capital requirement">Capital requirement</a> <ul><li><a href="/wiki/Capital_adequacy_ratio" title="Capital adequacy ratio">Capital ratio</a></li> <li><a href="/wiki/Basel_III#Leverage_ratio" title="Basel III">Leverage ratio</a></li> <li><a href="/wiki/Tier_1_capital" title="Tier 1 capital">Tier 1</a></li> <li><a href="/wiki/Tier_2_capital" title="Tier 2 capital">Tier 2</a></li></ul></li> <li><a href="/wiki/Credit_risk" title="Credit risk">Credit risk</a> <ul><li><a href="/wiki/Standardized_approach_(credit_risk)" title="Standardized approach (credit risk)">SA-CR</a></li> <li><a href="/wiki/Internal_ratings-based_approach_(credit_risk)" title="Internal ratings-based approach (credit risk)">IRB</a> <ul><li><a href="/wiki/Foundation_IRB" title="Foundation IRB">F-IRB</a></li> <li><a href="/wiki/Advanced_IRB" title="Advanced IRB">A-IRB</a></li></ul></li> <li><a href="/wiki/Exposure_at_default" title="Exposure at default">EAD</a> <ul><li><a href="/wiki/Standardized_approach_(counterparty_credit_risk)" title="Standardized approach (counterparty credit risk)">SA-CCR</a></li> <li>IMM</li></ul></li> <li><a href="/wiki/Credit_conversion_factor" title="Credit conversion factor">CCF</a></li></ul></li> <li><a href="/wiki/Market_risk" title="Market risk">Market risk</a> <ul><li><a href="/wiki/Standardized_approach_(market_risk)" class="mw-redirect" title="Standardized approach (market risk)">Standardized</a></li> <li><a href="/wiki/Internal_models_approach_(market_risk)" class="mw-redirect" title="Internal models approach (market risk)">IMA</a></li></ul></li> <li><a href="/wiki/Credit_valuation_adjustment" title="Credit valuation adjustment">CVA vol</a> <ul><li><a href="/wiki/XVA#Accounting_impact" title="XVA">BA-CVA</a></li> <li><a href="/wiki/XVA#Accounting_impact" title="XVA">SA-CVA</a></li></ul></li> <li><a href="/wiki/Operational_risk" title="Operational risk">Operational risk</a> <ul><li><a href="/wiki/Basic_indicator_approach" title="Basic indicator approach">Basic</a></li> <li><a href="/wiki/Standardized_approach_(operational_risk)" title="Standardized approach (operational risk)">Standardized</a></li> <li><a href="/wiki/Advanced_measurement_approach" title="Advanced measurement approach">AMA</a></li></ul></li></ul></td> </tr><tr><th class="sidebar-heading" style="font-weight: normal; background: silver; padding-bottom: 0.3em;"> Pillar 2: Supervisory review</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Economic_capital" title="Economic capital">Economic capital</a></li> <li><a href="/wiki/Liquidity_risk" title="Liquidity risk">Liquidity risk</a></li> <li><a href="/wiki/Legal_risk" title="Legal risk">Legal risk</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="font-weight: normal; background: silver; padding-bottom: 0.3em;"> Pillar 3: Market disclosure</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Corporation#Financial_disclosure" title="Corporation">Disclosure</a></li></ul></td> </tr><tr><td class="sidebar-below" style="font-weight: normal; background: silver"> <a href="/wiki/Portal:Business_and_economics" class="mw-redirect" title="Portal:Business and economics">Business and Economics Portal</a></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Basel_Framework" title="Template:Basel Framework"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Basel_Framework" title="Template talk:Basel Framework"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Basel_Framework" title="Special:EditPage/Template:Basel Framework"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>In some countries a central bank, through its subsidiaries, controls and monitors the banking sector. In other countries banking supervision is carried out by a government department such as the <a href="/wiki/UK_Treasury" class="mw-redirect" title="UK Treasury">UK Treasury</a>, or by an independent government agency, for example, UK's <a href="/wiki/Financial_Conduct_Authority" title="Financial Conduct Authority">Financial Conduct Authority</a>. It examines the banks' <a href="/wiki/Balance_sheet" title="Balance sheet">balance sheets</a> and behaviour and policies toward consumers.<sup class="noprint Inline-Template" style="margin-left:0.1em; white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify"><span title="The text near this tag may need clarification or removal of jargon. (January 2015)">clarification needed</span></a></i>]</sup> Apart from refinancing, it also provides banks with services such as transfer of funds, bank notes and coins or foreign currency. Thus it is often described as the "bank of banks". </p><p>Many countries will monitor and control the banking sector through several different agencies and for different purposes. The <a href="/wiki/Bank_regulation_in_the_United_States" title="Bank regulation in the United States">Bank regulation in the United States</a> for example is highly fragmented with 3 federal agencies, the <a href="/wiki/Federal_Deposit_Insurance_Corporation" title="Federal Deposit Insurance Corporation">Federal Deposit Insurance Corporation</a>, the <a href="/wiki/Federal_Reserve_Board" class="mw-redirect" title="Federal Reserve Board">Federal Reserve Board</a>, or <a href="/wiki/Office_of_the_Comptroller_of_the_Currency" title="Office of the Comptroller of the Currency">Office of the Comptroller of the Currency</a> and numerous others on the state and the private level. There is usually significant cooperation between the agencies. For example, <a href="/wiki/Money_center_bank" title="Money center bank">money center banks</a>, <a href="/w/index.php?title=Deposit-taking_institution&action=edit&redlink=1" class="new" title="Deposit-taking institution (page does not exist)">deposit-taking institutions</a>, and other types of financial institutions may be subject to different (and occasionally overlapping) regulation. Some types of banking regulation may be delegated to other levels of government, such as state or provincial governments. </p><p>Any cartel of banks is particularly closely watched and controlled. Most countries control bank mergers and are wary of concentration in this industry due to the danger of <a href="/wiki/Groupthink" title="Groupthink">groupthink</a> and runaway lending bubbles based on a <a href="/wiki/Single_point_of_failure" title="Single point of failure">single point of failure</a>, the <a href="/w/index.php?title=Credit_culture&action=edit&redlink=1" class="new" title="Credit culture (page does not exist)">credit culture</a> of the few large banks. </p> <div class="mw-heading mw-heading3"><h3 id="Public_communication">Public communication</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Central_bank&action=edit&section=22" title="Edit section: Public communication"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Central banks have increasingly engaged in public communication to ensure accountability, build trust, and manage inflation expectations.<sup id="cite_ref-73" class="reference"><a href="#cite_note-73"><span class="cite-bracket">[</span>73<span class="cite-bracket">]</span></a></sup> Various aspects of central bank communication are also analyzed, including textual content through text mining techniques,<sup id="cite_ref-74" class="reference"><a href="#cite_note-74"><span class="cite-bracket">[</span>74<span class="cite-bracket">]</span></a></sup> facial expressions during press conferences,<sup id="cite_ref-75" class="reference"><a href="#cite_note-75"><span class="cite-bracket">[</span>75<span class="cite-bracket">]</span></a></sup> vocal characteristics,<sup id="cite_ref-76" class="reference"><a href="#cite_note-76"><span class="cite-bracket">[</span>76<span class="cite-bracket">]</span></a></sup> and the clarity and readability of monetary policy announcements.<sup id="cite_ref-77" class="reference"><a href="#cite_note-77"><span class="cite-bracket">[</span>77<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Central_bank_governance_and_independence">Central bank governance and independence</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Central_bank&action=edit&section=23" title="Edit section: Central bank governance and independence"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Alisna_and_Summers_Central_Bank_Independence_vs_Inflation.gif" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Alisna_and_Summers_Central_Bank_Independence_vs_Inflation.gif/300px-Alisna_and_Summers_Central_Bank_Independence_vs_Inflation.gif" decoding="async" width="300" height="209" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/f/f0/Alisna_and_Summers_Central_Bank_Independence_vs_Inflation.gif 1.5x" data-file-width="405" data-file-height="282" /></a><figcaption>Central bank independence versus inflation. This often cited<sup id="cite_ref-78" class="reference"><a href="#cite_note-78"><span class="cite-bracket">[</span>78<span class="cite-bracket">]</span></a></sup> research published by Alesina and Summers (1993)<sup id="cite_ref-CBIMP_79-0" class="reference"><a href="#cite_note-CBIMP-79"><span class="cite-bracket">[</span>79<span class="cite-bracket">]</span></a></sup> is used to show why it is important for a nation's central bank (i.e.-monetary authority) to have a high level of independence. This chart shows a clear trend towards a lower inflation rate as the independence of the central bank increases. The generally agreed upon reason independence leads to lower inflation is that politicians have a tendency to create too much money if given the opportunity to do it.<sup id="cite_ref-CBIMP_79-1" class="reference"><a href="#cite_note-CBIMP-79"><span class="cite-bracket">[</span>79<span class="cite-bracket">]</span></a></sup> The Federal Reserve System in the United States is generally regarded as one of the more independent central banks</figcaption></figure><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Central_bank_independence" title="Central bank independence">Central bank independence</a></div> <p>Numerous governments have opted to make central banks independent. The economic logic behind central bank independence is that when governments delegate monetary policy to an independent central bank (with an anti-inflationary purpose) and away from elected politicians, monetary policy will not reflect the interests of the politicians. When governments control monetary policy, politicians may be tempted to boost economic activity in advance of an election to the detriment of the long-term health of the economy and the country. As a consequence, financial markets may not consider future commitments to low inflation to be credible when monetary policy is in the hands of elected officials, which increases the risk of capital flight. An alternative to central bank independence is to have <a href="/wiki/Fixed_exchange_rate_system" title="Fixed exchange rate system">fixed exchange rate</a> regimes.<sup id="cite_ref-80" class="reference"><a href="#cite_note-80"><span class="cite-bracket">[</span>80<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-81" class="reference"><a href="#cite_note-81"><span class="cite-bracket">[</span>81<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-82" class="reference"><a href="#cite_note-82"><span class="cite-bracket">[</span>82<span class="cite-bracket">]</span></a></sup> </p><p>Governments generally have some degree of influence over even "independent" central banks; the aim of independence is primarily to prevent short-term interference. In 1951, the <span title="German-language text"><span lang="de" style="font-style: normal;"><a href="/wiki/Deutsche_Bundesbank" title="Deutsche Bundesbank">Deutsche Bundesbank</a></span></span> became the first central bank to be given full independence, leading this form of central bank to be referred to as the "Bundesbank model", as opposed, for instance, to the New Zealand model, which has a goal (i.e. inflation target) set by the government. </p><p>Central bank independence is usually guaranteed by legislation and the institutional framework governing the bank's relationship with elected officials, particularly the minister of finance. Central bank legislation will enshrine specific procedures for selecting and appointing the head of the central bank. Often the minister of finance will appoint the governor in consultation with the central bank's board and its incumbent governor. In addition, the legislation will specify banks governor's term of appointment. The most independent central banks enjoy a fixed non-renewable term for the governor in order to eliminate pressure on the governor to please the government in the hope of being re-appointed for a second term.<sup id="cite_ref-83" class="reference"><a href="#cite_note-83"><span class="cite-bracket">[</span>83<span class="cite-bracket">]</span></a></sup> Generally, independent central banks enjoy both goal and instrument independence.<sup id="cite_ref-84" class="reference"><a href="#cite_note-84"><span class="cite-bracket">[</span>84<span class="cite-bracket">]</span></a></sup> </p><p>Despite their independence, central banks are usually accountable at some level to government officials, either to the finance ministry or to parliament. For example, the Board of Governors of the U.S. Federal Reserve are nominated by the <a href="/wiki/President_of_the_United_States" title="President of the United States">U.S. president</a> and confirmed by the <a href="/wiki/United_States_Senate" title="United States Senate">Senate</a>,<sup id="cite_ref-85" class="reference"><a href="#cite_note-85"><span class="cite-bracket">[</span>85<span class="cite-bracket">]</span></a></sup> publishes verbatim transcripts, and balance sheets are audited by the <a href="/wiki/Government_Accountability_Office" title="Government Accountability Office">Government Accountability Office</a>.<sup id="cite_ref-86" class="reference"><a href="#cite_note-86"><span class="cite-bracket">[</span>86<span class="cite-bracket">]</span></a></sup> </p><p>In the 1990s there was a trend towards increasing the independence of central banks as a way of improving long-term economic performance.<sup id="cite_ref-87" class="reference"><a href="#cite_note-87"><span class="cite-bracket">[</span>87<span class="cite-bracket">]</span></a></sup> While a large volume of economic research has been done to define the relationship between central bank independence and economic performance, the results are ambiguous.<sup id="cite_ref-88" class="reference"><a href="#cite_note-88"><span class="cite-bracket">[</span>88<span class="cite-bracket">]</span></a></sup> </p><p>The literature on central bank independence has defined a cumulative and complementary number of aspects:<sup id="cite_ref-89" class="reference"><a href="#cite_note-89"><span class="cite-bracket">[</span>89<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-90" class="reference"><a href="#cite_note-90"><span class="cite-bracket">[</span>90<span class="cite-bracket">]</span></a></sup> </p> <ul><li><b>Institutional independence:</b> The independence of the central bank is enshrined in law and shields central banks from political interference. In general terms, institutional independence means that politicians should refrain from seeking to influence monetary policy decisions, while symmetrically central banks should also avoid influencing government politics.</li> <li><b>Goal independence:</b> The central bank has the right to set its own policy goals, whether inflation targeting, control of the money supply, or maintaining a <a href="/wiki/Fixed_exchange_rate" class="mw-redirect" title="Fixed exchange rate">fixed exchange rate</a>. While this type of independence is more common, many central banks prefer to announce their policy goals in partnership with the appropriate government departments. This increases the transparency of the policy-setting process and thereby increases the credibility of the goals chosen by providing assurance that they will not be changed without notice. In addition, the setting of common goals by the central bank and the government helps to avoid situations where monetary and fiscal policy are in conflict; a policy combination that is clearly sub-optimal.</li> <li><b>Functional & operational independence:</b> The central bank has the independence to determine the best way of achieving its policy goals, including the types of instruments used and the timing of their use. To achieve its mandate, the central bank has the authority to run its own operations (appointing staff, setting budgets, and so on.) and to organize its internal structures without excessive involvement of the government. This is the most common form of central bank independence. The granting of independence to the Bank of England in 1997 was, in fact, the granting of operational independence; the inflation target continued to be announced in the Chancellor's annual budget speech to Parliament.</li> <li><b>Personal independence:</b> The other forms of independence are not possible unless central bank heads have a high <a href="/wiki/Security_of_tenure" title="Security of tenure">security of tenure</a>. In practice, this means that governors should hold long mandates (at least longer than the electoral cycle) and a certain degree of legal immunity.<sup id="cite_ref-91" class="reference"><a href="#cite_note-91"><span class="cite-bracket">[</span>91<span class="cite-bracket">]</span></a></sup> One of the most common statistical indicators used in the literature<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (November 2017)">citation needed</span></a></i>]</sup> as a proxy for central bank independence is the "turn-over-rate" of central bank governors. If a government is in the habit of appointing and replacing the governor frequently, it clearly has the capacity to micro-manage the central bank through its choice of governors.</li> <li><b>Financial independence:</b> central banks have full autonomy on their budget, and some are even prohibited from financing governments. This is meant to remove incentives from politicians to influence central banks.</li> <li><b>Legal independence</b> : some central banks have their own legal personality, which allows them to ratify international agreements without the government's approval (like the <a href="/wiki/European_Central_Bank" title="European Central Bank">ECB</a>), and to go to court.</li></ul> <p>There is very strong consensus among economists that an independent central bank can run a more credible monetary policy, making market expectations more responsive to signals from the central bank.<sup id="cite_ref-92" class="reference"><a href="#cite_note-92"><span class="cite-bracket">[</span>92<span class="cite-bracket">]</span></a></sup> Both the Bank of England (1997) and the European Central Bank have been made independent and follow a set of published <a href="/wiki/Inflation_targeting" title="Inflation targeting">inflation targets</a> so that markets know what to expect.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (May 2022)">citation needed</span></a></i>]</sup> <a href="/wiki/Populism" title="Populism">Populism</a> can reduce de facto central bank independence.<sup id="cite_ref-93" class="reference"><a href="#cite_note-93"><span class="cite-bracket">[</span>93<span class="cite-bracket">]</span></a></sup> </p><p>International organizations such as the <a href="/wiki/World_Bank" title="World Bank">World Bank</a>, the <a href="/wiki/Bank_for_International_Settlements" title="Bank for International Settlements">Bank for International Settlements</a> (BIS) and the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> (IMF) strongly support central bank independence. This results, in part, from a belief in the intrinsic merits of increased independence. The support for independence from the <a href="/wiki/International_organization" title="International organization">international organizations</a> also derives partly from the connection between increased independence for the central bank and increased transparency in the policy-making process. The IMF's <a href="/wiki/Financial_Services_Action_Plan" title="Financial Services Action Plan">Financial Services Action Plan</a> (FSAP) review self-assessment, for example, includes a number of questions about central bank independence in the transparency section. An independent central bank will score higher in the review than one that is not independent.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2020)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading3"><h3 id="Central_bank_independence_indices">Central bank independence indices</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Central_bank&action=edit&section=24" title="Edit section: Central bank independence indices"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Central bank independence indices allow a quantitative analysis of central bank independence for individual countries over time. One central bank independence index is the Garriga CBI,<sup id="cite_ref-Garriga_CBI_94-0" class="reference"><a href="#cite_note-Garriga_CBI-94"><span class="cite-bracket">[</span>94<span class="cite-bracket">]</span></a></sup> where a higher index indicates higher central bank independence, shown below for individual countries. </p> <table class="wikitable sortable mw-collapsible mw-collapsed"> <tbody><tr> <th>Country</th> <th>Central bank independence index by Garriga for 2012<sup id="cite_ref-Garriga_CBI_94-1" class="reference"><a href="#cite_note-Garriga_CBI-94"><span class="cite-bracket">[</span>94<span class="cite-bracket">]</span></a></sup> </th></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/3/3f/Flag_of_Afghanistan_%282004%E2%80%932021%2C_variant%29.svg/23px-Flag_of_Afghanistan_%282004%E2%80%932021%2C_variant%29.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/3f/Flag_of_Afghanistan_%282004%E2%80%932021%2C_variant%29.svg/35px-Flag_of_Afghanistan_%282004%E2%80%932021%2C_variant%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/3f/Flag_of_Afghanistan_%282004%E2%80%932021%2C_variant%29.svg/45px-Flag_of_Afghanistan_%282004%E2%80%932021%2C_variant%29.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Afghanistan" title="Afghanistan">Afghanistan</a></td> <td>0.8076 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/3/36/Flag_of_Albania.svg/21px-Flag_of_Albania.svg.png" decoding="async" width="21" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/36/Flag_of_Albania.svg/32px-Flag_of_Albania.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/36/Flag_of_Albania.svg/42px-Flag_of_Albania.svg.png 2x" data-file-width="700" data-file-height="500" /></span></span></span> <a href="/wiki/Albania" title="Albania">Albania</a></td> <td>0.7105 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/77/Flag_of_Algeria.svg/23px-Flag_of_Algeria.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/77/Flag_of_Algeria.svg/35px-Flag_of_Algeria.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/77/Flag_of_Algeria.svg/45px-Flag_of_Algeria.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Algeria" title="Algeria">Algeria</a></td> <td>0.4525 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9d/Flag_of_Angola.svg/23px-Flag_of_Angola.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9d/Flag_of_Angola.svg/35px-Flag_of_Angola.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9d/Flag_of_Angola.svg/45px-Flag_of_Angola.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Angola" title="Angola">Angola</a></td> <td>0.5855 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/89/Flag_of_Antigua_and_Barbuda.svg/23px-Flag_of_Antigua_and_Barbuda.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/89/Flag_of_Antigua_and_Barbuda.svg/35px-Flag_of_Antigua_and_Barbuda.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/89/Flag_of_Antigua_and_Barbuda.svg/45px-Flag_of_Antigua_and_Barbuda.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Antigua_and_Barbuda" title="Antigua and Barbuda">Antigua & Barbuda</a></td> <td>0.6424 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Flag_of_Argentina.svg/23px-Flag_of_Argentina.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Flag_of_Argentina.svg/35px-Flag_of_Argentina.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Flag_of_Argentina.svg/46px-Flag_of_Argentina.svg.png 2x" data-file-width="800" data-file-height="500" /></span></span></span> <a href="/wiki/Argentina" title="Argentina">Argentina</a></td> <td>0.7003 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/2f/Flag_of_Armenia.svg/23px-Flag_of_Armenia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2f/Flag_of_Armenia.svg/35px-Flag_of_Armenia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/2f/Flag_of_Armenia.svg/46px-Flag_of_Armenia.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Armenia" title="Armenia">Armenia</a></td> <td>0.8465 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/88/Flag_of_Australia_%28converted%29.svg/23px-Flag_of_Australia_%28converted%29.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/88/Flag_of_Australia_%28converted%29.svg/35px-Flag_of_Australia_%28converted%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/88/Flag_of_Australia_%28converted%29.svg/46px-Flag_of_Australia_%28converted%29.svg.png 2x" data-file-width="1280" data-file-height="640" /></span></span></span> <a href="/wiki/Australia" title="Australia">Australia</a></td> <td>0.2511 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/23px-Flag_of_Austria.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/35px-Flag_of_Austria.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/45px-Flag_of_Austria.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Austria" title="Austria">Austria</a></td> <td>0.8565 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/dd/Flag_of_Azerbaijan.svg/23px-Flag_of_Azerbaijan.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/dd/Flag_of_Azerbaijan.svg/35px-Flag_of_Azerbaijan.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/dd/Flag_of_Azerbaijan.svg/46px-Flag_of_Azerbaijan.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Azerbaijan" title="Azerbaijan">Azerbaijan</a></td> <td>0.5715 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/93/Flag_of_the_Bahamas.svg/23px-Flag_of_the_Bahamas.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/93/Flag_of_the_Bahamas.svg/35px-Flag_of_the_Bahamas.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/93/Flag_of_the_Bahamas.svg/46px-Flag_of_the_Bahamas.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/The_Bahamas" title="The Bahamas">Bahamas</a></td> <td>0.4038 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/2c/Flag_of_Bahrain.svg/23px-Flag_of_Bahrain.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2c/Flag_of_Bahrain.svg/35px-Flag_of_Bahrain.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/2c/Flag_of_Bahrain.svg/46px-Flag_of_Bahrain.svg.png 2x" data-file-width="1000" data-file-height="600" /></span></span></span> <a href="/wiki/Bahrain" title="Bahrain">Bahrain</a></td> <td>0.4334 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f9/Flag_of_Bangladesh.svg/23px-Flag_of_Bangladesh.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f9/Flag_of_Bangladesh.svg/35px-Flag_of_Bangladesh.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f9/Flag_of_Bangladesh.svg/46px-Flag_of_Bangladesh.svg.png 2x" data-file-width="1000" data-file-height="600" /></span></span></span> <a href="/wiki/Bangladesh" title="Bangladesh">Bangladesh</a></td> <td>0.3276 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ef/Flag_of_Barbados.svg/23px-Flag_of_Barbados.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ef/Flag_of_Barbados.svg/35px-Flag_of_Barbados.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ef/Flag_of_Barbados.svg/45px-Flag_of_Barbados.svg.png 2x" data-file-width="1500" data-file-height="1000" /></span></span></span> <a href="/wiki/Barbados" title="Barbados">Barbados</a></td> <td>0.4133 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/85/Flag_of_Belarus.svg/23px-Flag_of_Belarus.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/85/Flag_of_Belarus.svg/35px-Flag_of_Belarus.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/85/Flag_of_Belarus.svg/46px-Flag_of_Belarus.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Belarus" title="Belarus">Belarus</a></td> <td>0.7487 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/23px-Flag_of_Belgium_%28civil%29.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/35px-Flag_of_Belgium_%28civil%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/45px-Flag_of_Belgium_%28civil%29.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Belgium" title="Belgium">Belgium</a></td> <td>0.8565 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e7/Flag_of_Belize.svg/23px-Flag_of_Belize.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e7/Flag_of_Belize.svg/35px-Flag_of_Belize.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e7/Flag_of_Belize.svg/46px-Flag_of_Belize.svg.png 2x" data-file-width="1000" data-file-height="600" /></span></span></span> <a href="/wiki/Belize" title="Belize">Belize</a></td> <td>0.5930 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/0a/Flag_of_Benin.svg/23px-Flag_of_Benin.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/0a/Flag_of_Benin.svg/35px-Flag_of_Benin.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/0a/Flag_of_Benin.svg/45px-Flag_of_Benin.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Benin" title="Benin">Benin</a></td> <td>0.8015 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/91/Flag_of_Bhutan.svg/23px-Flag_of_Bhutan.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/91/Flag_of_Bhutan.svg/35px-Flag_of_Bhutan.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/91/Flag_of_Bhutan.svg/45px-Flag_of_Bhutan.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Bhutan" title="Bhutan">Bhutan</a></td> <td>0.5426 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/48/Flag_of_Bolivia.svg/22px-Flag_of_Bolivia.svg.png" decoding="async" width="22" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/48/Flag_of_Bolivia.svg/34px-Flag_of_Bolivia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/48/Flag_of_Bolivia.svg/44px-Flag_of_Bolivia.svg.png 2x" data-file-width="1100" data-file-height="750" /></span></span></span> <a href="/wiki/Bolivia" title="Bolivia">Bolivia</a></td> <td>0.7970 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/bf/Flag_of_Bosnia_and_Herzegovina.svg/23px-Flag_of_Bosnia_and_Herzegovina.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/bf/Flag_of_Bosnia_and_Herzegovina.svg/35px-Flag_of_Bosnia_and_Herzegovina.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/bf/Flag_of_Bosnia_and_Herzegovina.svg/46px-Flag_of_Bosnia_and_Herzegovina.svg.png 2x" data-file-width="800" data-file-height="400" /></span></span></span> <a href="/wiki/Bosnia_and_Herzegovina" title="Bosnia and Herzegovina">Bosnia-Herzegovina</a></td> <td>0.9790 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_Botswana.svg/23px-Flag_of_Botswana.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_Botswana.svg/35px-Flag_of_Botswana.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_Botswana.svg/45px-Flag_of_Botswana.svg.png 2x" data-file-width="1200" data-file-height="800" /></span></span></span> <a href="/wiki/Botswana" title="Botswana">Botswana</a></td> <td>0.5159 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/0/05/Flag_of_Brazil.svg/22px-Flag_of_Brazil.svg.png" decoding="async" width="22" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/0/05/Flag_of_Brazil.svg/33px-Flag_of_Brazil.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/0/05/Flag_of_Brazil.svg/43px-Flag_of_Brazil.svg.png 2x" data-file-width="1000" data-file-height="700" /></span></span></span> <a href="/wiki/Brazil" title="Brazil">Brazil</a></td> <td>0.2549 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Brunei.svg/23px-Flag_of_Brunei.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Brunei.svg/35px-Flag_of_Brunei.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Brunei.svg/46px-Flag_of_Brunei.svg.png 2x" data-file-width="1440" data-file-height="720" /></span></span></span> <a href="/wiki/Brunei" title="Brunei">Brunei Darussalam</a></td> <td>0.6815 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9a/Flag_of_Bulgaria.svg/23px-Flag_of_Bulgaria.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9a/Flag_of_Bulgaria.svg/35px-Flag_of_Bulgaria.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9a/Flag_of_Bulgaria.svg/46px-Flag_of_Bulgaria.svg.png 2x" data-file-width="1000" data-file-height="600" /></span></span></span> <a href="/wiki/Bulgaria" title="Bulgaria">Bulgaria</a></td> <td>0.8565 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/3/31/Flag_of_Burkina_Faso.svg/23px-Flag_of_Burkina_Faso.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/31/Flag_of_Burkina_Faso.svg/35px-Flag_of_Burkina_Faso.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/31/Flag_of_Burkina_Faso.svg/45px-Flag_of_Burkina_Faso.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Burkina_Faso" title="Burkina Faso">Burkina Faso</a></td> <td>0.8015 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/50/Flag_of_Burundi.svg/23px-Flag_of_Burundi.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/50/Flag_of_Burundi.svg/35px-Flag_of_Burundi.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/50/Flag_of_Burundi.svg/46px-Flag_of_Burundi.svg.png 2x" data-file-width="1000" data-file-height="600" /></span></span></span> <a href="/wiki/Burundi" title="Burundi">Burundi</a></td> <td>0.7232 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/83/Flag_of_Cambodia.svg/23px-Flag_of_Cambodia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/83/Flag_of_Cambodia.svg/35px-Flag_of_Cambodia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/83/Flag_of_Cambodia.svg/46px-Flag_of_Cambodia.svg.png 2x" data-file-width="1000" data-file-height="640" /></span></span></span> <a href="/wiki/Cambodia" title="Cambodia">Cambodia</a></td> <td>0.6373 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/4f/Flag_of_Cameroon.svg/23px-Flag_of_Cameroon.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/4f/Flag_of_Cameroon.svg/35px-Flag_of_Cameroon.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/4f/Flag_of_Cameroon.svg/45px-Flag_of_Cameroon.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Cameroon" title="Cameroon">Cameroon</a></td> <td>0.5015 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Canada_%28Pantone%29.svg/23px-Flag_of_Canada_%28Pantone%29.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Canada_%28Pantone%29.svg/35px-Flag_of_Canada_%28Pantone%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Canada_%28Pantone%29.svg/46px-Flag_of_Canada_%28Pantone%29.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Canada" title="Canada">Canada</a></td> <td>0.4724 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/3/38/Flag_of_Cape_Verde.svg/23px-Flag_of_Cape_Verde.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/38/Flag_of_Cape_Verde.svg/35px-Flag_of_Cape_Verde.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/38/Flag_of_Cape_Verde.svg/46px-Flag_of_Cape_Verde.svg.png 2x" data-file-width="1020" data-file-height="600" /></span></span></span> <a href="/wiki/Cape_Verde" title="Cape Verde">Cape Verde</a></td> <td>0.5180 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/6/6f/Flag_of_the_Central_African_Republic.svg/23px-Flag_of_the_Central_African_Republic.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/6f/Flag_of_the_Central_African_Republic.svg/35px-Flag_of_the_Central_African_Republic.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/6f/Flag_of_the_Central_African_Republic.svg/45px-Flag_of_the_Central_African_Republic.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Central_African_Republic" title="Central African Republic">Central African Republic</a></td> <td>0.5015 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/4b/Flag_of_Chad.svg/23px-Flag_of_Chad.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/4b/Flag_of_Chad.svg/35px-Flag_of_Chad.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/4b/Flag_of_Chad.svg/45px-Flag_of_Chad.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Chad" title="Chad">Chad</a></td> <td>0.5015 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/78/Flag_of_Chile.svg/23px-Flag_of_Chile.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/78/Flag_of_Chile.svg/35px-Flag_of_Chile.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/78/Flag_of_Chile.svg/45px-Flag_of_Chile.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Chile" title="Chile">Chile</a></td> <td>0.8190 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/23px-Flag_of_the_People%27s_Republic_of_China.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/35px-Flag_of_the_People%27s_Republic_of_China.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/45px-Flag_of_the_People%27s_Republic_of_China.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/China" title="China">China</a></td> <td>0.5535 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/21/Flag_of_Colombia.svg/23px-Flag_of_Colombia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/21/Flag_of_Colombia.svg/35px-Flag_of_Colombia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/21/Flag_of_Colombia.svg/45px-Flag_of_Colombia.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Colombia" title="Colombia">Colombia</a></td> <td>0.6933 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/94/Flag_of_the_Comoros.svg/23px-Flag_of_the_Comoros.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/94/Flag_of_the_Comoros.svg/35px-Flag_of_the_Comoros.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/94/Flag_of_the_Comoros.svg/46px-Flag_of_the_Comoros.svg.png 2x" data-file-width="1000" data-file-height="600" /></span></span></span> <a href="/wiki/Comoros" title="Comoros">Comoros</a></td> <td>0.6824 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/6/6f/Flag_of_the_Democratic_Republic_of_the_Congo.svg/20px-Flag_of_the_Democratic_Republic_of_the_Congo.svg.png" decoding="async" width="20" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/6f/Flag_of_the_Democratic_Republic_of_the_Congo.svg/31px-Flag_of_the_Democratic_Republic_of_the_Congo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/6f/Flag_of_the_Democratic_Republic_of_the_Congo.svg/40px-Flag_of_the_Democratic_Republic_of_the_Congo.svg.png 2x" data-file-width="800" data-file-height="600" /></span></span></span> <a href="/wiki/Democratic_Republic_of_the_Congo" title="Democratic Republic of the Congo">Democratic Republic of the Congo</a></td> <td>0.5628 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_the_Republic_of_the_Congo.svg/23px-Flag_of_the_Republic_of_the_Congo.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_the_Republic_of_the_Congo.svg/35px-Flag_of_the_Republic_of_the_Congo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_the_Republic_of_the_Congo.svg/45px-Flag_of_the_Republic_of_the_Congo.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Republic_of_the_Congo" title="Republic of the Congo">Republic of the Congo</a></td> <td>0.5015 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f2/Flag_of_Costa_Rica.svg/23px-Flag_of_Costa_Rica.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f2/Flag_of_Costa_Rica.svg/35px-Flag_of_Costa_Rica.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f2/Flag_of_Costa_Rica.svg/46px-Flag_of_Costa_Rica.svg.png 2x" data-file-width="1000" data-file-height="600" /></span></span></span> <a href="/wiki/Costa_Rica" title="Costa Rica">Costa Rica</a></td> <td>0.7343 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Croatia.svg/23px-Flag_of_Croatia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Croatia.svg/35px-Flag_of_Croatia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Croatia.svg/46px-Flag_of_Croatia.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Croatia" title="Croatia">Croatia</a></td> <td>0.8190 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/bd/Flag_of_Cuba.svg/23px-Flag_of_Cuba.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/bd/Flag_of_Cuba.svg/35px-Flag_of_Cuba.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/bd/Flag_of_Cuba.svg/46px-Flag_of_Cuba.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Cuba" title="Cuba">Cuba</a></td> <td>0.2252 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Cyprus.svg/23px-Flag_of_Cyprus.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Cyprus.svg/35px-Flag_of_Cyprus.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Cyprus.svg/45px-Flag_of_Cyprus.svg.png 2x" data-file-width="1200" data-file-height="800" /></span></span></span> <a href="/wiki/Cyprus" title="Cyprus">Cyprus</a></td> <td>0.8565 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_Czech_Republic.svg/23px-Flag_of_the_Czech_Republic.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_Czech_Republic.svg/35px-Flag_of_the_Czech_Republic.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_Czech_Republic.svg/45px-Flag_of_the_Czech_Republic.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Czech_Republic" title="Czech Republic">Czech Republic</a></td> <td>0.8315 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Denmark.svg/20px-Flag_of_Denmark.svg.png" decoding="async" width="20" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Denmark.svg/31px-Flag_of_Denmark.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Flag_of_Denmark.svg/40px-Flag_of_Denmark.svg.png 2x" data-file-width="512" data-file-height="387" /></span></span></span> <a href="/wiki/Denmark" title="Denmark">Denmark</a></td> <td>0.5026 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/3/34/Flag_of_Djibouti.svg/23px-Flag_of_Djibouti.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/34/Flag_of_Djibouti.svg/35px-Flag_of_Djibouti.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/34/Flag_of_Djibouti.svg/45px-Flag_of_Djibouti.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Djibouti" title="Djibouti">Djibouti</a></td> <td>0.6984 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c4/Flag_of_Dominica.svg/23px-Flag_of_Dominica.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c4/Flag_of_Dominica.svg/35px-Flag_of_Dominica.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c4/Flag_of_Dominica.svg/46px-Flag_of_Dominica.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Dominica" title="Dominica">Dominica</a></td> <td>0.6424 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Flag_of_the_Dominican_Republic.svg/23px-Flag_of_the_Dominican_Republic.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Flag_of_the_Dominican_Republic.svg/35px-Flag_of_the_Dominican_Republic.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Flag_of_the_Dominican_Republic.svg/45px-Flag_of_the_Dominican_Republic.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Dominican_Republic" title="Dominican Republic">Dominican Republic</a></td> <td>0.6483 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e8/Flag_of_Ecuador.svg/23px-Flag_of_Ecuador.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e8/Flag_of_Ecuador.svg/35px-Flag_of_Ecuador.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e8/Flag_of_Ecuador.svg/45px-Flag_of_Ecuador.svg.png 2x" data-file-width="1440" data-file-height="960" /></span></span></span> <a href="/wiki/Ecuador" title="Ecuador">Ecuador</a></td> <td>0.4709 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fe/Flag_of_Egypt.svg/23px-Flag_of_Egypt.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fe/Flag_of_Egypt.svg/35px-Flag_of_Egypt.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fe/Flag_of_Egypt.svg/45px-Flag_of_Egypt.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Egypt" title="Egypt">Egypt</a></td> <td>0.4875 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/3/34/Flag_of_El_Salvador.svg/23px-Flag_of_El_Salvador.svg.png" decoding="async" width="23" height="13" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/34/Flag_of_El_Salvador.svg/35px-Flag_of_El_Salvador.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/34/Flag_of_El_Salvador.svg/46px-Flag_of_El_Salvador.svg.png 2x" data-file-width="1005" data-file-height="567" /></span></span></span> <a href="/wiki/El_Salvador" title="El Salvador">El Salvador</a></td> <td>0.7576 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/3/31/Flag_of_Equatorial_Guinea.svg/23px-Flag_of_Equatorial_Guinea.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/31/Flag_of_Equatorial_Guinea.svg/35px-Flag_of_Equatorial_Guinea.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/31/Flag_of_Equatorial_Guinea.svg/45px-Flag_of_Equatorial_Guinea.svg.png 2x" data-file-width="1200" data-file-height="800" /></span></span></span> <a href="/wiki/Equatorial_Guinea" title="Equatorial Guinea">Equatorial Guinea</a></td> <td>0.5015 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/29/Flag_of_Eritrea.svg/23px-Flag_of_Eritrea.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/29/Flag_of_Eritrea.svg/35px-Flag_of_Eritrea.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/29/Flag_of_Eritrea.svg/46px-Flag_of_Eritrea.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Eritrea" title="Eritrea">Eritrea</a></td> <td>0.3981 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Flag_of_Estonia.svg/23px-Flag_of_Estonia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Flag_of_Estonia.svg/35px-Flag_of_Estonia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Flag_of_Estonia.svg/46px-Flag_of_Estonia.svg.png 2x" data-file-width="990" data-file-height="630" /></span></span></span> <a href="/wiki/Estonia" title="Estonia">Estonia</a></td> <td>0.8565 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/71/Flag_of_Ethiopia.svg/23px-Flag_of_Ethiopia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/71/Flag_of_Ethiopia.svg/35px-Flag_of_Ethiopia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/71/Flag_of_Ethiopia.svg/46px-Flag_of_Ethiopia.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Ethiopia" title="Ethiopia">Ethiopia</a></td> <td>0.2913 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/ba/Flag_of_Fiji.svg/23px-Flag_of_Fiji.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/ba/Flag_of_Fiji.svg/35px-Flag_of_Fiji.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/ba/Flag_of_Fiji.svg/46px-Flag_of_Fiji.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Fiji" title="Fiji">Fiji</a></td> <td>0.4349 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Finland.svg/23px-Flag_of_Finland.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Finland.svg/35px-Flag_of_Finland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Finland.svg/46px-Flag_of_Finland.svg.png 2x" data-file-width="1800" data-file-height="1100" /></span></span></span> <a href="/wiki/Finland" title="Finland">Finland</a></td> <td>0.8565 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/23px-Flag_of_France.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/35px-Flag_of_France.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/45px-Flag_of_France.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/France" title="France">France</a></td> <td>0.8565 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/04/Flag_of_Gabon.svg/20px-Flag_of_Gabon.svg.png" decoding="async" width="20" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/04/Flag_of_Gabon.svg/31px-Flag_of_Gabon.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/04/Flag_of_Gabon.svg/40px-Flag_of_Gabon.svg.png 2x" data-file-width="1000" data-file-height="750" /></span></span></span> <a href="/wiki/Gabon" title="Gabon">Gabon</a></td> <td>0.5015 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/77/Flag_of_The_Gambia.svg/23px-Flag_of_The_Gambia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/77/Flag_of_The_Gambia.svg/35px-Flag_of_The_Gambia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/77/Flag_of_The_Gambia.svg/45px-Flag_of_The_Gambia.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/The_Gambia" title="The Gambia">Gambia</a></td> <td>0.5119 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/0f/Flag_of_Georgia.svg/23px-Flag_of_Georgia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/0f/Flag_of_Georgia.svg/35px-Flag_of_Georgia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/0f/Flag_of_Georgia.svg/45px-Flag_of_Georgia.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Georgia_(country)" title="Georgia (country)">Georgia</a></td> <td>0.7986 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/23px-Flag_of_Germany.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/35px-Flag_of_Germany.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/46px-Flag_of_Germany.svg.png 2x" data-file-width="1000" data-file-height="600" /></span></span></span> <a href="/wiki/Germany" title="Germany">Germany</a></td> <td>0.8565 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/19/Flag_of_Ghana.svg/23px-Flag_of_Ghana.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/19/Flag_of_Ghana.svg/35px-Flag_of_Ghana.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/19/Flag_of_Ghana.svg/45px-Flag_of_Ghana.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Ghana" title="Ghana">Ghana</a></td> <td>0.5607 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/23px-Flag_of_Greece.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/35px-Flag_of_Greece.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/45px-Flag_of_Greece.svg.png 2x" data-file-width="600" data-file-height="400" /></span></span></span> <a href="/wiki/Greece" title="Greece">Greece</a></td> <td>0.8565 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Grenada.svg/23px-Flag_of_Grenada.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Grenada.svg/35px-Flag_of_Grenada.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Grenada.svg/46px-Flag_of_Grenada.svg.png 2x" data-file-width="1000" data-file-height="600" /></span></span></span> <a href="/wiki/Grenada" title="Grenada">Grenada</a></td> <td>0.6424 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ec/Flag_of_Guatemala.svg/23px-Flag_of_Guatemala.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ec/Flag_of_Guatemala.svg/35px-Flag_of_Guatemala.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ec/Flag_of_Guatemala.svg/46px-Flag_of_Guatemala.svg.png 2x" data-file-width="960" data-file-height="600" /></span></span></span> <a href="/wiki/Guatemala" title="Guatemala">Guatemala</a></td> <td>0.7825 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Flag_of_Guinea.svg/23px-Flag_of_Guinea.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Flag_of_Guinea.svg/35px-Flag_of_Guinea.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Flag_of_Guinea.svg/45px-Flag_of_Guinea.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Guinea" title="Guinea">Guinea</a></td> <td>0.8665 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/01/Flag_of_Guinea-Bissau.svg/23px-Flag_of_Guinea-Bissau.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/01/Flag_of_Guinea-Bissau.svg/35px-Flag_of_Guinea-Bissau.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/01/Flag_of_Guinea-Bissau.svg/46px-Flag_of_Guinea-Bissau.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Guinea-Bissau" title="Guinea-Bissau">Guinea-Bissau</a></td> <td>0.8015 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/99/Flag_of_Guyana.svg/23px-Flag_of_Guyana.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/99/Flag_of_Guyana.svg/35px-Flag_of_Guyana.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/99/Flag_of_Guyana.svg/46px-Flag_of_Guyana.svg.png 2x" data-file-width="1000" data-file-height="600" /></span></span></span> <a href="/wiki/Guyana" title="Guyana">Guyana</a></td> <td>0.6383 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/56/Flag_of_Haiti.svg/23px-Flag_of_Haiti.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/56/Flag_of_Haiti.svg/35px-Flag_of_Haiti.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/56/Flag_of_Haiti.svg/46px-Flag_of_Haiti.svg.png 2x" data-file-width="1000" data-file-height="600" /></span></span></span> <a href="/wiki/Haiti" title="Haiti">Haiti</a></td> <td>0.3755 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/82/Flag_of_Honduras.svg/23px-Flag_of_Honduras.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/82/Flag_of_Honduras.svg/35px-Flag_of_Honduras.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/82/Flag_of_Honduras.svg/46px-Flag_of_Honduras.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Honduras" title="Honduras">Honduras</a></td> <td>0.6710 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c1/Flag_of_Hungary.svg/23px-Flag_of_Hungary.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c1/Flag_of_Hungary.svg/35px-Flag_of_Hungary.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c1/Flag_of_Hungary.svg/46px-Flag_of_Hungary.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Hungary" title="Hungary">Hungary</a></td> <td>0.9115 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/ce/Flag_of_Iceland.svg/21px-Flag_of_Iceland.svg.png" decoding="async" width="21" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/ce/Flag_of_Iceland.svg/32px-Flag_of_Iceland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/ce/Flag_of_Iceland.svg/42px-Flag_of_Iceland.svg.png 2x" data-file-width="1250" data-file-height="900" /></span></span></span> <a href="/wiki/Iceland" title="Iceland">Iceland</a></td> <td>0.8276 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/41/Flag_of_India.svg/23px-Flag_of_India.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/41/Flag_of_India.svg/35px-Flag_of_India.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/41/Flag_of_India.svg/45px-Flag_of_India.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/India" title="India">India</a></td> <td>0.2950 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Flag_of_Indonesia.svg/23px-Flag_of_Indonesia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Flag_of_Indonesia.svg/35px-Flag_of_Indonesia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Flag_of_Indonesia.svg/45px-Flag_of_Indonesia.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Indonesia" title="Indonesia">Indonesia</a></td> <td>0.8461 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/ca/Flag_of_Iran.svg/23px-Flag_of_Iran.svg.png" decoding="async" width="23" height="13" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/ca/Flag_of_Iran.svg/35px-Flag_of_Iran.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/ca/Flag_of_Iran.svg/46px-Flag_of_Iran.svg.png 2x" data-file-width="630" data-file-height="360" /></span></span></span> <a href="/wiki/Iran" title="Iran">Iran</a></td> <td>0.4363 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f6/Flag_of_Iraq.svg/23px-Flag_of_Iraq.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f6/Flag_of_Iraq.svg/35px-Flag_of_Iraq.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f6/Flag_of_Iraq.svg/45px-Flag_of_Iraq.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Iraq" title="Iraq">Iraq</a></td> <td>0.3015 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/23px-Flag_of_Ireland.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/35px-Flag_of_Ireland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/46px-Flag_of_Ireland.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Republic_of_Ireland" title="Republic of Ireland">Ireland</a></td> <td>0.8565 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Israel.svg/21px-Flag_of_Israel.svg.png" decoding="async" width="21" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Israel.svg/32px-Flag_of_Israel.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Flag_of_Israel.svg/41px-Flag_of_Israel.svg.png 2x" data-file-width="1100" data-file-height="800" /></span></span></span> <a href="/wiki/Israel" title="Israel">Israel</a></td> <td>0.6703 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/23px-Flag_of_Italy.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/35px-Flag_of_Italy.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/45px-Flag_of_Italy.svg.png 2x" data-file-width="1500" data-file-height="1000" /></span></span></span> <a href="/wiki/Italy" title="Italy">Italy</a></td> <td>0.8565 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fe/Flag_of_C%C3%B4te_d%27Ivoire.svg/23px-Flag_of_C%C3%B4te_d%27Ivoire.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fe/Flag_of_C%C3%B4te_d%27Ivoire.svg/35px-Flag_of_C%C3%B4te_d%27Ivoire.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fe/Flag_of_C%C3%B4te_d%27Ivoire.svg/45px-Flag_of_C%C3%B4te_d%27Ivoire.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Ivory_Coast" title="Ivory Coast">Ivory Coast</a></td> <td>0.8015 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/0a/Flag_of_Jamaica.svg/23px-Flag_of_Jamaica.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/0a/Flag_of_Jamaica.svg/35px-Flag_of_Jamaica.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/0a/Flag_of_Jamaica.svg/46px-Flag_of_Jamaica.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Jamaica" title="Jamaica">Jamaica</a></td> <td>0.3830 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/9e/Flag_of_Japan.svg/23px-Flag_of_Japan.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/9e/Flag_of_Japan.svg/35px-Flag_of_Japan.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/9e/Flag_of_Japan.svg/45px-Flag_of_Japan.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Japan" title="Japan">Japan</a></td> <td>0.4360 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c0/Flag_of_Jordan.svg/23px-Flag_of_Jordan.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c0/Flag_of_Jordan.svg/35px-Flag_of_Jordan.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c0/Flag_of_Jordan.svg/46px-Flag_of_Jordan.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Jordan" title="Jordan">Jordan</a></td> <td>0.4826 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d3/Flag_of_Kazakhstan.svg/23px-Flag_of_Kazakhstan.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d3/Flag_of_Kazakhstan.svg/35px-Flag_of_Kazakhstan.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d3/Flag_of_Kazakhstan.svg/46px-Flag_of_Kazakhstan.svg.png 2x" data-file-width="1000" data-file-height="500" /></span></span></span> <a href="/wiki/Kazakhstan" title="Kazakhstan">Kazakhstan</a></td> <td>0.5574 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/49/Flag_of_Kenya.svg/23px-Flag_of_Kenya.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/49/Flag_of_Kenya.svg/35px-Flag_of_Kenya.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/49/Flag_of_Kenya.svg/45px-Flag_of_Kenya.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Kenya" title="Kenya">Kenya</a></td> <td>0.5074 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/09/Flag_of_South_Korea.svg/23px-Flag_of_South_Korea.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/09/Flag_of_South_Korea.svg/35px-Flag_of_South_Korea.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/09/Flag_of_South_Korea.svg/45px-Flag_of_South_Korea.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/South_Korea" title="South Korea">Korea, Republic of</a></td> <td>0.5074 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/a/aa/Flag_of_Kuwait.svg/23px-Flag_of_Kuwait.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/aa/Flag_of_Kuwait.svg/35px-Flag_of_Kuwait.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/aa/Flag_of_Kuwait.svg/46px-Flag_of_Kuwait.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Kuwait" title="Kuwait">Kuwait</a></td> <td>0.4104 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c7/Flag_of_Kyrgyzstan.svg/23px-Flag_of_Kyrgyzstan.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c7/Flag_of_Kyrgyzstan.svg/35px-Flag_of_Kyrgyzstan.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c7/Flag_of_Kyrgyzstan.svg/46px-Flag_of_Kyrgyzstan.svg.png 2x" data-file-width="1000" data-file-height="600" /></span></span></span> <a href="/wiki/Kyrgyzstan" title="Kyrgyzstan">Kyrgyzstan</a></td> <td>0.5736 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/56/Flag_of_Laos.svg/23px-Flag_of_Laos.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/56/Flag_of_Laos.svg/35px-Flag_of_Laos.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/56/Flag_of_Laos.svg/45px-Flag_of_Laos.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Laos" title="Laos">Laos</a></td> <td>0.2411 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/84/Flag_of_Latvia.svg/23px-Flag_of_Latvia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/84/Flag_of_Latvia.svg/35px-Flag_of_Latvia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/84/Flag_of_Latvia.svg/46px-Flag_of_Latvia.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Latvia" title="Latvia">Latvia</a></td> <td>0.8865 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/59/Flag_of_Lebanon.svg/23px-Flag_of_Lebanon.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/59/Flag_of_Lebanon.svg/35px-Flag_of_Lebanon.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/59/Flag_of_Lebanon.svg/45px-Flag_of_Lebanon.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Lebanon" title="Lebanon">Lebanon</a></td> <td>0.4000 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/4a/Flag_of_Lesotho.svg/23px-Flag_of_Lesotho.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/4a/Flag_of_Lesotho.svg/35px-Flag_of_Lesotho.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/4a/Flag_of_Lesotho.svg/45px-Flag_of_Lesotho.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Lesotho" title="Lesotho">Lesotho</a></td> <td>0.6810 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b8/Flag_of_Liberia.svg/23px-Flag_of_Liberia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b8/Flag_of_Liberia.svg/35px-Flag_of_Liberia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b8/Flag_of_Liberia.svg/46px-Flag_of_Liberia.svg.png 2x" data-file-width="1140" data-file-height="600" /></span></span></span> <a href="/wiki/Liberia" title="Liberia">Liberia</a></td> <td>0.4725 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/05/Flag_of_Libya.svg/23px-Flag_of_Libya.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/05/Flag_of_Libya.svg/35px-Flag_of_Libya.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/05/Flag_of_Libya.svg/46px-Flag_of_Libya.svg.png 2x" data-file-width="960" data-file-height="480" /></span></span></span> <a href="/wiki/Libya" title="Libya">Libya</a></td> <td>0.3225 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Lithuania.svg/23px-Flag_of_Lithuania.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Lithuania.svg/35px-Flag_of_Lithuania.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Lithuania.svg/46px-Flag_of_Lithuania.svg.png 2x" data-file-width="1000" data-file-height="600" /></span></span></span> <a href="/wiki/Lithuania" title="Lithuania">Lithuania</a></td> <td>0.8440 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/da/Flag_of_Luxembourg.svg/23px-Flag_of_Luxembourg.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/da/Flag_of_Luxembourg.svg/35px-Flag_of_Luxembourg.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/da/Flag_of_Luxembourg.svg/46px-Flag_of_Luxembourg.svg.png 2x" data-file-width="512" data-file-height="307" /></span></span></span> <a href="/wiki/Luxembourg" title="Luxembourg">Luxembourg</a></td> <td>0.8565 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/79/Flag_of_North_Macedonia.svg/23px-Flag_of_North_Macedonia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/79/Flag_of_North_Macedonia.svg/35px-Flag_of_North_Macedonia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/79/Flag_of_North_Macedonia.svg/46px-Flag_of_North_Macedonia.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/North_Macedonia" title="North Macedonia">Republic of Macedonia</a></td> <td>0.6789 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Madagascar.svg/23px-Flag_of_Madagascar.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Madagascar.svg/35px-Flag_of_Madagascar.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Madagascar.svg/45px-Flag_of_Madagascar.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Madagascar" title="Madagascar">Madagascar</a></td> <td>0.6420 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d1/Flag_of_Malawi.svg/23px-Flag_of_Malawi.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d1/Flag_of_Malawi.svg/35px-Flag_of_Malawi.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d1/Flag_of_Malawi.svg/45px-Flag_of_Malawi.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Malawi" title="Malawi">Malawi</a></td> <td>0.2865 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/6/66/Flag_of_Malaysia.svg/23px-Flag_of_Malaysia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/66/Flag_of_Malaysia.svg/35px-Flag_of_Malaysia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/66/Flag_of_Malaysia.svg/46px-Flag_of_Malaysia.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Malaysia" title="Malaysia">Malaysia</a></td> <td>0.5765 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/0f/Flag_of_Maldives.svg/23px-Flag_of_Maldives.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/0f/Flag_of_Maldives.svg/35px-Flag_of_Maldives.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/0f/Flag_of_Maldives.svg/45px-Flag_of_Maldives.svg.png 2x" data-file-width="720" data-file-height="480" /></span></span></span> <a href="/wiki/Maldives" title="Maldives">Maldives</a></td> <td>0.4282 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Mali.svg/23px-Flag_of_Mali.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Mali.svg/35px-Flag_of_Mali.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Mali.svg/45px-Flag_of_Mali.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Mali" title="Mali">Mali</a></td> <td>0.8015 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Malta.svg/23px-Flag_of_Malta.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Malta.svg/35px-Flag_of_Malta.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Malta.svg/45px-Flag_of_Malta.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Malta" title="Malta">Malta</a></td> <td>0.8565 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/43/Flag_of_Mauritania.svg/23px-Flag_of_Mauritania.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/43/Flag_of_Mauritania.svg/35px-Flag_of_Mauritania.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/43/Flag_of_Mauritania.svg/45px-Flag_of_Mauritania.svg.png 2x" data-file-width="1200" data-file-height="800" /></span></span></span> <a href="/wiki/Mauritania" title="Mauritania">Mauritania</a></td> <td>0.6360 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/77/Flag_of_Mauritius.svg/23px-Flag_of_Mauritius.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/77/Flag_of_Mauritius.svg/35px-Flag_of_Mauritius.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/77/Flag_of_Mauritius.svg/45px-Flag_of_Mauritius.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Mauritius" title="Mauritius">Mauritius</a></td> <td>0.5609 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fc/Flag_of_Mexico.svg/23px-Flag_of_Mexico.svg.png" decoding="async" width="23" height="13" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fc/Flag_of_Mexico.svg/35px-Flag_of_Mexico.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fc/Flag_of_Mexico.svg/46px-Flag_of_Mexico.svg.png 2x" data-file-width="980" data-file-height="560" /></span></span></span> <a href="/wiki/Mexico" title="Mexico">Mexico</a></td> <td>0.6383 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/27/Flag_of_Moldova.svg/23px-Flag_of_Moldova.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/27/Flag_of_Moldova.svg/35px-Flag_of_Moldova.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/27/Flag_of_Moldova.svg/46px-Flag_of_Moldova.svg.png 2x" data-file-width="1800" data-file-height="900" /></span></span></span> <a href="/wiki/Moldova" title="Moldova">Moldova</a></td> <td>0.6943 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Flag_of_Mongolia.svg/23px-Flag_of_Mongolia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Flag_of_Mongolia.svg/35px-Flag_of_Mongolia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Flag_of_Mongolia.svg/46px-Flag_of_Mongolia.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Mongolia" title="Mongolia">Mongolia</a></td> <td>0.5553 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/6/64/Flag_of_Montenegro.svg/23px-Flag_of_Montenegro.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/64/Flag_of_Montenegro.svg/35px-Flag_of_Montenegro.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/64/Flag_of_Montenegro.svg/46px-Flag_of_Montenegro.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Montenegro" title="Montenegro">Montenegro</a></td> <td>0.8190 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/2c/Flag_of_Morocco.svg/23px-Flag_of_Morocco.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2c/Flag_of_Morocco.svg/35px-Flag_of_Morocco.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/2c/Flag_of_Morocco.svg/45px-Flag_of_Morocco.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Morocco" title="Morocco">Morocco</a></td> <td>0.6219 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d0/Flag_of_Mozambique.svg/23px-Flag_of_Mozambique.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d0/Flag_of_Mozambique.svg/35px-Flag_of_Mozambique.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d0/Flag_of_Mozambique.svg/45px-Flag_of_Mozambique.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Mozambique" title="Mozambique">Mozambique</a></td> <td>0.3663 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Flag_of_Myanmar.svg/23px-Flag_of_Myanmar.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Flag_of_Myanmar.svg/35px-Flag_of_Myanmar.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Flag_of_Myanmar.svg/45px-Flag_of_Myanmar.svg.png 2x" data-file-width="1200" data-file-height="800" /></span></span></span> <a href="/wiki/Myanmar" title="Myanmar">Myanmar</a></td> <td>0.3953 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/00/Flag_of_Namibia.svg/23px-Flag_of_Namibia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/00/Flag_of_Namibia.svg/35px-Flag_of_Namibia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/00/Flag_of_Namibia.svg/45px-Flag_of_Namibia.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Namibia" title="Namibia">Namibia</a></td> <td>0.5100 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9b/Flag_of_Nepal.svg/16px-Flag_of_Nepal.svg.png" decoding="async" width="16" height="20" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9b/Flag_of_Nepal.svg/25px-Flag_of_Nepal.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9b/Flag_of_Nepal.svg/33px-Flag_of_Nepal.svg.png 2x" data-file-width="726" data-file-height="885" /></span></span></span> <a href="/wiki/Nepal" title="Nepal">Nepal</a></td> <td>0.6443 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/23px-Flag_of_the_Netherlands.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/35px-Flag_of_the_Netherlands.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/45px-Flag_of_the_Netherlands.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Netherlands" title="Netherlands">Netherlands</a></td> <td>0.8565 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/3/3e/Flag_of_New_Zealand.svg/23px-Flag_of_New_Zealand.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/3e/Flag_of_New_Zealand.svg/35px-Flag_of_New_Zealand.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/3e/Flag_of_New_Zealand.svg/46px-Flag_of_New_Zealand.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/New_Zealand" title="New Zealand">New Zealand</a></td> <td>0.7773 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/19/Flag_of_Nicaragua.svg/23px-Flag_of_Nicaragua.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/19/Flag_of_Nicaragua.svg/35px-Flag_of_Nicaragua.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/19/Flag_of_Nicaragua.svg/46px-Flag_of_Nicaragua.svg.png 2x" data-file-width="1000" data-file-height="600" /></span></span></span> <a href="/wiki/Nicaragua" title="Nicaragua">Nicaragua</a></td> <td>0.6910 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f4/Flag_of_Niger.svg/18px-Flag_of_Niger.svg.png" decoding="async" width="18" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f4/Flag_of_Niger.svg/27px-Flag_of_Niger.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f4/Flag_of_Niger.svg/35px-Flag_of_Niger.svg.png 2x" data-file-width="700" data-file-height="600" /></span></span></span> <a href="/wiki/Niger" title="Niger">Niger</a></td> <td>0.8015 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/79/Flag_of_Nigeria.svg/23px-Flag_of_Nigeria.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/79/Flag_of_Nigeria.svg/35px-Flag_of_Nigeria.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/79/Flag_of_Nigeria.svg/46px-Flag_of_Nigeria.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Nigeria" title="Nigeria">Nigeria</a></td> <td>0.6263 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Norway.svg/21px-Flag_of_Norway.svg.png" decoding="async" width="21" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Norway.svg/32px-Flag_of_Norway.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Norway.svg/41px-Flag_of_Norway.svg.png 2x" data-file-width="512" data-file-height="372" /></span></span></span> <a href="/wiki/Norway" title="Norway">Norway</a></td> <td>0.4526 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/dd/Flag_of_Oman.svg/23px-Flag_of_Oman.svg.png" decoding="async" width="23" height="13" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/dd/Flag_of_Oman.svg/35px-Flag_of_Oman.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/dd/Flag_of_Oman.svg/46px-Flag_of_Oman.svg.png 2x" data-file-width="1050" data-file-height="600" /></span></span></span> <a href="/wiki/Oman" title="Oman">Oman</a></td> <td>0.4970 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/3/32/Flag_of_Pakistan.svg/23px-Flag_of_Pakistan.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/32/Flag_of_Pakistan.svg/35px-Flag_of_Pakistan.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/32/Flag_of_Pakistan.svg/45px-Flag_of_Pakistan.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Pakistan" title="Pakistan">Pakistan</a></td> <td>0.3397 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/a/ab/Flag_of_Panama.svg/23px-Flag_of_Panama.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/ab/Flag_of_Panama.svg/35px-Flag_of_Panama.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/ab/Flag_of_Panama.svg/45px-Flag_of_Panama.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Panama" title="Panama">Panama</a></td> <td>0.2176 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e3/Flag_of_Papua_New_Guinea.svg/20px-Flag_of_Papua_New_Guinea.svg.png" decoding="async" width="20" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e3/Flag_of_Papua_New_Guinea.svg/31px-Flag_of_Papua_New_Guinea.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e3/Flag_of_Papua_New_Guinea.svg/40px-Flag_of_Papua_New_Guinea.svg.png 2x" data-file-width="600" data-file-height="450" /></span></span></span> <a href="/wiki/Papua_New_Guinea" title="Papua New Guinea">Papua New Guinea</a></td> <td>0.5838 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/27/Flag_of_Paraguay.svg/23px-Flag_of_Paraguay.svg.png" decoding="async" width="23" height="13" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/27/Flag_of_Paraguay.svg/35px-Flag_of_Paraguay.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/27/Flag_of_Paraguay.svg/46px-Flag_of_Paraguay.svg.png 2x" data-file-width="1200" data-file-height="660" /></span></span></span> <a href="/wiki/Paraguay" title="Paraguay">Paraguay</a></td> <td>0.6171 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cf/Flag_of_Peru.svg/23px-Flag_of_Peru.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cf/Flag_of_Peru.svg/35px-Flag_of_Peru.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cf/Flag_of_Peru.svg/45px-Flag_of_Peru.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Peru" title="Peru">Peru</a></td> <td>0.7978 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/99/Flag_of_the_Philippines.svg/23px-Flag_of_the_Philippines.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/99/Flag_of_the_Philippines.svg/35px-Flag_of_the_Philippines.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/99/Flag_of_the_Philippines.svg/46px-Flag_of_the_Philippines.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Philippines" title="Philippines">Philippines</a></td> <td>0.6340 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/1/12/Flag_of_Poland.svg/23px-Flag_of_Poland.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/1/12/Flag_of_Poland.svg/35px-Flag_of_Poland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/1/12/Flag_of_Poland.svg/46px-Flag_of_Poland.svg.png 2x" data-file-width="1280" data-file-height="800" /></span></span></span> <a href="/wiki/Poland" title="Poland">Poland</a></td> <td>0.8753 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Portugal.svg/23px-Flag_of_Portugal.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Portugal.svg/35px-Flag_of_Portugal.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Portugal.svg/45px-Flag_of_Portugal.svg.png 2x" data-file-width="600" data-file-height="400" /></span></span></span> <a href="/wiki/Portugal" title="Portugal">Portugal</a></td> <td>0.8565 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/6/65/Flag_of_Qatar.svg/23px-Flag_of_Qatar.svg.png" decoding="async" width="23" height="9" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/65/Flag_of_Qatar.svg/35px-Flag_of_Qatar.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/65/Flag_of_Qatar.svg/46px-Flag_of_Qatar.svg.png 2x" data-file-width="1400" data-file-height="550" /></span></span></span> <a href="/wiki/Qatar" title="Qatar">Qatar</a></td> <td>0.5861 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Romania.svg/23px-Flag_of_Romania.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Romania.svg/35px-Flag_of_Romania.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/73/Flag_of_Romania.svg/45px-Flag_of_Romania.svg.png 2x" data-file-width="600" data-file-height="400" /></span></span></span> <a href="/wiki/Romania" title="Romania">Romania</a></td> <td>0.8462 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/f/f3/Flag_of_Russia.svg/23px-Flag_of_Russia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/f/f3/Flag_of_Russia.svg/35px-Flag_of_Russia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/f/f3/Flag_of_Russia.svg/45px-Flag_of_Russia.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Russia" title="Russia">Russian Federation</a></td> <td>0.6999 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/17/Flag_of_Rwanda.svg/23px-Flag_of_Rwanda.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/17/Flag_of_Rwanda.svg/35px-Flag_of_Rwanda.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/17/Flag_of_Rwanda.svg/45px-Flag_of_Rwanda.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Rwanda" title="Rwanda">Rwanda</a></td> <td>0.5988 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Flag_of_Saint_Lucia.svg/23px-Flag_of_Saint_Lucia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Flag_of_Saint_Lucia.svg/35px-Flag_of_Saint_Lucia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Flag_of_Saint_Lucia.svg/46px-Flag_of_Saint_Lucia.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Saint_Lucia" title="Saint Lucia">Saint Lucia</a></td> <td>0.6424 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/3/31/Flag_of_Samoa.svg/23px-Flag_of_Samoa.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/31/Flag_of_Samoa.svg/35px-Flag_of_Samoa.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/31/Flag_of_Samoa.svg/46px-Flag_of_Samoa.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Samoa" title="Samoa">Samoa</a></td> <td>0.3311 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b1/Flag_of_San_Marino.svg/20px-Flag_of_San_Marino.svg.png" decoding="async" width="20" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b1/Flag_of_San_Marino.svg/31px-Flag_of_San_Marino.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b1/Flag_of_San_Marino.svg/40px-Flag_of_San_Marino.svg.png 2x" data-file-width="800" data-file-height="600" /></span></span></span> <a href="/wiki/San_Marino" title="San Marino">San Marino</a></td> <td>0.1854 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/0a/Flag_of_S%C3%A3o_Tom%C3%A9_and_Pr%C3%ADncipe.svg/23px-Flag_of_S%C3%A3o_Tom%C3%A9_and_Pr%C3%ADncipe.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/0a/Flag_of_S%C3%A3o_Tom%C3%A9_and_Pr%C3%ADncipe.svg/35px-Flag_of_S%C3%A3o_Tom%C3%A9_and_Pr%C3%ADncipe.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/0a/Flag_of_S%C3%A3o_Tom%C3%A9_and_Pr%C3%ADncipe.svg/46px-Flag_of_S%C3%A3o_Tom%C3%A9_and_Pr%C3%ADncipe.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/S%C3%A3o_Tom%C3%A9_and_Pr%C3%ADncipe" title="São Tomé and Príncipe">Sao Tome and Principe</a></td> <td>0.4820 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/0d/Flag_of_Saudi_Arabia.svg/23px-Flag_of_Saudi_Arabia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/0d/Flag_of_Saudi_Arabia.svg/35px-Flag_of_Saudi_Arabia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/0d/Flag_of_Saudi_Arabia.svg/45px-Flag_of_Saudi_Arabia.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Saudi_Arabia" title="Saudi Arabia">Saudi Arabia</a></td> <td>0.5522 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fd/Flag_of_Senegal.svg/23px-Flag_of_Senegal.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fd/Flag_of_Senegal.svg/35px-Flag_of_Senegal.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fd/Flag_of_Senegal.svg/45px-Flag_of_Senegal.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Senegal" title="Senegal">Senegal</a></td> <td>0.8015 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/ff/Flag_of_Serbia.svg/23px-Flag_of_Serbia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/ff/Flag_of_Serbia.svg/35px-Flag_of_Serbia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/ff/Flag_of_Serbia.svg/45px-Flag_of_Serbia.svg.png 2x" data-file-width="1350" data-file-height="900" /></span></span></span> <a href="/wiki/Serbia" title="Serbia">Serbia</a></td> <td>0.8111 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/3/3e/Flag_of_Serbia_and_Montenegro_%281992%E2%80%932006%29.svg/23px-Flag_of_Serbia_and_Montenegro_%281992%E2%80%932006%29.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/3e/Flag_of_Serbia_and_Montenegro_%281992%E2%80%932006%29.svg/35px-Flag_of_Serbia_and_Montenegro_%281992%E2%80%932006%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/3e/Flag_of_Serbia_and_Montenegro_%281992%E2%80%932006%29.svg/46px-Flag_of_Serbia_and_Montenegro_%281992%E2%80%932006%29.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Serbia_and_Montenegro" title="Serbia and Montenegro">Serbia and Montenegro</a></td> <td>0.6760 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fc/Flag_of_Seychelles.svg/23px-Flag_of_Seychelles.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fc/Flag_of_Seychelles.svg/35px-Flag_of_Seychelles.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fc/Flag_of_Seychelles.svg/46px-Flag_of_Seychelles.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Seychelles" title="Seychelles">Seychelles</a></td> <td>0.6785 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/17/Flag_of_Sierra_Leone.svg/23px-Flag_of_Sierra_Leone.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/17/Flag_of_Sierra_Leone.svg/35px-Flag_of_Sierra_Leone.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/17/Flag_of_Sierra_Leone.svg/45px-Flag_of_Sierra_Leone.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Sierra_Leone" title="Sierra Leone">Sierra Leone</a></td> <td>0.7248 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/48/Flag_of_Singapore.svg/23px-Flag_of_Singapore.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/48/Flag_of_Singapore.svg/35px-Flag_of_Singapore.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/48/Flag_of_Singapore.svg/45px-Flag_of_Singapore.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Singapore" title="Singapore">Singapore</a></td> <td>0.4304 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Flag_of_Slovakia.svg/23px-Flag_of_Slovakia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Flag_of_Slovakia.svg/35px-Flag_of_Slovakia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Flag_of_Slovakia.svg/45px-Flag_of_Slovakia.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Slovakia" title="Slovakia">Slovakia</a></td> <td>0.8565 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Flag_of_Slovenia.svg/23px-Flag_of_Slovenia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Flag_of_Slovenia.svg/35px-Flag_of_Slovenia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Flag_of_Slovenia.svg/46px-Flag_of_Slovenia.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Slovenia" title="Slovenia">Slovenia</a></td> <td>0.8565 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/74/Flag_of_the_Solomon_Islands.svg/23px-Flag_of_the_Solomon_Islands.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/74/Flag_of_the_Solomon_Islands.svg/35px-Flag_of_the_Solomon_Islands.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/74/Flag_of_the_Solomon_Islands.svg/46px-Flag_of_the_Solomon_Islands.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Solomon_Islands" title="Solomon Islands">Solomon Islands</a></td> <td>0.7448 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a0/Flag_of_Somalia.svg/23px-Flag_of_Somalia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a0/Flag_of_Somalia.svg/35px-Flag_of_Somalia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a0/Flag_of_Somalia.svg/45px-Flag_of_Somalia.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Somalia" title="Somalia">Somalia</a></td> <td>0.6423 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/a/af/Flag_of_South_Africa.svg/23px-Flag_of_South_Africa.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/af/Flag_of_South_Africa.svg/35px-Flag_of_South_Africa.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/af/Flag_of_South_Africa.svg/45px-Flag_of_South_Africa.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/South_Africa" title="South Africa">South Africa</a></td> <td>0.3652 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/23px-Flag_of_Spain.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/35px-Flag_of_Spain.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/45px-Flag_of_Spain.svg.png 2x" data-file-width="750" data-file-height="500" /></span></span></span> <a href="/wiki/Spain" title="Spain">Spain</a></td> <td>0.8565 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Sri_Lanka.svg/23px-Flag_of_Sri_Lanka.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Sri_Lanka.svg/35px-Flag_of_Sri_Lanka.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Sri_Lanka.svg/46px-Flag_of_Sri_Lanka.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Sri_Lanka" title="Sri Lanka">Sri Lanka</a></td> <td>0.6055 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fe/Flag_of_Saint_Kitts_and_Nevis.svg/23px-Flag_of_Saint_Kitts_and_Nevis.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fe/Flag_of_Saint_Kitts_and_Nevis.svg/35px-Flag_of_Saint_Kitts_and_Nevis.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fe/Flag_of_Saint_Kitts_and_Nevis.svg/45px-Flag_of_Saint_Kitts_and_Nevis.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Saint_Kitts_and_Nevis" title="Saint Kitts and Nevis">St. Kitts and Nevis</a></td> <td>0.6424 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/6/6d/Flag_of_Saint_Vincent_and_the_Grenadines.svg/23px-Flag_of_Saint_Vincent_and_the_Grenadines.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/6d/Flag_of_Saint_Vincent_and_the_Grenadines.svg/35px-Flag_of_Saint_Vincent_and_the_Grenadines.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/6d/Flag_of_Saint_Vincent_and_the_Grenadines.svg/45px-Flag_of_Saint_Vincent_and_the_Grenadines.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Saint_Vincent_and_the_Grenadines" title="Saint Vincent and the Grenadines">St. Vincent and the Grenadines</a></td> <td>0.6424 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/01/Flag_of_Sudan.svg/23px-Flag_of_Sudan.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/01/Flag_of_Sudan.svg/35px-Flag_of_Sudan.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/01/Flag_of_Sudan.svg/46px-Flag_of_Sudan.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Sudan" title="Sudan">Sudan</a></td> <td>0.3326 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/6/60/Flag_of_Suriname.svg/23px-Flag_of_Suriname.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/60/Flag_of_Suriname.svg/35px-Flag_of_Suriname.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/60/Flag_of_Suriname.svg/45px-Flag_of_Suriname.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Suriname" title="Suriname">Suriname</a></td> <td>0.5139 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fb/Flag_of_Eswatini.svg/23px-Flag_of_Eswatini.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fb/Flag_of_Eswatini.svg/35px-Flag_of_Eswatini.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fb/Flag_of_Eswatini.svg/45px-Flag_of_Eswatini.svg.png 2x" data-file-width="600" data-file-height="400" /></span></span></span> <a href="/wiki/Eswatini" title="Eswatini">Swaziland</a></td> <td>0.3734 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/23px-Flag_of_Sweden.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/35px-Flag_of_Sweden.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/46px-Flag_of_Sweden.svg.png 2x" data-file-width="1600" data-file-height="1000" /></span></span></span> <a href="/wiki/Sweden" title="Sweden">Sweden</a></td> <td>0.3545 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/08/Flag_of_Switzerland_%28Pantone%29.svg/16px-Flag_of_Switzerland_%28Pantone%29.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/08/Flag_of_Switzerland_%28Pantone%29.svg/24px-Flag_of_Switzerland_%28Pantone%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/08/Flag_of_Switzerland_%28Pantone%29.svg/32px-Flag_of_Switzerland_%28Pantone%29.svg.png 2x" data-file-width="512" data-file-height="512" /></span></span></span> <a href="/wiki/Switzerland" title="Switzerland">Switzerland</a></td> <td>0.7399 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/53/Flag_of_Syria.svg/23px-Flag_of_Syria.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/53/Flag_of_Syria.svg/35px-Flag_of_Syria.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/53/Flag_of_Syria.svg/45px-Flag_of_Syria.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Syria" title="Syria">Syria</a></td> <td>0.3715 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/72/Flag_of_the_Republic_of_China.svg/23px-Flag_of_the_Republic_of_China.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/72/Flag_of_the_Republic_of_China.svg/35px-Flag_of_the_Republic_of_China.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/72/Flag_of_the_Republic_of_China.svg/45px-Flag_of_the_Republic_of_China.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Taiwan" title="Taiwan">Taiwan</a></td> <td>0.1940 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d0/Flag_of_Tajikistan.svg/23px-Flag_of_Tajikistan.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d0/Flag_of_Tajikistan.svg/35px-Flag_of_Tajikistan.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d0/Flag_of_Tajikistan.svg/46px-Flag_of_Tajikistan.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Tajikistan" title="Tajikistan">Tajikistan</a></td> <td>0.6796 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/3/38/Flag_of_Tanzania.svg/23px-Flag_of_Tanzania.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/38/Flag_of_Tanzania.svg/35px-Flag_of_Tanzania.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/38/Flag_of_Tanzania.svg/45px-Flag_of_Tanzania.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Tanzania" title="Tanzania">Tanzania</a></td> <td>0.5873 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a9/Flag_of_Thailand.svg/23px-Flag_of_Thailand.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a9/Flag_of_Thailand.svg/35px-Flag_of_Thailand.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a9/Flag_of_Thailand.svg/45px-Flag_of_Thailand.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Thailand" title="Thailand">Thailand</a></td> <td>0.3815 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/26/Flag_of_East_Timor.svg/23px-Flag_of_East_Timor.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/26/Flag_of_East_Timor.svg/35px-Flag_of_East_Timor.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/26/Flag_of_East_Timor.svg/46px-Flag_of_East_Timor.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/East_Timor" title="East Timor">Timor-Leste</a></td> <td>0.7765 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/7a/Flag_of_Togo_%283-2%29.svg/23px-Flag_of_Togo_%283-2%29.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/7a/Flag_of_Togo_%283-2%29.svg/35px-Flag_of_Togo_%283-2%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/7a/Flag_of_Togo_%283-2%29.svg/45px-Flag_of_Togo_%283-2%29.svg.png 2x" data-file-width="750" data-file-height="500" /></span></span></span> <a href="/wiki/Togo" title="Togo">Togo</a></td> <td>0.8015 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9a/Flag_of_Tonga.svg/23px-Flag_of_Tonga.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9a/Flag_of_Tonga.svg/35px-Flag_of_Tonga.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9a/Flag_of_Tonga.svg/46px-Flag_of_Tonga.svg.png 2x" data-file-width="960" data-file-height="480" /></span></span></span> <a href="/wiki/Tonga" title="Tonga">Tonga</a></td> <td>0.3080 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/6/64/Flag_of_Trinidad_and_Tobago.svg/23px-Flag_of_Trinidad_and_Tobago.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/64/Flag_of_Trinidad_and_Tobago.svg/35px-Flag_of_Trinidad_and_Tobago.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/64/Flag_of_Trinidad_and_Tobago.svg/46px-Flag_of_Trinidad_and_Tobago.svg.png 2x" data-file-width="800" data-file-height="480" /></span></span></span> <a href="/wiki/Trinidad_and_Tobago" title="Trinidad and Tobago">Trinidad and Tobago</a></td> <td>0.4439 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/ce/Flag_of_Tunisia.svg/23px-Flag_of_Tunisia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/ce/Flag_of_Tunisia.svg/35px-Flag_of_Tunisia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/ce/Flag_of_Tunisia.svg/45px-Flag_of_Tunisia.svg.png 2x" data-file-width="1200" data-file-height="800" /></span></span></span> <a href="/wiki/Tunisia" title="Tunisia">Tunisia</a></td> <td>0.5916 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b4/Flag_of_Turkey.svg/23px-Flag_of_Turkey.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b4/Flag_of_Turkey.svg/35px-Flag_of_Turkey.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b4/Flag_of_Turkey.svg/45px-Flag_of_Turkey.svg.png 2x" data-file-width="1200" data-file-height="800" /></span></span></span> <a href="/wiki/Turkey" title="Turkey">Turkey</a></td> <td>0.8990 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Turkmenistan.svg/23px-Flag_of_Turkmenistan.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Turkmenistan.svg/35px-Flag_of_Turkmenistan.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Flag_of_Turkmenistan.svg/45px-Flag_of_Turkmenistan.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Turkmenistan" title="Turkmenistan">Turkmenistan</a></td> <td>0.2067 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/3/38/Flag_of_Tuvalu.svg/23px-Flag_of_Tuvalu.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/38/Flag_of_Tuvalu.svg/35px-Flag_of_Tuvalu.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/38/Flag_of_Tuvalu.svg/46px-Flag_of_Tuvalu.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Tuvalu" title="Tuvalu">Tuvalu</a></td> <td>0.0063 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/4e/Flag_of_Uganda.svg/23px-Flag_of_Uganda.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/4e/Flag_of_Uganda.svg/35px-Flag_of_Uganda.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/4e/Flag_of_Uganda.svg/45px-Flag_of_Uganda.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Uganda" title="Uganda">Uganda</a></td> <td>0.5719 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/49/Flag_of_Ukraine.svg/23px-Flag_of_Ukraine.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/49/Flag_of_Ukraine.svg/35px-Flag_of_Ukraine.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/49/Flag_of_Ukraine.svg/45px-Flag_of_Ukraine.svg.png 2x" data-file-width="1200" data-file-height="800" /></span></span></span> <a href="/wiki/Ukraine" title="Ukraine">Ukraine</a></td> <td>0.8993 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/23px-Flag_of_the_United_Arab_Emirates.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/35px-Flag_of_the_United_Arab_Emirates.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Flag_of_the_United_Arab_Emirates.svg/46px-Flag_of_the_United_Arab_Emirates.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/United_Arab_Emirates" title="United Arab Emirates">United Arab Emirates</a></td> <td>0.4855 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/23px-Flag_of_the_United_Kingdom.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/35px-Flag_of_the_United_Kingdom.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/46px-Flag_of_the_United_Kingdom.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a></td> <td>0.7012 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></span></span></span> <a href="/wiki/United_States" title="United States">United States of America</a></td> <td>0.4804 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fe/Flag_of_Uruguay.svg/23px-Flag_of_Uruguay.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fe/Flag_of_Uruguay.svg/35px-Flag_of_Uruguay.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fe/Flag_of_Uruguay.svg/45px-Flag_of_Uruguay.svg.png 2x" data-file-width="512" data-file-height="341" /></span></span></span> <a href="/wiki/Uruguay" title="Uruguay">Uruguay</a></td> <td>0.6260 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/84/Flag_of_Uzbekistan.svg/23px-Flag_of_Uzbekistan.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/84/Flag_of_Uzbekistan.svg/35px-Flag_of_Uzbekistan.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/84/Flag_of_Uzbekistan.svg/46px-Flag_of_Uzbekistan.svg.png 2x" data-file-width="1000" data-file-height="500" /></span></span></span> <a href="/wiki/Uzbekistan" title="Uzbekistan">Uzbekistan</a></td> <td>0.5958 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Vanuatu.svg/23px-Flag_of_Vanuatu.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Vanuatu.svg/35px-Flag_of_Vanuatu.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Vanuatu.svg/46px-Flag_of_Vanuatu.svg.png 2x" data-file-width="600" data-file-height="360" /></span></span></span> <a href="/wiki/Vanuatu" title="Vanuatu">Vanuatu</a></td> <td>0.4979 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/06/Flag_of_Venezuela.svg/23px-Flag_of_Venezuela.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/06/Flag_of_Venezuela.svg/35px-Flag_of_Venezuela.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/06/Flag_of_Venezuela.svg/45px-Flag_of_Venezuela.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Venezuela" title="Venezuela">Venezuela</a></td> <td>0.4515 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/21/Flag_of_Vietnam.svg/23px-Flag_of_Vietnam.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/21/Flag_of_Vietnam.svg/35px-Flag_of_Vietnam.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/21/Flag_of_Vietnam.svg/45px-Flag_of_Vietnam.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Vietnam" title="Vietnam">Vietnam</a></td> <td>0.1316 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/89/Flag_of_Yemen.svg/23px-Flag_of_Yemen.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/89/Flag_of_Yemen.svg/35px-Flag_of_Yemen.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/89/Flag_of_Yemen.svg/45px-Flag_of_Yemen.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Yemen" title="Yemen">Yemen</a></td> <td>0.5205 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/06/Flag_of_Zambia.svg/23px-Flag_of_Zambia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/06/Flag_of_Zambia.svg/35px-Flag_of_Zambia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/06/Flag_of_Zambia.svg/45px-Flag_of_Zambia.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span> <a href="/wiki/Zambia" title="Zambia">Zambia</a></td> <td>0.5240 </td></tr> <tr> <td><span class="flagicon" style="display:inline-block;width:25px;"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/6/6a/Flag_of_Zimbabwe.svg/23px-Flag_of_Zimbabwe.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/6a/Flag_of_Zimbabwe.svg/35px-Flag_of_Zimbabwe.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/6a/Flag_of_Zimbabwe.svg/46px-Flag_of_Zimbabwe.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span></span> <a href="/wiki/Zimbabwe" title="Zimbabwe">Zimbabwe</a></td> <td>0.4939 </td></tr></tbody></table> <div class="mw-heading mw-heading2"><h2 id="Statistics">Statistics</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Central_bank&action=edit&section=25" title="Edit section: Statistics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="thumb tright" style=""><div class="thumbinner" style="width:-moz-fit-content; width:fit-content;"><div class="center noresize" style="width:auto;"> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-Notice plainlinks metadata ambox ambox-notice" role="presentation" style="width:100%;margin:0;"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/1/1d/Information_icon4.svg/40px-Information_icon4.svg.png" decoding="async" width="40" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/1/1d/Information_icon4.svg/60px-Information_icon4.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/1/1d/Information_icon4.svg/80px-Information_icon4.svg.png 2x" data-file-width="620" data-file-height="620" /></span></span></div></td><td class="mbox-text" style="text-align: left;"><div class="mbox-text-span">Graphs are unavailable due to technical issues. There is more info on <a href="https://phabricator.wikimedia.org/T334940" class="extiw" title="phab:T334940">Phabricator</a> and on <a href="https://www.mediawiki.org/wiki/Extension:Graph/Plans" class="extiw" title="mw:Extension:Graph/Plans">MediaWiki.org</a>.</div></td></tr></tbody></table></div><div class="thumbcaption">Total assets of central banks worldwide (in trillion U.S. dollars)<sup id="cite_ref-95" class="reference"><a href="#cite_note-95"><span class="cite-bracket">[</span>95<span class="cite-bracket">]</span></a></sup></div></div></div> <p>Collectively, central banks purchase less than 500 tonnes of <a href="/wiki/Gold_bullion" class="mw-redirect" title="Gold bullion">gold</a> each year, on average (out of an annual global production of 2,500–3,000 tonnes).<sup id="cite_ref-96" class="reference"><a href="#cite_note-96"><span class="cite-bracket">[</span>96<span class="cite-bracket">]</span></a></sup> In 2018, central banks collectively hold over 33,000 metric tons of the gold, about a fifth of all the gold ever mined, according to Bloomberg News.<sup id="cite_ref-97" class="reference"><a href="#cite_note-97"><span class="cite-bracket">[</span>97<span class="cite-bracket">]</span></a></sup> </p><p>In 2016, 75% of the world's central-bank assets were controlled by four centers in <a href="/wiki/China" title="China">China</a>, the United States, Japan and the <a href="/wiki/Eurozone" title="Eurozone">eurozone</a>. The central banks of <a href="/wiki/Brazil" title="Brazil">Brazil</a>, <a href="/wiki/Switzerland" title="Switzerland">Switzerland</a>, <a href="/wiki/Saudi_Arabia" title="Saudi Arabia">Saudi Arabia</a>, the <a href="/wiki/United_Kingdom" title="United Kingdom">U.K</a>., <a href="/wiki/India" title="India">India</a> and <a href="/wiki/Russia" title="Russia">Russia</a>, each account for an average of 2.5 percent. The remaining 107 central banks hold less than 13 percent. According to data compiled by <a href="/wiki/Bloomberg_News" title="Bloomberg News">Bloomberg News</a>, the top 10 largest central banks owned $21.4 trillion in assets, a 10 percent increase from 2015.<sup id="cite_ref-98" class="reference"><a href="#cite_note-98"><span class="cite-bracket">[</span>98<span class="cite-bracket">]</span></a></sup> </p> <table class="wikitable"> <caption>Top 5 largest central banks by total assets<sup id="cite_ref-99" class="reference"><a href="#cite_note-99"><span class="cite-bracket">[</span>99<span class="cite-bracket">]</span></a></sup> </caption> <tbody><tr> <th>Rank </th> <th>Central Bank </th> <th>Total assets </th></tr> <tr> <td>1 </td> <td>Federal Reserve System </td> <td>$8,757,460,000,000 </td></tr> <tr> <td>2 </td> <td>Bank of Japan </td> <td>$5,878,875,571,224 </td></tr> <tr> <td>3 </td> <td>People's Bank of China </td> <td>$5,144,760,000,000 </td></tr> <tr> <td>4 </td> <td>Deutsche Bundesbank </td> <td>$3,103,230,000,000 </td></tr> <tr> <td>5 </td> <td>Bank of France </td> <td>$2,138,080,000,000 </td></tr></tbody></table> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Central_bank&action=edit&section=26" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1130092004">.mw-parser-output .portal-bar{font-size:88%;font-weight:bold;display:flex;justify-content:center;align-items:baseline}.mw-parser-output .portal-bar-bordered{padding:0 2em;background-color:#fdfdfd;border:1px solid #a2a9b1;clear:both;margin:1em auto 0}.mw-parser-output .portal-bar-related{font-size:100%;justify-content:flex-start}.mw-parser-output .portal-bar-unbordered{padding:0 1.7em;margin-left:0}.mw-parser-output .portal-bar-header{margin:0 1em 0 0.5em;flex:0 0 auto;min-height:24px}.mw-parser-output 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srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9d/All-currency-symbol.svg/29px-All-currency-symbol.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9d/All-currency-symbol.svg/38px-All-currency-symbol.svg.png 2x" data-file-width="54" data-file-height="54" /></span></span> </span><a href="/wiki/Portal:Banks" title="Portal:Banks">Banks</a></li><li class="portal-bar-item"><span class="nowrap"><span typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/19px-Emblem-money.svg.png" decoding="async" width="19" height="19" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/29px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/38px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Economics" title="Portal:Economics">Economics</a></li></ul></div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col"> <ul><li><a href="/wiki/Fractional-reserve_banking" title="Fractional-reserve banking">Fractional-reserve banking</a></li> <li><a href="/wiki/Free_banking" title="Free banking">Free banking</a></li> <li><a href="/wiki/Full-reserve_banking" title="Full-reserve banking">Full-reserve banking</a></li> <li><a href="/wiki/Bank_for_International_Settlements" title="Bank for International Settlements">Bank for International Settlements</a></li> <li><a href="/wiki/History_of_central_banking_in_the_United_States" title="History of central banking in the United States">History of central banking in the United States</a></li> <li><a href="/wiki/List_of_central_banks" title="List of central banks">List of central banks</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Central_bank&action=edit&section=27" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text">Compare:<style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFUittenbogaard2014" class="citation book cs1">Uittenbogaard, Roland (2014). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=YlkEBgAAQBAJ"><i>Evolution of Central Banking?: De Nederlandsche Bank 1814–1852</i></a>. Cham (Switzerland): Springer. p. 4. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9783319106175" title="Special:BookSources/9783319106175"><bdi>9783319106175</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230701075447/https://books.google.com/books?id=YlkEBgAAQBAJ">Archived</a> from the original on 1 July 2023<span class="reference-accessdate">. Retrieved <span class="nowrap">3 February</span> 2019</span>. <q>Although it is difficult to define central banking, ... a functional definition is most useful. ... Capie et al. (1994) define a central bank as the government's bank, the monopoly note issuer and lender of last resort.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Evolution+of+Central+Banking%3F%3A+De+Nederlandsche+Bank+1814%E2%80%931852&rft.place=Cham+%28Switzerland%29&rft.pages=4&rft.pub=Springer&rft.date=2014&rft.isbn=9783319106175&rft.aulast=Uittenbogaard&rft.aufirst=Roland&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DYlkEBgAAQBAJ&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACentral+bank" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLuciaEricLucaRichard2014" class="citation journal cs1">Lucia, Alessi; Eric, Ghysels; Luca, norante; Richard, Peach; Simon, Potter (2014). <a rel="nofollow" class="external text" href="https://doi.org/10.1080/07350015.2014.959124">"Central Bank Macroeconomic Forecasting During the Global Financial Crisis: The European Central Bank and Federal Reserve Bank of New York Experiences"</a>. <i>Journal of Business & Economic Statistics</i>. <b>32</b> (4): 483–500. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1080%2F07350015.2014.959124">10.1080/07350015.2014.959124</a>. <a href="/wiki/Hdl_(identifier)" class="mw-redirect" title="Hdl (identifier)">hdl</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://hdl.handle.net/10419%2F154121">10419/154121</a></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Business+%26+Economic+Statistics&rft.atitle=Central+Bank+Macroeconomic+Forecasting+During+the+Global+Financial+Crisis%3A+The+European+Central+Bank+and+Federal+Reserve+Bank+of+New+York+Experiences&rft.volume=32&rft.issue=4&rft.pages=483-500&rft.date=2014&rft_id=info%3Ahdl%2F10419%2F154121&rft_id=info%3Adoi%2F10.1080%2F07350015.2014.959124&rft.aulast=Lucia&rft.aufirst=Alessi&rft.au=Eric%2C+Ghysels&rft.au=Luca%2C+norante&rft.au=Richard%2C+Peach&rft.au=Simon%2C+Potter&rft_id=https%3A%2F%2Fdoi.org%2F10.1080%2F07350015.2014.959124&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACentral+bank" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text">David Fielding, "Fiscal and Monetary Policies in Developing Countries" in <i>The New Palgrave Dictionary of Economics</i> (Springer, 2016), p. 405: "The current norm in OECD countries is an institutionally independent central bank ... In recent years some non-OECD countries have introduced ... a degree of central bank independence and accountability."</span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation journal cs1"><a rel="nofollow" class="external text" href="https://www.bis.org/publ/work299.pdf">"Public governance of central banks: an approach from new institutional economics"</a> <span class="cs1-format">(PDF)</span>. <i>The Bulletin of the Faculty of Commerce</i>. <b>89</b> (4). March 2007. <a rel="nofollow" class="external text" href="https://ghostarchive.org/archive/20221009/https://www.bis.org/publ/work299.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 9 October 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Bulletin+of+the+Faculty+of+Commerce&rft.atitle=Public+governance+of+central+banks%3A+an+approach+from+new+institutional+economics&rft.volume=89&rft.issue=4&rft.date=2007-03&rft_id=https%3A%2F%2Fwww.bis.org%2Fpubl%2Fwork299.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACentral+bank" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFApel2007" class="citation book cs1">Apel, Emmanuel (November 2007). "1". <i>Central Banking Systems Compared: The ECB, The Pre-Euro Bundesbank and the Federal Reserve System</i>. Routledge. p. 14. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0415459228" title="Special:BookSources/978-0415459228"><bdi>978-0415459228</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=1&rft.btitle=Central+Banking+Systems+Compared%3A+The+ECB%2C+The+Pre-Euro+Bundesbank+and+the+Federal+Reserve+System&rft.pages=14&rft.pub=Routledge&rft.date=2007-11&rft.isbn=978-0415459228&rft.aulast=Apel&rft.aufirst=Emmanuel&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACentral+bank" class="Z3988"></span></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.federalreserve.gov/faqs/about_14986.htm">"Ownership and independence of FED"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200325091555/https://www.federalreserve.gov/faqs/about_14986.htm">Archived</a> from the original on 25 March 2020<span class="reference-accessdate">. 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Retrieved <span class="nowrap">17 December</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=The+development+of+central+banking&rft.btitle=The+Future+of+Central+Banking%3A+The+Tercentenary+Symposium+of+the+Bank+of+England&rft.place=Cambridge%2C+UK&rft.pub=Cambridge+University+Press&rft.date=1994&rft.isbn=9780521496346&rft.au=Forrest+Capie&rft.au=Charles+Goodhart&rft.au=Norbert+Schnadt&rft_id=http%3A%2F%2Feprints.lse.ac.uk%2F39606%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACentral+bank" class="Z3988"></span></span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMichael_D._Bordo2007" class="citation journal cs1">Michael D. Bordo (2007). <a rel="nofollow" class="external text" href="https://www.clevelandfed.org/publications/economic-commentary/2007/ec-20071201-a-brief-history-of-central-banks">"A Brief History of Central Banks"</a>. <i>Economic Commentary</i> (12/1/2007).</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Economic+Commentary&rft.atitle=A+Brief+History+of+Central+Banks&rft.issue=12%2F1%2F2007&rft.date=2007&rft.au=Michael+D.+Bordo&rft_id=https%3A%2F%2Fwww.clevelandfed.org%2Fpublications%2Feconomic-commentary%2F2007%2Fec-20071201-a-brief-history-of-central-banks&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACentral+bank" class="Z3988"></span></span> </li> <li id="cite_note-Bindseil-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-Bindseil_18-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFUlrich_Bindseil2019" class="citation book cs1">Ulrich Bindseil (2019). <i>Central Banking before 1800: A Rehabilitation</i>. Oxford University Press.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Central+Banking+before+1800%3A+A+Rehabilitation&rft.pub=Oxford+University+Press&rft.date=2019&rft.au=Ulrich+Bindseil&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACentral+bank" class="Z3988"></span></span> </li> <li id="cite_note-Ugolini-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-Ugolini_19-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFStefano_Ugolini2017" class="citation cs2">Stefano Ugolini (2017), <i>The Evolution of Central Banking: Theory and History</i>, London: Palgrave Macmillan</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Evolution+of+Central+Banking%3A+Theory+and+History&rft.place=London&rft.pub=Palgrave+Macmillan&rft.date=2017&rft.au=Stefano+Ugolini&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACentral+bank" class="Z3988"></span></span> </li> <li id="cite_note-:0-20"><span class="mw-cite-backlink">^ <a href="#cite_ref-:0_20-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:0_20-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-:0_20-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-:0_20-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-:0_20-4"><sup><i><b>e</b></i></sup></a> <a href="#cite_ref-:0_20-5"><sup><i><b>f</b></i></sup></a> <a href="#cite_ref-:0_20-6"><sup><i><b>g</b></i></sup></a> <a href="#cite_ref-:0_20-7"><sup><i><b>h</b></i></sup></a> <a href="#cite_ref-:0_20-8"><sup><i><b>i</b></i></sup></a> <a href="#cite_ref-:0_20-9"><sup><i><b>j</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEichengreenKakridis2023" class="citation journal cs1">Eichengreen, Barry; Kakridis, Andreas (2023). Kakridis, Andreas; Eichengreen, Barry (eds.). <a rel="nofollow" class="external text" href="https://www.cambridge.org/core/books/spread-of-the-modern-central-bank-and-global-cooperation/interwar-central-banks/BD45C3275703D3ED0D56334E0661C207">"Interwar Central Banks: A Tour d' Horizon"</a>. <i>The Spread of the Modern Central Bank and Global Cooperation: 1919–1939</i>. Studies in Macroeconomic History. Cambridge University Press: 3–39. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1017%2F9781009367578.003">10.1017/9781009367578.003</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-009-36757-8" title="Special:BookSources/978-1-009-36757-8"><bdi>978-1-009-36757-8</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Spread+of+the+Modern+Central+Bank+and+Global+Cooperation%3A+1919%E2%80%931939&rft.atitle=Interwar+Central+Banks%3A+A+Tour+d%27+Horizon&rft.pages=3-39&rft.date=2023&rft_id=info%3Adoi%2F10.1017%2F9781009367578.003&rft.isbn=978-1-009-36757-8&rft.aulast=Eichengreen&rft.aufirst=Barry&rft.au=Kakridis%2C+Andreas&rft_id=https%3A%2F%2Fwww.cambridge.org%2Fcore%2Fbooks%2Fspread-of-the-modern-central-bank-and-global-cooperation%2Finterwar-central-banks%2FBD45C3275703D3ED0D56334E0661C207&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACentral+bank" class="Z3988"></span></span> </li> <li id="cite_note-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-21">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.nbbmuseum.be/en/2012/05/nederlands-geldgebruik-in-het-oude-egypte.htm"><i>Monetary Practices in Ancient Egypt</i></a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170425025052/http://www.nbbmuseum.be/en/2012/05/nederlands-geldgebruik-in-het-oude-egypte.htm">Archived</a> 25 April 2017 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. Money Museum National Bank of Belgium, 31 May 2012. Retrieved 10 February 2017.</span> </li> <li id="cite_note-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-22">^</a></b></span> <span class="reference-text">Metcalf, William E. <i> The Oxford Handbook of Greek and Roman Coinage</i>, Oxford: Oxford University Press, 2016, pp. 43–44</span> </li> <li id="cite_note-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-23">^</a></b></span> <span class="reference-text">Collins, Christopher. <i>The Oxford Encyclopedia of Economic History, Volume 3. Banking: Middle Ages and Early Modern Period</i>, Oxford University Press, 2012, pp. 221–225</span> </li> <li id="cite_note-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-24">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFQuinnRoberds2023" class="citation book cs1">Quinn, Stephen; Roberds, William (2023). <a rel="nofollow" class="external text" href="https://www.cambridge.org/core/product/identifier/9781108594752/type/book"><i>How a Ledger Became a Central Bank: A Monetary History of the Bank of Amsterdam</i></a>. Cambridge University Press. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1017%2F9781108594752">10.1017/9781108594752</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-108-59475-2" title="Special:BookSources/978-1-108-59475-2"><bdi>978-1-108-59475-2</bdi></a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:265264153">265264153</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=How+a+Ledger+Became+a+Central+Bank%3A+A+Monetary+History+of+the+Bank+of+Amsterdam&rft.pub=Cambridge+University+Press&rft.date=2023&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A265264153%23id-name%3DS2CID&rft_id=info%3Adoi%2F10.1017%2F9781108594752&rft.isbn=978-1-108-59475-2&rft.aulast=Quinn&rft.aufirst=Stephen&rft.au=Roberds%2C+William&rft_id=https%3A%2F%2Fwww.cambridge.org%2Fcore%2Fproduct%2Fidentifier%2F9781108594752%2Ftype%2Fbook&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACentral+bank" class="Z3988"></span></span> </li> <li id="cite_note-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-25">^</a></b></span> <span class="reference-text">Quinn, Stephen; Roberds, William (2006), <a rel="nofollow" class="external text" href="http://papers.ssrn.com/sol3/papers.cfm?abstract_id=934871">"An Economic Explanation of the Early Bank of Amsterdam, Debasement, Bills of Exchange, and the Emergence of the First Central Bank"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110503180739/http://papers.ssrn.com/sol3/papers.cfm?abstract_id=934871">Archived</a> 3 May 2011 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, <a href="/wiki/Federal_Reserve_Bank_of_Atlanta" title="Federal Reserve Bank of Atlanta">Federal Reserve Bank of Atlanta</a>, Working Paper 2006–13</span> </li> <li id="cite_note-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-26">^</a></b></span> <span class="reference-text">Collins, Christopher. <i>The Oxford Encyclopedia of Economic History, Volume 3. Banking: Middle Ages and Early Modern Period</i>, Oxford University Press, 2012, p. 223</span> </li> <li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text">Kurgan-van Hentenryk, Ginette. <i>Banking, Trade and Industry: Europe, America and Asia from the Thirteenth to the Twentieth Century</i>, Cambridge University Press, 1997, p. 39</span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.riksbank.com/templates/Page.aspx?id=9159">History of Sveriges Riksbank</a> Riksbank.com <a rel="nofollow" class="external text" href="https://web.archive.org/web/20080504165055/http://www.riksbank.com/templates/Page.aspx?id=9159">Archived</a> 2008-05-04 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text">Bordo, M. (December 2007), <a rel="nofollow" class="external text" href="http://www.clevelandfed.org/research/commentary/2007/12.cfm">"A Brief History of Central Banks"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20080203115046/http://www.clevelandfed.org/research/Commentary/2007/12.cfm">Archived</a> 3 February 2008 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, Federal Reserve Bank of Cleveland.</span> </li> <li id="cite_note-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-30">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation book cs1"><a rel="nofollow" class="external text" href="https://books.google.com/books?id=EkUTaZofJYEC&q=British+Parliamentary+reports+on+international+finance"><i>Committee of Finance and Industry 1931 (Macmillan Report) description of the founding of Bank of England</i></a>. Arno Press. 1979. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780405112126" title="Special:BookSources/9780405112126"><bdi>9780405112126</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230701075449/https://books.google.com/books?id=EkUTaZofJYEC&q=British+Parliamentary+reports+on+international+finance">Archived</a> from the original on 1 July 2023<span class="reference-accessdate">. Retrieved <span class="nowrap">10 May</span> 2010</span>. <q>Its foundation in 1694 arose out the difficulties of the Government of the day in securing subscriptions to State loans. Its primary purpose was to raise and lend money to the State and in consideration of this service it received under its Charter and various Act of Parliament, certain privileges of issuing bank notes. The corporation commenced, with an assured life of twelve years after which the Government had the right to annul its Charter on giving one year's notice. Subsequent extensions of this period coincided generally with the grant of additional loans to the State.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Committee+of+Finance+and+Industry+1931+%28Macmillan+Report%29+description+of+the+founding+of+Bank+of+England&rft.pub=Arno+Press&rft.date=1979&rft.isbn=9780405112126&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DEkUTaZofJYEC%26q%3DBritish%2BParliamentary%2Breports%2Bon%2Binternational%2Bfinance&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACentral+bank" class="Z3988"></span></span> </li> <li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text">H. Roseveare, <a rel="nofollow" class="external text" href="https://books.google.com/books?id=V1MkAQAAIAAJ">The Financial Revolution 1660–1760</a> (1991, Longman), p. 34</span> </li> <li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBagehot2010" class="citation book cs1">Bagehot, Walter (5 November 2010). <a rel="nofollow" class="external text" href="http://www.gutenberg.org/ebooks/4359"><i>Lombard Street: A Description of the Money Market (1873)</i></a>. London: Henry S. King and Co. (etext by Project Gutenberg). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120509060631/http://www.gutenberg.org/ebooks/4359">Archived</a> from the original on 9 May 2012<span class="reference-accessdate">. Retrieved <span class="nowrap">24 January</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Lombard+Street%3A+A+Description+of+the+Money+Market+%281873%29&rft.place=London&rft.pub=Henry+S.+King+and+Co.+%28etext+by+Project+Gutenberg%29&rft.date=2010-11-05&rft.aulast=Bagehot&rft.aufirst=Walter&rft_id=http%3A%2F%2Fwww.gutenberg.org%2Febooks%2F4359&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACentral+bank" class="Z3988"></span></span> </li> <li id="cite_note-33"><span class="mw-cite-backlink"><b><a href="#cite_ref-33">^</a></b></span> <span class="reference-text">Federal Reserve Bank of Minneapolis. "A History of Central Banking in the United States" <a rel="nofollow" class="external text" href="https://www.minneapolisfed.org/about/more-about-the-fed/history-of-the-fed/history-of-central-banking">online</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180929233339/https://www.minneapolisfed.org/about/more-about-the-fed/history-of-the-fed/history-of-central-banking">Archived</a> 29 September 2018 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></span> </li> <li id="cite_note-34"><span class="mw-cite-backlink"><b><a href="#cite_ref-34">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFClifford_Gomez2011" class="citation book cs1">Clifford Gomez (2011). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=_4Nkye6tpWcC&pg=PA100"><i>Banking and Finance: Theory, Law and Practice</i></a>. PHI. p. 100. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9788120342378" title="Special:BookSources/9788120342378"><bdi>9788120342378</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230701075943/https://books.google.com/books?id=_4Nkye6tpWcC&pg=PA100">Archived</a> from the original on 1 July 2023<span class="reference-accessdate">. Retrieved <span class="nowrap">29 September</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Banking+and+Finance%3A+Theory%2C+Law+and+Practice&rft.pages=100&rft.pub=PHI&rft.date=2011&rft.isbn=9788120342378&rft.au=Clifford+Gomez&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D_4Nkye6tpWcC%26pg%3DPA100&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACentral+bank" class="Z3988"></span></span> </li> <li id="cite_note-35"><span class="mw-cite-backlink"><b><a href="#cite_ref-35">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMichael_D._BordoMarc_FlandreauJan_F._Qvigstad2016" class="citation book cs1">Michael D. Bordo; Marc Flandreau; Jan F. Qvigstad (2016). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=cZ0rDAAAQBAJ&pg=PA2"><i>Central Banks at a Crossroads: What Can We Learn from History?</i></a>. Cambridge UP. pp. 1–17. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781107149663" title="Special:BookSources/9781107149663"><bdi>9781107149663</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230701075943/https://books.google.com/books?id=cZ0rDAAAQBAJ&pg=PA2">Archived</a> from the original on 1 July 2023<span class="reference-accessdate">. Retrieved <span class="nowrap">29 September</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Central+Banks+at+a+Crossroads%3A+What+Can+We+Learn+from+History%3F&rft.pages=1-17&rft.pub=Cambridge+UP&rft.date=2016&rft.isbn=9781107149663&rft.au=Michael+D.+Bordo&rft.au=Marc+Flandreau&rft.au=Jan+F.+Qvigstad&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DcZ0rDAAAQBAJ%26pg%3DPA2&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACentral+bank" class="Z3988"></span></span> </li> <li id="cite_note-36"><span class="mw-cite-backlink"><b><a href="#cite_ref-36">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMichael_Stephen_Smith2006" class="citation book cs1">Michael Stephen Smith (2006). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=zs26hd5keYkC&pg=PA59"><i>The Emergence of Modern Business Enterprise in France, 1800–1930</i></a>. Harvard UP. p. 59. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780674019393" title="Special:BookSources/9780674019393"><bdi>9780674019393</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230701080153/https://books.google.com/books?id=zs26hd5keYkC&pg=PA59">Archived</a> from the original on 1 July 2023<span class="reference-accessdate">. Retrieved <span class="nowrap">29 September</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Emergence+of+Modern+Business+Enterprise+in+France%2C+1800%E2%80%931930&rft.pages=59&rft.pub=Harvard+UP&rft.date=2006&rft.isbn=9780674019393&rft.au=Michael+Stephen+Smith&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3Dzs26hd5keYkC%26pg%3DPA59&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACentral+bank" class="Z3988"></span></span> </li> <li id="cite_note-37"><span class="mw-cite-backlink"><b><a href="#cite_ref-37">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://19thcentury.us/19th-century-french-currency/">"Exploring the Currency of 19th Century France: A Glimpse into the Economic Landscape – 19th Century"</a>. <i>19thcentury.us</i>. 30 July 2023<span class="reference-accessdate">. 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Retrieved <span class="nowrap">11 December</span> 2022</span> – via Taylor and Francis+NEJM.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=International+Interactions&rft.atitle=Central+Bank+Independence+in+the+World%3A+A+New+Data+Set&rft.volume=42&rft.issue=5&rft.pages=849-868&rft.date=2016-10-19&rft_id=info%3Adoi%2F10.1080%2F03050629.2016.1188813&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A156704685%23id-name%3DS2CID&rft.aulast=Garriga&rft.aufirst=Ana+Carolina&rft_id=https%3A%2F%2Fdoi.org%2F10.1080%2F03050629.2016.1188813&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACentral+bank" class="Z3988"></span></span> </li> <li id="cite_note-95"><span class="mw-cite-backlink"><b><a href="#cite_ref-95">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.statista.com/statistics/421201/assets-of-central-banks/">"Assets of central banks globally 2002–2020 | Statistic"</a>. <i>Statista</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20190605234805/https://www.statista.com/statistics/421201/assets-of-central-banks/">Archived</a> from the original on 5 June 2019<span class="reference-accessdate">. Retrieved <span class="nowrap">3 June</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Statista&rft.atitle=Assets+of+central+banks+globally+2002%E2%80%932020+%7C+Statistic&rft_id=https%3A%2F%2Fwww.statista.com%2Fstatistics%2F421201%2Fassets-of-central-banks%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACentral+bank" class="Z3988"></span></span> </li> <li id="cite_note-96"><span class="mw-cite-backlink"><b><a href="#cite_ref-96">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swissinfo.ch/eng/politics/gold-reserves_swiss-love-affair-with-gold-could-heat-up-again/41101844">"Swiss love affair with gold could heat up again"</a>. 7 November 2014. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20181105055054/https://www.swissinfo.ch/eng/politics/gold-reserves_swiss-love-affair-with-gold-could-heat-up-again/41101844">Archived</a> from the original on 5 November 2018<span class="reference-accessdate">. Retrieved <span class="nowrap">31 July</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Swiss+love+affair+with+gold+could+heat+up+again&rft.date=2014-11-07&rft_id=https%3A%2F%2Fwww.swissinfo.ch%2Feng%2Fpolitics%2Fgold-reserves_swiss-love-affair-with-gold-could-heat-up-again%2F41101844&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACentral+bank" class="Z3988"></span></span> </li> <li id="cite_note-97"><span class="mw-cite-backlink"><b><a href="#cite_ref-97">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.bloomberg.com/news/articles/2018-10-29/why-central-bank-buying-has-the-gold-market-guessing-quicktake">"Why Central Bank Buying Has the Gold Market Guessing"</a>. <i>Bloomberg Businessweek</i>. 29 October 2018. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20190306060032/https://www.bloomberg.com/news/articles/2018-10-29/why-central-bank-buying-has-the-gold-market-guessing-quicktake">Archived</a> from the original on 6 March 2019<span class="reference-accessdate">. Retrieved <span class="nowrap">20 March</span> 2019</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Bloomberg+Businessweek&rft.atitle=Why+Central+Bank+Buying+Has+the+Gold+Market+Guessing&rft.date=2018-10-29&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2018-10-29%2Fwhy-central-bank-buying-has-the-gold-market-guessing-quicktake&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACentral+bank" class="Z3988"></span></span> </li> <li id="cite_note-98"><span class="mw-cite-backlink"><b><a href="#cite_ref-98">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.bloomberg.com/news/articles/2016-10-16/big-central-bank-assets-jump-fastest-in-5-years-to-21-trillion">Big Central Bank Assets Jump Fastest in 5 Years to $21 Trillion</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170227205822/https://www.bloomberg.com/news/articles/2016-10-16/big-central-bank-assets-jump-fastest-in-5-years-to-21-trillion">Archived</a> 27 February 2017 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> Bloomberg News, 16 October 2016</span> </li> <li id="cite_note-99"><span class="mw-cite-backlink"><b><a href="#cite_ref-99">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/fund-rankings/central-bank">"Top 67 Largest Central Bank Rankings by Total Assets – SWFI"</a>. <i>www.swfinstitute.org</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200328032954/https://www.swfinstitute.org/fund-rankings/central-bank">Archived</a> from the original on 28 March 2020<span class="reference-accessdate">. Retrieved <span class="nowrap">4 May</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.swfinstitute.org&rft.atitle=Top+67+Largest+Central+Bank+Rankings+by+Total+Assets+%E2%80%93+SWFI&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Ffund-rankings%2Fcentral-bank&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACentral+bank" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Central_bank&action=edit&section=28" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Nicola_Acocella" title="Nicola Acocella">Acocella, N.</a>, Di Bartolomeo, G., and Hughes Hallett, A. [2012], "Central banks and economic policy after the crisis: what have we learned?", ch. 5 in: Baker, H. K. and Riddick, L. A. (eds.), <i>Survey of International Finance</i>, Oxford University Press. <sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources"><span title="Please supply an ISBN for this book.">ISBN missing</span></a></i>]</sup></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Central_bank&action=edit&section=29" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="http://www.bis.org/cbanks.htm">List of central bank websites at the Bank for International Settlements</a></li> <li><a rel="nofollow" class="external text" href="http://www.ijcb.org/"><i>International Journal of Central Banking</i></a></li> <li><a rel="nofollow" class="external text" href="https://www.federalreserve.gov/pf/pf.htm">"The Federal Reserve System: Purposes and Functions"</a> – A publication of the U.S. <a href="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve</a>, describing its role in the macroeconomy</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation book cs1"><a rel="nofollow" class="external text" href="http://www.bis.org/publ/bppdf/bispap09a.pdf"><i>A Hundred Ways to Skin a Cat: Comparing Monetary Policy Operating Procedures in the United States, Japan and the Euro Area</i></a> <span class="cs1-format">(PDF)</span>. <a rel="nofollow" class="external text" href="https://ghostarchive.org/archive/20221009/http://www.bis.org/publ/bppdf/bispap09a.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 9 October 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=A+Hundred+Ways+to+Skin+a+Cat%3A+Comparing+Monetary+Policy+Operating+Procedures+in+the+United+States%2C+Japan+and+the+Euro+Area&rft_id=http%3A%2F%2Fwww.bis.org%2Fpubl%2Fbppdf%2Fbispap09a.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACentral+bank" class="Z3988"></span> <span style="font-size:85%;">(176 KB)</span> – C E V Borio, Bank for International Settlements, Basel</li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 1em;line-height:1.5em;text-align:center}.mw-parser-output .navbox-group{white-space:nowrap;text-align:right}.mw-parser-output .navbox,.mw-parser-output .navbox-subgroup{background-color:#fdfdfd}.mw-parser-output .navbox-list{line-height:1.5em;border-color:#fdfdfd}.mw-parser-output .navbox-list-with-group{text-align:left;border-left-width:2px;border-left-style:solid}.mw-parser-output tr+tr>.navbox-abovebelow,.mw-parser-output tr+tr>.navbox-group,.mw-parser-output tr+tr>.navbox-image,.mw-parser-output tr+tr>.navbox-list{border-top:2px solid #fdfdfd}.mw-parser-output .navbox-title{background-color:#ccf}.mw-parser-output .navbox-abovebelow,.mw-parser-output .navbox-group,.mw-parser-output .navbox-subgroup .navbox-title{background-color:#ddf}.mw-parser-output .navbox-subgroup .navbox-group,.mw-parser-output .navbox-subgroup .navbox-abovebelow{background-color:#e6e6ff}.mw-parser-output .navbox-even{background-color:#f7f7f7}.mw-parser-output .navbox-odd{background-color:transparent}.mw-parser-output .navbox .hlist td dl,.mw-parser-output .navbox .hlist td ol,.mw-parser-output .navbox .hlist td ul,.mw-parser-output .navbox td.hlist dl,.mw-parser-output .navbox td.hlist ol,.mw-parser-output .navbox td.hlist ul{padding:0.125em 0}.mw-parser-output .navbox .navbar{display:block;font-size:100%}.mw-parser-output .navbox-title .navbar{float:left;text-align:left;margin-right:0.5em}body.skin--responsive .mw-parser-output .navbox-image img{max-width:none!important}@media print{body.ns-0 .mw-parser-output .navbox{display:none!important}}</style></div><div role="navigation" class="navbox" aria-labelledby="Central_banks_by_country" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Central_banks_by_country" title="Template:Central banks by country"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Central_banks_by_country" title="Template talk:Central banks by country"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Central_banks_by_country" title="Special:EditPage/Template:Central banks by country"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Central_banks_by_country" style="font-size:114%;margin:0 4em">Central banks by country</div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Africa</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bank_of_Central_African_States" title="Bank of Central African States">Central African States</a></li> <li><a href="/wiki/Central_Bank_of_West_African_States" title="Central Bank of West African States">West African States</a></li> <li><a href="/wiki/Bank_of_Algeria" title="Bank of Algeria">Algeria</a></li> <li><a href="/wiki/National_Bank_of_Angola" title="National Bank of Angola">Angola</a></li> <li><a href="/wiki/Bank_of_Botswana" title="Bank of Botswana">Botswana</a></li> <li><a href="/wiki/Bank_of_the_Republic_of_Burundi" title="Bank of the Republic of Burundi">Burundi</a></li> <li><a href="/wiki/Bank_of_Cape_Verde" title="Bank of Cape Verde">Cape Verde</a></li> <li><a href="/wiki/Central_Bank_of_the_Comoros" title="Central Bank of the Comoros">Comoros</a></li> <li><a href="/wiki/Central_Bank_of_the_Congo" title="Central Bank of the Congo">Congo</a></li> <li><a href="/wiki/Central_Bank_of_Djibouti" title="Central Bank of Djibouti">Djibouti</a></li> <li><a href="/wiki/Central_Bank_of_Egypt" title="Central Bank of Egypt">Egypt</a></li> <li><a href="/wiki/Bank_of_Eritrea" title="Bank of Eritrea">Eritrea</a></li> <li><a href="/wiki/Central_Bank_of_Eswatini" title="Central Bank of Eswatini">Eswatini</a></li> <li><a href="/wiki/National_Bank_of_Ethiopia" title="National Bank of Ethiopia">Ethiopia</a></li> <li><a href="/wiki/Central_Bank_of_The_Gambia" class="mw-redirect" title="Central Bank of The Gambia">Gambia</a></li> <li><a href="/wiki/Bank_of_Ghana" title="Bank of Ghana">Ghana</a></li> <li><a href="/wiki/Central_Bank_of_the_Republic_of_Guinea" title="Central Bank of the Republic of Guinea">Guinea</a></li> <li><a href="/wiki/Central_Bank_of_Kenya" title="Central Bank of Kenya">Kenya</a></li> <li><a href="/wiki/Central_Bank_of_Lesotho" title="Central Bank of Lesotho">Lesotho</a></li> <li><a href="/wiki/Central_Bank_of_Liberia" title="Central Bank of Liberia">Liberia</a></li> <li><a href="/wiki/Central_Bank_of_Libya" title="Central Bank of Libya">Libya</a></li> <li><a href="/wiki/Central_Bank_of_Madagascar" title="Central Bank of Madagascar">Madagascar</a></li> <li><a href="/wiki/Reserve_Bank_of_Malawi" title="Reserve Bank of Malawi">Malawi</a></li> <li><a href="/wiki/Central_Bank_of_Mauritania" title="Central Bank of Mauritania">Mauritania</a></li> <li><a href="/wiki/Bank_of_Mauritius" title="Bank of Mauritius">Mauritius</a></li> <li><a href="/wiki/Bank_Al-Maghrib" title="Bank Al-Maghrib">Morocco</a></li> <li><a href="/wiki/Bank_of_Mozambique" title="Bank of Mozambique">Mozambique</a></li> <li><a href="/wiki/Bank_of_Namibia" title="Bank of Namibia">Namibia</a></li> <li><a href="/wiki/Central_Bank_of_Nigeria" title="Central Bank of Nigeria">Nigeria</a></li> <li><a href="/wiki/National_Bank_of_Rwanda" title="National Bank of Rwanda">Rwanda</a></li> <li><a href="/wiki/Central_Bank_of_S%C3%A3o_Tom%C3%A9_and_Pr%C3%ADncipe" title="Central Bank of São Tomé and Príncipe">São Tomé and Príncipe</a></li> <li><a href="/wiki/Central_Bank_of_Seychelles" title="Central Bank of Seychelles">Seychelles</a></li> <li><a href="/wiki/Bank_of_Sierra_Leone" title="Bank of Sierra Leone">Sierra Leone</a></li> <li><a href="/wiki/Central_Bank_of_Somalia" title="Central Bank of Somalia">Somalia</a></li> <li><i><a href="/wiki/Bank_of_Somaliland" title="Bank of Somaliland">Somaliland</a></i></li> <li><a href="/wiki/South_African_Reserve_Bank" title="South African Reserve Bank">South Africa</a></li> <li><a href="/wiki/Bank_of_South_Sudan" title="Bank of South Sudan">South Sudan</a></li> <li><a href="/wiki/Central_Bank_of_Sudan" title="Central Bank of Sudan">Sudan</a></li> <li><a href="/wiki/Bank_of_Tanzania" title="Bank of Tanzania">Tanzania</a></li> <li><a href="/wiki/Central_Bank_of_Tunisia" title="Central Bank of Tunisia">Tunisia</a></li> <li><a href="/wiki/Bank_of_Uganda" title="Bank of Uganda">Uganda</a></li> <li><a href="/wiki/Bank_of_Zambia" title="Bank of Zambia">Zambia</a></li> <li><a href="/wiki/Reserve_Bank_of_Zimbabwe" title="Reserve Bank of Zimbabwe">Zimbabwe</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Asia</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Da_Afghanistan_Bank" title="Da Afghanistan Bank">Afghanistan</a></li> <li><a href="/wiki/Central_Bank_of_Bahrain" title="Central Bank of Bahrain">Bahrain</a></li> <li><a href="/wiki/Bangladesh_Bank" title="Bangladesh Bank">Bangladesh</a></li> <li><a href="/wiki/Royal_Monetary_Authority_of_Bhutan" title="Royal Monetary Authority of Bhutan">Bhutan</a></li> <li><a href="/wiki/Monetary_Authority_of_Brunei_Darussalam" class="mw-redirect" title="Monetary Authority of Brunei Darussalam">Brunei</a></li> <li><a href="/wiki/National_Bank_of_Cambodia" title="National Bank of Cambodia">Cambodia</a></li> <li><a href="/wiki/People%27s_Bank_of_China" title="People's Bank of China">China</a></li> <li><i><a href="/wiki/Hong_Kong_Monetary_Authority" title="Hong Kong Monetary Authority">Hong Kong</a></i></li> <li><a href="/wiki/Reserve_Bank_of_India" title="Reserve Bank of India">India</a></li> <li><a href="/wiki/Bank_Indonesia" title="Bank Indonesia">Indonesia</a></li> <li><a href="/wiki/Central_Bank_of_Iran" title="Central Bank of Iran">Iran</a></li> <li><a href="/wiki/Central_Bank_of_Iraq" title="Central Bank of Iraq">Iraq</a></li> <li><a href="/wiki/Bank_of_Israel" title="Bank of Israel">Israel</a></li> <li><a href="/wiki/Bank_of_Japan" title="Bank of Japan">Japan</a></li> <li><a href="/wiki/Central_Bank_of_Jordan" title="Central Bank of Jordan">Jordan</a></li> <li><a href="/wiki/National_Bank_of_Kazakhstan" title="National Bank of Kazakhstan">Kazakhstan</a></li> <li><a href="/wiki/National_Bank_of_the_Kyrgyz_Republic" title="National Bank of the Kyrgyz Republic">Kyrgyzstan</a></li> <li><a href="/wiki/Bank_of_Korea" title="Bank of Korea">South Korea</a></li> <li><a href="/wiki/Central_Bank_of_the_Democratic_People%27s_Republic_of_Korea" title="Central Bank of the Democratic People's Republic of Korea">North Korea</a></li> <li><a href="/wiki/Central_Bank_of_Kuwait" title="Central Bank of Kuwait">Kuwait</a></li> <li><a href="/wiki/Banque_du_Liban" title="Banque du Liban">Lebanon</a></li> <li><i><a href="/wiki/Monetary_Authority_of_Macao" title="Monetary Authority of Macao">Macao</a></i></li> <li><a href="/wiki/Bank_Negara_Malaysia" class="mw-redirect" title="Bank Negara Malaysia">Malaysia</a></li> <li><a href="/wiki/Maldives_Monetary_Authority" title="Maldives Monetary Authority">Maldives</a></li> <li><a href="/wiki/Bank_of_Mongolia" title="Bank of Mongolia">Mongolia</a></li> <li><a href="/wiki/Central_Bank_of_Myanmar" title="Central Bank of Myanmar">Myanmar</a></li> <li><a href="/wiki/Nepal_Rastra_Bank" title="Nepal Rastra Bank">Nepal</a></li> <li><a href="/wiki/Central_Bank_of_Oman" title="Central Bank of Oman">Oman</a></li> <li><a href="/wiki/State_Bank_of_Pakistan" title="State Bank of Pakistan">Pakistan</a></li> <li><i><a href="/wiki/Palestine_Monetary_Authority" title="Palestine Monetary Authority">Palestine</a></i></li> <li><a href="/wiki/Bangko_Sentral_ng_Pilipinas" title="Bangko Sentral ng Pilipinas">Philippines</a></li> <li><a href="/wiki/Qatar_Central_Bank" title="Qatar Central Bank">Qatar</a></li> <li><a href="/wiki/Saudi_Arabian_Monetary_Authority" class="mw-redirect" title="Saudi Arabian Monetary Authority">Saudi Arabia</a></li> <li><a href="/wiki/Monetary_Authority_of_Singapore" title="Monetary Authority of Singapore">Singapore</a></li> <li><a href="/wiki/Central_Bank_of_Sri_Lanka" title="Central Bank of Sri Lanka">Sri Lanka</a></li> <li><a href="/wiki/Central_Bank_of_Syria" title="Central Bank of Syria">Syria</a></li> <li><i><a href="/wiki/Central_Bank_of_the_Republic_of_China_(Taiwan)" title="Central Bank of the Republic of China (Taiwan)">Taiwan</a></i></li> <li><a href="/wiki/National_Bank_of_Tajikistan" title="National Bank of Tajikistan">Tajikistan</a></li> <li><a href="/wiki/Bank_of_Thailand" title="Bank of Thailand">Thailand</a></li> <li><a href="/wiki/Banco_Central_de_Timor-Leste" title="Banco Central de Timor-Leste">Timor-Leste</a></li> <li><a href="/wiki/Central_Bank_of_Turkmenistan" title="Central Bank of Turkmenistan">Turkmenistan</a></li> <li><a href="/wiki/Central_Bank_of_the_United_Arab_Emirates" title="Central Bank of the United Arab Emirates">UAE</a></li> <li><a href="/wiki/Central_Bank_of_Uzbekistan" title="Central Bank of Uzbekistan">Uzbekistan</a></li> <li><a href="/wiki/State_Bank_of_Vietnam" title="State Bank of Vietnam">Vietnam</a></li> <li><a href="/wiki/Central_Bank_of_Yemen" title="Central Bank of Yemen">Yemen</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Europe</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/European_Central_Bank" title="European Central Bank">Eurosystem</a></li> <li><i><a href="/wiki/National_Bank_of_the_Republic_of_Abkhazia" title="National Bank of the Republic of Abkhazia">Abkhazia</a></i></li> <li><a href="/wiki/Bank_of_Albania" title="Bank of Albania">Albania</a></li> <li><a href="/wiki/Central_Bank_of_Armenia" title="Central Bank of Armenia">Armenia</a></li> <li><a href="/wiki/Central_Bank_of_Azerbaijan" title="Central Bank of Azerbaijan">Azerbaijan</a></li> <li><a href="/wiki/Oesterreichische_Nationalbank" title="Oesterreichische Nationalbank">Austria</a></li> <li><a href="/wiki/National_Bank_of_the_Republic_of_Belarus" title="National Bank of the Republic of Belarus">Belarus</a></li> <li><a href="/wiki/National_Bank_of_Belgium" title="National Bank of Belgium">Belgium</a></li> <li><a href="/wiki/Central_Bank_of_Bosnia_and_Herzegovina" title="Central Bank of Bosnia and Herzegovina">Bosnia and Herzegovina</a></li> <li><a href="/wiki/Bulgarian_National_Bank" title="Bulgarian National Bank">Bulgaria</a></li> <li><a href="/wiki/Croatian_National_Bank" title="Croatian National Bank">Croatia</a></li> <li><a href="/wiki/Central_Bank_of_Cyprus" title="Central Bank of Cyprus">Cyprus</a></li> <li><a href="/wiki/Czech_National_Bank" title="Czech National Bank">Czech</a></li> <li><a href="/wiki/Danmarks_Nationalbank" title="Danmarks Nationalbank">Denmark</a></li> <li><a href="/wiki/Deutsche_Bundesbank" title="Deutsche Bundesbank">Germany</a></li> <li><a href="/wiki/Bank_of_England" title="Bank of England">England</a></li> <li><a href="/wiki/Bank_of_Estonia" title="Bank of Estonia">Estonia</a></li> <li><a href="/wiki/Bank_of_Finland" title="Bank of Finland">Finland</a></li> <li><a href="/wiki/Bank_of_France" title="Bank of France">France</a></li> <li><a href="/wiki/National_Bank_of_Georgia" title="National Bank of Georgia">Georgia</a></li> <li><a href="/wiki/Bank_of_Greece" title="Bank of Greece">Greece</a></li> <li><a href="/wiki/Hungarian_National_Bank" title="Hungarian National Bank">Hungaria</a></li> <li><a href="/wiki/Central_Bank_of_Iceland" title="Central Bank of Iceland">Iceland</a></li> <li><a href="/wiki/Central_Bank_of_Ireland" title="Central Bank of Ireland">Ireland</a></li> <li><a href="/wiki/Bank_of_Italy" title="Bank of Italy">Italy</a></li> <li><i><a href="/wiki/Central_Bank_of_Kosovo" title="Central Bank of Kosovo">Kosovo</a></i></li> <li><a href="/wiki/Bank_of_Latvia" title="Bank of Latvia">Latvia</a></li> <li><a href="/wiki/Bank_of_Lithuania" title="Bank of Lithuania">Lithuania</a></li> <li><a href="/wiki/Central_Bank_of_Luxembourg" title="Central Bank of Luxembourg">Luxembourg</a></li> <li><a href="/wiki/Central_Bank_of_Malta" title="Central Bank of Malta">Malta</a></li> <li><a href="/wiki/National_Bank_of_Moldova" title="National Bank of Moldova">Moldova</a></li> <li><a href="/wiki/Central_Bank_of_Montenegro" title="Central Bank of Montenegro">Montenegro</a></li> <li><a href="/wiki/De_Nederlandsche_Bank" title="De Nederlandsche Bank">Netherlands</a></li> <li><a href="/wiki/Norges_Bank" title="Norges Bank">Norway</a></li> <li><a href="/wiki/National_Bank_of_North_Macedonia" title="National Bank of North Macedonia">North Macedonia</a></li> <li><i><a href="/wiki/Central_Bank_of_the_Turkish_Republic_of_Northern_Cyprus" title="Central Bank of the Turkish Republic of Northern Cyprus">Northern Cyprus</a></i></li> <li><a href="/wiki/National_Bank_of_Poland" title="National Bank of Poland">Poland</a></li> <li><a href="/wiki/Banco_de_Portugal" title="Banco de Portugal">Portugal</a></li> <li><a href="/wiki/National_Bank_of_Romania" title="National Bank of Romania">Romania</a></li> <li><a href="/wiki/Central_Bank_of_Russia" title="Central Bank of Russia">Russia</a> <ul><li><i><a href="/wiki/Gosbank" class="mw-redirect" title="Gosbank">Soviet Union</a></i></li></ul></li> <li><a href="/wiki/National_Bank_of_Serbia" title="National Bank of Serbia">Serbia</a></li> <li><a href="/wiki/National_Bank_of_Slovakia" title="National Bank of Slovakia">Slovakia</a></li> <li><a href="/wiki/Bank_of_Slovenia" title="Bank of Slovenia">Slovenia</a></li> <li><a href="/wiki/Bank_of_Spain" title="Bank of Spain">Spain</a></li> <li><a href="/wiki/Sveriges_Riksbank" title="Sveriges Riksbank">Sweden</a></li> <li><a href="/wiki/Swiss_National_Bank" title="Swiss National Bank">Switzerland</a></li> <li><a href="/wiki/Central_Bank_of_the_Republic_of_Turkey" title="Central Bank of the Republic of Turkey">Turkey</a></li> <li><a href="/wiki/National_Bank_of_Ukraine" title="National Bank of Ukraine">Ukraine</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">North<br />America</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Central_Bank_of_Aruba" title="Central Bank of Aruba">Aruba</a></li> <li><a href="/wiki/Central_Bank_of_The_Bahamas" class="mw-redirect" title="Central Bank of The Bahamas">The Bahamas</a></li> <li><a href="/wiki/Central_Bank_of_Barbados" title="Central Bank of Barbados">Barbados</a></li> <li><a href="/wiki/Bermuda_Monetary_Authority" title="Bermuda Monetary Authority">Bermuda </a></li> <li><a href="/wiki/Bank_of_Canada" title="Bank of Canada">Canada</a></li> <li><a href="/wiki/Central_Bank_of_Cuba" title="Central Bank of Cuba">Cuba</a></li> <li><a href="/wiki/Central_Bank_of_Cura%C3%A7ao_and_Sint_Maarten" title="Central Bank of Curaçao and Sint Maarten">Curaçao and Sint Maarten</a></li> <li><a href="/wiki/Eastern_Caribbean_Central_Bank" title="Eastern Caribbean Central Bank">Eastern Caribbean</a></li> <li><i><a href="/wiki/Cayman_Islands_Monetary_Authority" title="Cayman Islands Monetary Authority">Cayman Islands</a></i></li> <li><a href="/wiki/Central_Bank_of_the_Dominican_Republic" title="Central Bank of the Dominican Republic">Dominican Republic</a></li> <li><a href="/wiki/Bank_of_Guatemala" title="Bank of Guatemala">Guatemala</a></li> <li><a href="/wiki/Bank_of_the_Republic_of_Haiti" title="Bank of the Republic of Haiti">Haiti</a></li> <li><a href="/wiki/Central_Bank_of_Honduras" title="Central Bank of Honduras">Honduras</a></li> <li><a href="/wiki/Bank_of_Jamaica" title="Bank of Jamaica">Jamaica</a></li> <li><a href="/wiki/Bank_of_Mexico" title="Bank of Mexico">Mexico</a></li> <li><a href="/wiki/Central_Bank_of_Nicaragua" title="Central Bank of Nicaragua">Nicaragua</a></li> <li><a href="/wiki/Central_Bank_of_Trinidad_and_Tobago" title="Central Bank of Trinidad and Tobago">Trinidad and Tobago</a></li> <li><a href="/wiki/Federal_Reserve" title="Federal Reserve">United States</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Oceania</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Reserve_Bank_of_Australia" title="Reserve Bank of Australia">Australia</a></li> <li><a href="/wiki/Reserve_Bank_of_Fiji" title="Reserve Bank of Fiji">Fiji</a></li> <li><a href="/wiki/Reserve_Bank_of_New_Zealand" title="Reserve Bank of New Zealand">New Zealand</a></li> <li><a href="/wiki/Bank_of_Papua_New_Guinea" title="Bank of Papua New Guinea">Papua New Guinea</a></li> <li><a href="/wiki/Central_Bank_of_Samoa" title="Central Bank of Samoa">Samoa</a></li> <li><a href="/wiki/Central_Bank_of_Solomon_Islands" title="Central Bank of Solomon Islands">Solomon Islands</a></li> <li><a href="/wiki/National_Reserve_Bank_of_Tonga" title="National Reserve Bank of Tonga">Tonga</a></li> <li><a href="/wiki/Reserve_Bank_of_Vanuatu" title="Reserve Bank of Vanuatu">Vanuatu</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">South<br />America</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Central_Bank_of_Argentina" title="Central Bank of Argentina">Argentina</a></li> <li><a href="/wiki/Central_Bank_of_Brazil" title="Central Bank of Brazil">Brazil</a></li> <li><a href="/wiki/Central_Bank_of_Chile" title="Central Bank of Chile">Chile</a></li> <li><a href="/wiki/Bank_of_the_Republic_(Colombia)" title="Bank of the Republic (Colombia)">Colombia</a></li> <li><a href="/wiki/Central_Bank_of_Ecuador" title="Central Bank of Ecuador">Ecuador</a></li> <li><a href="/wiki/Bank_of_Guyana" title="Bank of Guyana">Guyana</a></li> <li><a href="/wiki/Central_Bank_of_Paraguay" title="Central Bank of Paraguay">Paraguay</a></li> <li><a href="/wiki/Central_Reserve_Bank_of_Peru" title="Central Reserve Bank of Peru">Peru</a></li> <li><a href="/wiki/Central_Bank_of_Suriname" title="Central Bank of Suriname">Suriname</a></li> <li><a href="/wiki/Central_Bank_of_Uruguay" title="Central Bank of Uruguay">Uruguay</a></li> <li><a href="/wiki/Central_Bank_of_Venezuela" title="Central Bank of Venezuela">Venezuela</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div>Names in <i>italics</i> indicate <a href="/wiki/Sovereignty" title="Sovereignty">non-sovereign</a> (dependent) territories, former countries, or <a href="/wiki/List_of_states_with_limited_recognition" title="List of states with limited recognition">states with limited recognition</a></div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Central_banks" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Central_banks" title="Template:Central banks"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Central_banks" title="Template talk:Central banks"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Central_banks" title="Special:EditPage/Template:Central banks"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Central_banks" style="font-size:114%;margin:0 4em"><a class="mw-selflink selflink">Central banks</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Global</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bank_for_International_Settlements" title="Bank for International Settlements">Bank for International Settlements</a></li> <li><a href="/wiki/Basel_Committee_on_Banking_Supervision" title="Basel Committee on Banking Supervision">Basel Committee on Banking Supervision</a></li> <li><a href="/wiki/Financial_Stability_Board" title="Financial Stability Board">Financial Stability Board</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Policies</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Capital_requirement" title="Capital requirement">Capital requirement</a></li> <li><a href="/wiki/Contractionary_monetary_policy" class="mw-redirect" title="Contractionary monetary policy">Contractionary monetary policy</a></li> <li><a href="/wiki/Expansionary_monetary_policy" class="mw-redirect" title="Expansionary monetary policy">Expansionary monetary policy</a></li> <li><a href="/wiki/Basel_Accords" title="Basel Accords">Basel Accords</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Implementation</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Capital_control" title="Capital control">Capital control</a></li> <li><a href="/wiki/Discount_window" title="Discount window">Discount rate</a></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rates</a></li> <li><a href="/wiki/Money_creation" title="Money creation">Money creation</a></li> <li><a href="/wiki/Open_market_operation" title="Open market operation">Open market operation</a></li> <li><a href="/wiki/Sovereign_wealth_fund" title="Sovereign wealth fund">Sovereign wealth fund</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Bretton_Woods_system" title="Bretton Woods system">Bretton Woods<br />system</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a></li> <li><a href="/wiki/World_Bank_Group" title="World Bank Group">World Bank Group</a> <ul><li><a href="/wiki/International_Bank_for_Reconstruction_and_Development" title="International Bank for Reconstruction and Development">International Bank for Reconstruction and Development</a></li> <li><a href="/wiki/International_Centre_for_Settlement_of_Investment_Disputes" title="International Centre for Settlement of Investment Disputes">International Centre for Settlement of Investment Disputes</a></li> <li><a href="/wiki/International_Development_Association" title="International Development Association">International Development Association</a></li> <li><a href="/wiki/International_Finance_Corporation" title="International Finance Corporation">International Finance Corporation</a></li> <li><a href="/wiki/Multilateral_Investment_Guarantee_Agency" title="Multilateral Investment Guarantee Agency">Multilateral Investment Guarantee Agency</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Lists</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_central_banks" title="List of central banks">List of central banks</a></li> <li><a href="/wiki/Central_banks_and_currencies_of_Africa" class="mw-redirect" title="Central banks and currencies of Africa">Central banks and currencies of Africa</a></li> <li><a href="/wiki/Central_banks_and_currencies_of_Asia-Pacific" title="Central banks and currencies of Asia-Pacific">Central banks and currencies of Asia-Pacific</a></li> <li><a href="/wiki/Central_banks_and_currencies_of_the_Caribbean" title="Central banks and currencies of the Caribbean">Central banks and currencies of the Caribbean</a></li> <li><a href="/wiki/Central_banks_and_currencies_of_Europe" title="Central banks and currencies of Europe">Central banks and currencies of Europe</a></li> <li><a href="/wiki/Central_banks_and_currencies_of_the_Americas" title="Central banks and currencies of the Americas">Central banks and currencies of the Americas</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><style data-mw-deduplicate="TemplateStyles:r1259569809">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid var(--border-color-base,#a2a9b1);padding:0.1em;background:var(--background-color-neutral-subtle,#f8f9fa)}.mw-parser-output .portalbox-entry{display:table-row;font-size:85%;line-height:110%;height:1.9em;font-style:italic;font-weight:bold}.mw-parser-output .portalbox-image{display:table-cell;padding:0.2em;vertical-align:middle;text-align:center}.mw-parser-output .portalbox-link{display:table-cell;padding:0.2em 0.2em 0.2em 0.3em;vertical-align:middle}@media(min-width:720px){.mw-parser-output .portalleft{clear:left;float:left;margin:0.5em 1em 0.5em 0}.mw-parser-output .portalright{clear:right;float:right;margin:0.5em 0 0.5em 1em}}</style></div><div role="navigation" class="navbox" aria-labelledby="Medium_of_exchange" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="3"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Means_of_exchange" title="Template:Means of exchange"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Means_of_exchange" title="Template talk:Means of exchange"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Means_of_exchange" title="Special:EditPage/Template:Means of exchange"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Medium_of_exchange" style="font-size:114%;margin:0 4em"><a href="/wiki/Medium_of_exchange" title="Medium of exchange">Medium of exchange</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Commodity_money" title="Commodity money">Commodity <br />money</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Axe-monies" title="Axe-monies">Axe-money</a> (W. Mesoamerica & N. Andes)</li> <li><a href="/wiki/Cocoa_bean" title="Cocoa bean">Cocoa bean</a> (Mesoamerica)</li> <li><a href="/wiki/Koku" title="Koku">Koku</a> (rice)</li> <li><a href="/wiki/Manilla_(money)" title="Manilla (money)">Manilla</a> (W. Africa)</li> <li><a href="/wiki/Precious_metal" title="Precious metal">Precious metals</a></li> <li><a href="/wiki/Quachtli" title="Quachtli">Quachtli</a> (cotton cloth)</li> <li><a href="/wiki/Salt" title="Salt">Salt</a> (Roman world)</li> <li><a href="/wiki/Shekel" title="Shekel">Shekel</a> (barley)</li> <li><a href="/wiki/Shell_money" title="Shell money">Shells</a></li> <li><a href="/wiki/Trade_beads" title="Trade beads">Trade bead</a></li></ul> </div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">Domestic animals</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Water_buffalo" title="Water buffalo">Water buffalo</a> (SE Asia)</li> <li><a href="/wiki/Cattle" title="Cattle">Cow</a> (Hindu)</li> <li><a href="/wiki/Camel" title="Camel">Camel</a> (Arabia)</li> <li><a href="/wiki/Yak" title="Yak">Yak</a> (Tibet, China)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Representative_money" title="Representative money">Representative money</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bimetallism" title="Bimetallism">Bimetallism</a></li> <li><a href="/wiki/Gold_certificate_(United_States)" title="Gold certificate (United States)">Gold certificates</a></li></ul> </div></td></tr></tbody></table><div> </div></td><td class="noviewer navbox-image" rowspan="3" style="width:1px;padding:0 0 0 2px"><div><ul role="navigation" aria-label="Portals" class="noprint portalbox portalborder portalright"> <li class="portalbox-entry"><span class="portalbox-image"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png" decoding="async" width="32" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/48px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/64px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span></span><span class="portalbox-link"><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></span></li></ul></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Money" title="Money">Money</a><br />(<a href="/wiki/Fiat_money" title="Fiat money">Fiat</a>/<a href="/wiki/Token_money" title="Token money">Token</a>)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bailment" title="Bailment">Bailment</a></li> <li><a href="/wiki/Banknote" title="Banknote">Banknote</a></li> <li><a href="/wiki/Central_bank_digital_currency" title="Central bank digital currency">Central bank digital currency</a></li> <li><a href="/wiki/Personal_property" title="Personal property">Chattel/movable property</a></li> <li><a href="/wiki/Cheque" title="Cheque">Cheque</a></li> <li><a href="/wiki/Clearing_(finance)" title="Clearing (finance)">Clearing</a> <ul><li><a href="/wiki/Cheque_clearing" title="Cheque clearing">Cheque clearing</a></li></ul></li> <li><a href="/wiki/Clay_tablet" title="Clay tablet">Clay token</a></li> <li><a href="/wiki/Coin" title="Coin">Coinage</a></li> <li><a href="/wiki/Currency" title="Currency">Currency</a></li> <li><a href="/wiki/Deposit_(finance)" title="Deposit (finance)">Deposit</a> <ul><li><a href="/wiki/Deposit_account" title="Deposit account">Deposit account</a></li></ul></li> <li><a href="/wiki/Legal_tender" title="Legal tender">Legal tender</a></li> <li><a href="/wiki/Notary" title="Notary">Notary</a></li> <li><a href="/wiki/Possession_(law)" title="Possession (law)">Possession</a></li> <li><a href="/wiki/Promissory_note" title="Promissory note">Promissory note</a></li> <li><a href="/wiki/Redemption_value" title="Redemption value">Redemption</a></li> <li><a href="/wiki/Safe" title="Safe">Safekeeping</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">General</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_historical_currencies" title="List of historical currencies">List of historical currencies</a></li> <li><a href="/wiki/Barter" title="Barter">Barter</a> <ul><li><a href="/wiki/Coincidence_of_wants" title="Coincidence of wants">Coincidence of wants</a></li></ul></li> <li><a href="/wiki/Bureau_de_change" title="Bureau de change">Bureau de change</a></li> <li><a class="mw-selflink selflink">Central bank</a></li> <li><a href="/wiki/Clearing_house_(finance)" title="Clearing house (finance)">Clearinghouse bank</a></li> <li><a href="/wiki/Savings_bank" title="Savings bank">Savings bank</a> <ul><li><a href="/wiki/Depository_institution" title="Depository institution">Depository institution</a></li></ul></li> <li><a href="/wiki/Mint_(facility)" title="Mint (facility)">Mint</a></li> <li><a href="/wiki/Ancient_Mesopotamian_units_of_measurement" title="Ancient Mesopotamian units of measurement">Akkadian standards of measurement</a> (<abbr title="circa">c.</abbr><span style="white-space:nowrap;"> 2150 BC</span>)</li> <li><a href="/wiki/Code_of_Hammurabi" title="Code of Hammurabi">Code of Hammurabi</a> (<a href="/wiki/Banker_(ancient)" title="Banker (ancient)">§100; §122–125</a>; c. 1750 BC)</li> <li><a href="/wiki/Metallism" title="Metallism">Commodity theory of money (Metallism)</a></li> <li><a href="/wiki/Credit_theory_of_money" title="Credit theory of money">Credit theory of money</a> <ul><li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a></li></ul></li> <li><a href="/wiki/Quantity_theory_of_money" title="Quantity theory of money">Quantity theory of money</a> <ul><li><a href="/wiki/Monetarism" title="Monetarism">Monetarism</a></li> <li><a href="/wiki/Market_monetarism" title="Market monetarism">Market monetarism</a></li></ul></li> <li><a href="/wiki/Standard_of_deferred_payment" title="Standard of deferred payment">Standard of deferred payment</a></li> <li><a href="/wiki/Store_of_value" title="Store of value">Store of value</a></li> <li><a href="/wiki/Unit_of_account" title="Unit of account">Unit of account</a></li> <li><a href="/wiki/Digital_currency" title="Digital currency">Digital currency</a> <ul><li><a href="/wiki/Cryptocurrency" title="Cryptocurrency">Cryptocurrency</a></li> <li><a href="/wiki/Digital_gold_currency" title="Digital gold currency">Digital gold currency</a></li> <li><a href="/wiki/Virtual_currency" title="Virtual currency">Virtual currency</a></li></ul></li> <li><a href="/wiki/Local_currency" title="Local currency">Local currency</a> <ul><li><a href="/wiki/Complementary_currency" title="Complementary currency">Complementary currency</a></li> <li><a href="/wiki/Sectoral_currency" title="Sectoral currency">Sectoral currency</a></li> <li><a href="/wiki/Time-based_currency" title="Time-based currency">Time-based currency</a></li></ul></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><style data-mw-deduplicate="TemplateStyles:r1066933788">.mw-parser-output .excerpt-hat .mw-editsection-like{font-style:normal}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"></div><div role="navigation" class="navbox" aria-labelledby="Economics" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Economics" title="Template:Economics"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Economics" title="Template talk:Economics"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economics" title="Special:EditPage/Template:Economics"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Economics" style="font-size:114%;margin:0 4em"><a href="/wiki/Economics" title="Economics">Economics</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Economics#Theoretical_research" title="Economics">Theoretical</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a> <ul><li><a href="/wiki/Decision_theory" title="Decision theory">Decision theory</a></li> <li><a href="/wiki/Price_theory" class="mw-redirect" title="Price theory">Price theory</a></li> <li><a href="/wiki/Game_theory" title="Game theory">Game theory</a></li> <li><a href="/wiki/Contract_theory" title="Contract theory">Contract theory</a></li> <li><a href="/wiki/Mechanism_design" title="Mechanism design">Mechanism design</a></li></ul></li> <li><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical economics</a></li> <li><a href="/wiki/Complexity_economics" title="Complexity economics">Complexity economics</a></li> <li><a href="/wiki/Computational_economics" title="Computational economics">Computational economics</a> <ul><li><a href="/wiki/Agent-based_computational_economics" title="Agent-based computational economics">Agent-based computational economics</a></li></ul></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral economics</a></li> <li><a href="/wiki/Pluralism_in_economics" title="Pluralism in economics">Pluralism in economics</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Economics#Empirical_research" title="Economics">Empirical</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a> <ul><li><a href="/wiki/Economic_statistics" title="Economic statistics">Economic statistics</a></li></ul></li> <li><a href="/wiki/Experimental_economics" title="Experimental economics">Experimental economics</a></li> <li><a href="/wiki/Economic_history" title="Economic history">Economic history</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Agricultural_economics" title="Agricultural economics">Agricultural</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Business_economics" title="Business economics">Business</a></li> <li><a href="/wiki/Cultural_economics" title="Cultural economics">Cultural</a></li> <li><a href="/wiki/Democracy_and_economic_growth" title="Democracy and economic growth">Democracy</a></li> <li><a href="/wiki/Demographic_economics" title="Demographic economics">Demographic</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development</a></li> <li><a href="/wiki/Economics_of_digitization" title="Economics of digitization">Digitization</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Education_economics" title="Education economics">Education</a></li> <li><a href="/wiki/Engineering_economics" title="Engineering economics">Engineering</a></li> <li><a href="/wiki/Environmental_economics" title="Environmental economics">Environmental</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Expeditionary_economics" title="Expeditionary economics">Expeditionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">Financial</a></li> <li><a href="/wiki/Economic_geography" title="Economic geography">Geographical</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Health_economics" title="Health economics">Health</a></li> <li><a href="/wiki/Economic_history" title="Economic history">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Industrial_organization" title="Industrial organization">Industrial organization</a></li> <li><a href="/wiki/Information_economics" title="Information economics">Information</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Knowledge_economy" title="Knowledge economy">Knowledge</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labour</a></li> <li><a href="/wiki/Law_and_economics" title="Law and economics">Law</a></li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Managerial</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary</a></li> <li><a href="/wiki/Natural_resource_economics" title="Natural resource economics">Natural resource</a></li> <li><a href="/wiki/Organizational_economics" title="Organizational economics">Organizational</a></li> <li><a href="/wiki/Economics_of_participation" title="Economics of participation">Participation</a></li> <li><a href="/wiki/Personnel_economics" title="Personnel economics">Personnel</a></li> <li><a href="/wiki/Economic_planning" title="Economic planning">Planning</a></li> <li><a href="/wiki/Economic_policy" title="Economic policy">Policy</a></li> <li><a href="/wiki/Public_economics" title="Public economics">Public</a></li> <li><a href="/wiki/Public_choice" title="Public choice">Public choice</a> / <a href="/wiki/Social_choice_theory" title="Social choice theory">Social choice theory</a></li> <li><a href="/wiki/Regional_economics" title="Regional economics">Regional</a></li> <li><a href="/wiki/Rural_economics" title="Rural economics">Rural</a></li> <li><a href="/wiki/Service_economy" title="Service economy">Service</a></li> <li><a href="/wiki/Socioeconomics" class="mw-redirect" title="Socioeconomics">Socio</a></li> <li><a href="/wiki/Economic_sociology" title="Economic sociology">Sociological</a></li> <li><a href="/wiki/Solidarity_economy" title="Solidarity economy">Solidarity</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Statistics</a></li> <li><a href="/wiki/Urban_economics" title="Urban economics">Urban</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul></div></div> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a><br />(<a href="/wiki/History_of_economic_thought" title="History of economic thought">history</a>)<br /></div></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream</a></li> <li><a href="/wiki/Heterodox_economics" title="Heterodox economics">Heterodox</a></li> <li><a href="/wiki/American_School_(economics)" title="American School (economics)">American (National)</a></li> <li><a href="/wiki/Ancient_economic_thought" title="Ancient economic thought">Ancient thought</a></li> <li><a href="/wiki/Anarchist_economics" class="mw-redirect" title="Anarchist economics">Anarchist</a> <ul><li><a href="/wiki/Mutualism_(economic_theory)" title="Mutualism (economic theory)">Mutualism</a></li></ul></li> <li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Buddhist_economics" title="Buddhist economics">Buddhist</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li> <li><a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago</a></li> <li><a href="/wiki/Classical_economics" title="Classical economics">Classical</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Economic_democracy" title="Economic democracy">Democratic</a></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Georgism" title="Georgism">Georgism</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Historical_school_of_economics" title="Historical school of economics">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a> (<a href="/wiki/Neoclassical_synthesis" title="Neoclassical synthesis">neoclassical–Keynesian synthesis</a>)</li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li></ul></li> <li><a href="/wiki/Malthusianism" title="Malthusianism">Malthusianism</a></li> <li><a href="/wiki/Marginalism" title="Marginalism">Marginalism</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a> <ul><li><a href="/wiki/Neo-Marxian_economics" class="mw-redirect" title="Neo-Marxian economics">Neo-</a></li></ul></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilism</a></li> <li><a href="/wiki/Mixed_economy" title="Mixed economy">Mixed</a></li> <li><a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical</a> <ul><li><a href="/wiki/Lausanne_School" title="Lausanne School">Lausanne</a></li></ul></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional</a></li> <li><a href="/wiki/Physiocracy" title="Physiocracy">Physiocracy</a></li> <li><a href="/wiki/Socialist_economics" title="Socialist economics">Socialist</a></li> <li><a href="/wiki/Stockholm_School_(economics)" title="Stockholm School (economics)">Stockholm</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/Thermoeconomics" title="Thermoeconomics">Thermo</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Economist" title="Economist">Economists</a><br /></div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li> <li><a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">von Neumann</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">Hicks</a></li> <li><a href="/wiki/Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li> <li><a href="/wiki/Wassily_Leontief" title="Wassily Leontief">Leontief</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li> <li><a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li> <li><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">Buchanan</a></li> <li><a href="/wiki/Kenneth_Arrow" title="Kenneth Arrow">Arrow</a></li> <li><a href="/wiki/William_Baumol" title="William Baumol">Baumol</a></li> <li><a href="/wiki/Robert_Solow" title="Robert Solow">Solow</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Greenspan</a></li> <li><a href="/wiki/Thomas_Sowell" title="Thomas Sowell">Sowell</a></li> <li><a href="/wiki/Gary_Becker" title="Gary Becker">Becker</a></li> <li><a href="/wiki/Elinor_Ostrom" title="Elinor Ostrom">Ostrom</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Sen</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Lucas</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz</a></li> <li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Thaler</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Krugman</a></li> <li><a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Piketty</a></li> <li><i><a href="/wiki/Category:Economists" title="Category:Economists">more</a></i></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Glossary_of_economics" title="Glossary of economics">Glossary</a></li> <li><a href="/wiki/List_of_economists" title="List of economists">Economists</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a> (<a href="/wiki/List_of_economics_journals" title="List of economics journals">journals</a>)</li> <li><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a></li></ul></div></div></div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <li><a href="/wiki/Category:Economics" title="Category:Economics">Category</a></li> <li><a href="/wiki/Index_of_economics_articles" title="Index of economics articles">Index</a></li> <li><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></li> <li><a href="/wiki/Outline_of_economics" title="Outline of economics">Outline</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a></li> <li><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Federal_Reserve_System" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="3"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Federal_Reserve_System" title="Template:Federal Reserve System"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Federal_Reserve_System" title="Template talk:Federal Reserve System"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Federal_Reserve_System" title="Special:EditPage/Template:Federal Reserve System"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Federal_Reserve_System" style="font-size:114%;margin:0 4em"><a href="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve System</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="3"><div> <ul><li><a href="/wiki/Chair_of_the_Federal_Reserve" title="Chair of the Federal Reserve">Chair</a></li> <li><a href="/wiki/Vice_Chair_of_the_Federal_Reserve" title="Vice Chair of the Federal Reserve">Vice Chair</a></li> <li><a href="/wiki/Federal_Reserve_Board_of_Governors" title="Federal Reserve Board of Governors">Governors</a></li> <li><a href="/wiki/Federal_Reserve_Bank" title="Federal Reserve Bank">Federal Reserve Banks</a></li> <li><a href="/wiki/Federal_Open_Market_Committee" title="Federal Open Market Committee">Federal Open Market Committee</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Banknote" title="Banknote">Banknotes</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Federal_Reserve_Note" title="Federal Reserve Note">Federal Reserve Note</a></li> <li><a href="/wiki/Federal_Reserve_Bank_Note" title="Federal Reserve Bank Note">Federal Reserve Bank Note</a></li></ul> </div></td><td class="noviewer navbox-image" rowspan="8" style="width:1px;padding:0 0 0 2px"><div><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Seal_of_the_United_States_Federal_Reserve_System.svg/80px-Seal_of_the_United_States_Federal_Reserve_System.svg.png" decoding="async" width="80" height="80" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Seal_of_the_United_States_Federal_Reserve_System.svg/120px-Seal_of_the_United_States_Federal_Reserve_System.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Seal_of_the_United_States_Federal_Reserve_System.svg/160px-Seal_of_the_United_States_Federal_Reserve_System.svg.png 2x" data-file-width="249" data-file-height="249" /></span></span></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Reports</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Beige_Book" title="Beige Book">Beige Book</a></li> <li><a href="/wiki/Federal_Reserve_Statistical_Release" title="Federal Reserve Statistical Release">Federal Reserve Statistical Release</a></li> <li><a href="/wiki/Monetary_Policy_Report_to_the_Congress" title="Monetary Policy Report to the Congress">Monetary Policy Report to the Congress</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Federal funds</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Discount_window" title="Discount window">Discount window</a> <ul><li><a href="/wiki/Bank_rate" title="Bank rate">Bank rate</a></li></ul></li> <li><a href="/wiki/Federal_funds" title="Federal funds">Federal funds</a></li> <li><a href="/wiki/Federal_funds_rate" title="Federal funds rate">Federal funds rate</a> <ul><li><a href="/wiki/Overnight_rate" title="Overnight rate">Overnight rate</a></li></ul></li> <li><a href="/wiki/Primary_dealer" title="Primary dealer">Primary dealer</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/History_of_the_Federal_Reserve_System" title="History of the Federal Reserve System">History</a><br />(<a href="/wiki/History_of_central_banking_in_the_United_States" title="History of central banking in the United States">Antecedents</a>)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Aldrich%E2%80%93Vreeland_Act" title="Aldrich–Vreeland Act">Aldrich–Vreeland Act</a> (1908)</li> <li><a href="/wiki/National_Monetary_Commission" title="National Monetary Commission">National Monetary Commission</a> (1909–1912)</li> <li><a href="/wiki/Federal_Reserve_Act" title="Federal Reserve Act">Federal Reserve Act</a> (1913)</li> <li><a href="/wiki/Pittman_Act" title="Pittman Act">Pittman Act</a> (1918)</li> <li><a href="/wiki/Edge_Act" title="Edge Act">Edge Act</a> (1919)</li> <li><a href="/wiki/Phelan_Act_of_1920" title="Phelan Act of 1920">Phelan Act</a> (1920)</li> <li><a href="/wiki/Regulation_D_(FRB)" title="Regulation D (FRB)">Regulation D</a> (c. 1930)</li> <li><a href="/wiki/Emergency_Banking_Act" class="mw-redirect" title="Emergency Banking Act">Emergency Banking Act</a> (1933)</li> <li><a href="/wiki/Regulation_Q" title="Regulation Q">Regulation Q</a> (1933)</li> <li><a href="/wiki/1933_Banking_Act" title="1933 Banking Act">Glass–Steagall Act</a> (1933)</li> <li><a href="/wiki/Gold_Reserve_Act" title="Gold Reserve Act">Gold Reserve Act</a> (1934)</li> <li><a href="/wiki/Banking_Act_of_1935" title="Banking Act of 1935">Banking Act of 1935</a></li> <li><a href="/wiki/Bretton_Woods_system" title="Bretton Woods system">Bretton Woods system</a> (1944–1971)</li> <li><a href="/wiki/Employment_Act_of_1946" title="Employment Act of 1946">Employment Act of 1946</a></li> <li><a href="/wiki/History_of_the_Federal_Reserve_System" title="History of the Federal Reserve System">U.S. Treasury Department Accord</a> (1951)</li> <li><a href="/wiki/Bank_Holding_Company_Act" title="Bank Holding Company Act">Bank Holding Company Act</a> (1956)</li> <li><a href="/wiki/History_of_Federal_Open_Market_Committee_actions" title="History of Federal Open Market Committee actions">FOMC actions</a> (1961–present)</li> <li><a href="/wiki/Truth_in_Lending_Act" title="Truth in Lending Act">Truth in Lending Act</a> (1968)</li> <li><a href="/wiki/Nixon_shock" title="Nixon shock">Nixon shock</a> (1971)</li> <li><a href="/wiki/Smithsonian_Agreement" title="Smithsonian Agreement">Smithsonian Agreement</a> (1971)</li> <li><a href="/wiki/Equal_Credit_Opportunity_Act" title="Equal Credit Opportunity Act">Equal Credit Opportunity Act</a> (1974)</li> <li><a href="/wiki/Home_Mortgage_Disclosure_Act" title="Home Mortgage Disclosure Act">Home Mortgage Disclosure Act</a> (1975)</li> <li><a href="/wiki/Community_Reinvestment_Act" title="Community Reinvestment Act">Community Reinvestment Act</a> (1977)</li> <li><a href="/wiki/Federal_Reserve_Reform_Act_of_1977" title="Federal Reserve Reform Act of 1977">Federal Reserve Reform Act</a> (1977)</li> <li><a href="/wiki/Electronic_Fund_Transfer_Act" title="Electronic Fund Transfer Act">Electronic Fund Transfer Act</a> (1978)</li> <li><a href="/wiki/Humphrey%E2%80%93Hawkins_Full_Employment_Act" title="Humphrey–Hawkins Full Employment Act">Humphrey–Hawkins Full Employment Act</a> (1978)</li> <li><a href="/wiki/International_Banking_Act_of_1978" title="International Banking Act of 1978">International Banking Act</a> (1978)</li> <li><a href="/wiki/Depository_Institutions_Deregulation_and_Monetary_Control_Act" title="Depository Institutions Deregulation and Monetary Control Act">DIDMC Act</a> (1980)</li> <li><i><a href="/wiki/Board_of_Governors,_FRS_v._Investment_Co._Institute" title="Board of Governors, FRS v. Investment Co. Institute">Federal Reserve v. Investment Co. Institute</a></i> (1981)</li> <li><i><a href="/wiki/Bank_of_New_England" title="Bank of New England">Northeast Bancorp v. Federal Reserve</a></i> (1985)</li> <li><a href="/wiki/Greenspan_put" title="Greenspan put">Greenspan put</a> (1987)</li> <li><a href="/wiki/Expedited_Funds_Availability_Act" title="Expedited Funds Availability Act">Expedited Funds Availability Act</a> (1987)</li> <li><a href="/wiki/Financial_Institutions_Reform,_Recovery,_and_Enforcement_Act_of_1989" title="Financial Institutions Reform, Recovery, and Enforcement Act of 1989">FIRRE Act</a> (1989)</li> <li><a href="/wiki/Federal_Deposit_Insurance_Corporation_Improvement_Act_of_1991" title="Federal Deposit Insurance Corporation Improvement Act of 1991">FDIC Improvement Act</a> (1991)</li> <li><a href="/wiki/Gramm%E2%80%93Leach%E2%80%93Bliley_Act" title="Gramm–Leach–Bliley Act">Gramm–Leach–Bliley Act</a> (1999)</li> <li><a href="/wiki/Federal_Reserve_responses_to_the_subprime_crisis" title="Federal Reserve responses to the subprime crisis">Subprime mortgage crisis responses</a> (2007–2010)</li> <li><a href="/wiki/Emergency_Economic_Stabilization_Act_of_2008" title="Emergency Economic Stabilization Act of 2008">Emergency Economic Stabilization Act</a> (2008)</li> <li><a href="/wiki/Unfair_or_Deceptive_Acts_or_Practices" title="Unfair or Deceptive Acts or Practices">Unfair or Deceptive Acts or Practices</a> (2008)</li> <li><a href="/wiki/Commercial_Paper_Funding_Facility" title="Commercial Paper Funding Facility">Commercial Paper Funding Facility</a> (2008–2010)</li> <li><a href="/wiki/Primary_Dealer_Credit_Facility" title="Primary Dealer Credit Facility">Primary Dealer Credit Facility</a> (2008–2010)</li> <li><i><a href="/wiki/Bloomberg_L.P._v._Board_of_Governors_of_the_Federal_Reserve_System" title="Bloomberg L.P. v. Board of Governors of the Federal Reserve System">Bloomberg v. Federal Reserve</a></i> (2009)</li> <li><a href="/wiki/2009_Supervisory_Capital_Assessment_Program" title="2009 Supervisory Capital Assessment Program">2009 Supervisory Capital Assessment Program</a></li> <li><a href="/wiki/Term_Asset-Backed_Securities_Loan_Facility" title="Term Asset-Backed Securities Loan Facility">Term Asset-Backed Securities Loan Facility</a> (2009–2010)</li> <li><a href="/wiki/Public%E2%80%93Private_Investment_Program_for_Legacy_Assets" title="Public–Private Investment Program for Legacy Assets">Public–Private Investment Program for Legacy Assets</a> (2009–)</li> <li><a href="/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act" title="Dodd–Frank Wall Street Reform and Consumer Protection Act">Dodd–Frank Act</a> (2010; <a href="/wiki/Durbin_amendment" title="Durbin amendment">Durbin amendment</a>)</li> <li><a href="/wiki/Commercial_Paper_Funding_Facility" title="Commercial Paper Funding Facility">Commercial Paper Funding Facility</a> (2020–2021)</li> <li><i><a href="/wiki/Corner_Post,_Inc._v._Board_of_Governors_of_the_Federal_Reserve_System" title="Corner Post, Inc. v. Board of Governors of the Federal Reserve System">Corner Post v. Federal Reserve</a></i> (2024)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Chair_of_the_Federal_Reserve" title="Chair of the Federal Reserve">Chairs</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Charles_Sumner_Hamlin" title="Charles Sumner Hamlin">Charles S. Hamlin</a> (1914–1916)</li> <li><a href="/wiki/William_P._G._Harding" title="William P. G. Harding">William P. G. Harding</a> (1916–1922)</li> <li><a href="/wiki/Daniel_Richard_Crissinger" title="Daniel Richard Crissinger">Daniel R. Crissinger</a> (1923–1927)</li> <li><a href="/wiki/Roy_A._Young" title="Roy A. Young">Roy A. Young</a> (1927–1930)</li> <li><a href="/wiki/Eugene_Meyer_(financier)" title="Eugene Meyer (financier)">Eugene Meyer</a> (1930–1933)</li> <li><a href="/wiki/Eugene_Robert_Black" title="Eugene Robert Black">Eugene R. Black</a> (1933–1934)</li> <li><a href="/wiki/Marriner_S._Eccles" title="Marriner S. Eccles">Marriner S. Eccles</a> (1934–1948)</li> <li><a href="/wiki/Thomas_B._McCabe" title="Thomas B. McCabe">Thomas B. McCabe</a> (1948–1951)</li> <li><a href="/wiki/William_McChesney_Martin" title="William McChesney Martin">William M. Martin</a> (1951–1970)</li> <li><a href="/wiki/Arthur_F._Burns" title="Arthur F. Burns">Arthur F. Burns</a> (1970–1978)</li> <li><a href="/wiki/G._William_Miller" title="G. William Miller">G. William Miller</a> (1978–1979)</li> <li><a href="/wiki/Paul_Volcker" title="Paul Volcker">Paul Volcker</a> (1979–1987)</li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Alan Greenspan</a> (1987–2006)</li> <li><a href="/wiki/Ben_Bernanke" title="Ben Bernanke">Ben Bernanke</a> (2006–2014)</li> <li><a href="/wiki/Janet_Yellen" title="Janet Yellen">Janet Yellen</a> (2014–2018)</li> <li><a href="/wiki/Jerome_Powell" title="Jerome Powell">Jerome Powell</a> (2018–present)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Federal_Reserve_Board_of_Governors" title="Federal Reserve Board of Governors">Current<br />governors</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Jerome_Powell" title="Jerome Powell">Jerome Powell</a> (<a href="/wiki/Chair_of_the_Federal_Reserve" title="Chair of the Federal Reserve">Chair</a>)</li> <li><a href="/wiki/Philip_Jefferson" title="Philip Jefferson">Philip Jefferson</a> (<a href="/wiki/Vice_Chair_of_the_Federal_Reserve" title="Vice Chair of the Federal Reserve">Vice Chair</a>)</li> <li><a href="/wiki/Michael_Barr_(Treasury_official)" class="mw-redirect" title="Michael Barr (Treasury official)">Michael Barr</a> (<a href="/wiki/Vice_Chair_of_the_Federal_Reserve" title="Vice Chair of the Federal Reserve">Vice Chair for Supervision</a>)</li> <li><a href="/wiki/Michelle_Bowman" title="Michelle Bowman">Michelle Bowman</a></li> <li><a href="/wiki/Christopher_Waller" title="Christopher Waller">Christopher Waller</a></li> <li><a href="/wiki/Lisa_D._Cook" title="Lisa D. Cook">Lisa D. Cook</a></li> <li><a href="/wiki/Adriana_Kugler" title="Adriana Kugler">Adriana Kugler</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Current presidents<br />(by district)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Susan_M._Collins_(economist)" title="Susan M. Collins (economist)">Susan Collins</a> (<a href="/wiki/Federal_Reserve_Bank_of_Boston" title="Federal Reserve Bank of Boston">Boston</a>)</li> <li><a href="/wiki/John_C._Williams_(economist)" title="John C. Williams (economist)">John Williams</a> (<a href="/wiki/Federal_Reserve_Bank_of_New_York" title="Federal Reserve Bank of New York">New York</a>)</li> <li><a href="/wiki/Patrick_T._Harker" title="Patrick T. Harker">Patrick T. Harker</a> (<a href="/wiki/Federal_Reserve_Bank_of_Philadelphia" title="Federal Reserve Bank of Philadelphia">Philadelphia</a>)</li> <li><a href="/wiki/Beth_M._Hammack" title="Beth M. Hammack">Beth M. Hammack</a> (<a href="/wiki/Federal_Reserve_Bank_of_Cleveland" title="Federal Reserve Bank of Cleveland">Cleveland</a>)</li> <li><a href="/wiki/Thomas_Barkin" title="Thomas Barkin">Thomas Barkin</a> (<a href="/wiki/Federal_Reserve_Bank_of_Richmond" title="Federal Reserve Bank of Richmond">Richmond</a>)</li> <li><a href="/wiki/Raphael_Bostic" title="Raphael Bostic">Raphael Bostic</a> (<a href="/wiki/Federal_Reserve_Bank_of_Atlanta" title="Federal Reserve Bank of Atlanta">Atlanta</a>)</li> <li><a href="/wiki/Austan_Goolsbee" title="Austan Goolsbee">Austan Goolsbee</a> (<a href="/wiki/Federal_Reserve_Bank_of_Chicago" title="Federal Reserve Bank of Chicago">Chicago</a>)</li> <li><a href="/wiki/Alberto_Musalem" title="Alberto Musalem">Alberto Musalem</a> (<a href="/wiki/Federal_Reserve_Bank_of_St._Louis" title="Federal Reserve Bank of St. Louis">St. Louis</a>)</li> <li><a href="/wiki/Neel_Kashkari" title="Neel Kashkari">Neel Kashkari</a> (<a href="/wiki/Federal_Reserve_Bank_of_Minneapolis" title="Federal Reserve Bank of Minneapolis">Minneapolis</a>)</li> <li><a href="/wiki/Jeffrey_Schmid" title="Jeffrey Schmid">Jeff Schmid</a> (<a href="/wiki/Federal_Reserve_Bank_of_Kansas_City" title="Federal Reserve Bank of Kansas City">Kansas City</a>)</li> <li><a href="/wiki/Lorie_K._Logan" title="Lorie K. Logan">Lorie Logan</a> (<a href="/wiki/Federal_Reserve_Bank_of_Dallas" title="Federal Reserve Bank of Dallas">Dallas</a>)</li> <li><a href="/wiki/Mary_C._Daly" title="Mary C. Daly">Mary C. Daly</a> (<a href="/wiki/Federal_Reserve_Bank_of_San_Francisco" title="Federal Reserve Bank of San Francisco">San Francisco</a>)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a class="mw-selflink selflink">Central bank</a></li> <li><a href="/wiki/Criticism_of_the_Federal_Reserve" title="Criticism of the Federal Reserve">Criticism of the Federal Reserve</a></li> <li><a href="/wiki/Fed_model" title="Fed model">Fed model</a></li> <li><a href="/wiki/Fedspeak" title="Fedspeak">Fedspeak</a></li> <li><a href="/wiki/Fed_put" class="mw-redirect" title="Fed put">Fed put</a></li> <li><a href="/wiki/Lender_of_last_resort" title="Lender of last resort">Lender of last resort</a></li> <li><a href="/wiki/Monetary_policy_of_the_United_States" title="Monetary policy of the United States">Monetary policy of the United States</a> <ul><li><a href="/wiki/History_of_monetary_policy_in_the_United_States" title="History of monetary policy in the United States">History</a></li></ul></li> <li><a href="/wiki/Personal_consumption_expenditures_price_index" title="Personal consumption expenditures price index">Personal consumption expenditures price index</a></li> <li><a href="/wiki/Sahm_rule" title="Sahm rule">Sahm rule</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><style data-mw-deduplicate="TemplateStyles:r1038841319">.mw-parser-output .tooltip-dotted{border-bottom:1px dotted;cursor:help}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1038841319"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1038841319"></div><div role="navigation" class="navbox authority-control" aria-labelledby="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q66344#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q66344#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata" style="font-size:114%;margin:0 4em"><a href="/wiki/Help:Authority_control" title="Help:Authority control">Authority control databases</a> <span class="mw-valign-text-top noprint" typeof="mw:File/Frameless"><a href="https://www.wikidata.org/wiki/Q66344#identifiers" title="Edit this at Wikidata"><img alt="Edit this at Wikidata" src="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/10px-OOjs_UI_icon_edit-ltr-progressive.svg.png" decoding="async" width="10" height="10" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/15px-OOjs_UI_icon_edit-ltr-progressive.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/20px-OOjs_UI_icon_edit-ltr-progressive.svg.png 2x" data-file-width="20" data-file-height="20" /></a></span></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">National</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><a rel="nofollow" class="external text" href="https://d-nb.info/gnd/4042669-5">Germany</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://id.loc.gov/authorities/sh85011647">United States</a></span></li><li><span class="uid"><span class="rt-commentedText tooltip tooltip-dotted" title="Banques centrales"><a rel="nofollow" class="external text" href="https://catalogue.bnf.fr/ark:/12148/cb13319216d">France</a></span></span></li><li><span class="uid"><span class="rt-commentedText tooltip tooltip-dotted" title="Banques centrales"><a rel="nofollow" class="external text" href="https://data.bnf.fr/ark:/12148/cb13319216d">BnF data</a></span></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://id.ndl.go.jp/auth/ndlna/00573919">Japan</a></span></li><li><span class="uid"><span class="rt-commentedText tooltip tooltip-dotted" title="centrální banky"><a rel="nofollow" class="external text" href="https://aleph.nkp.cz/F/?func=find-c&local_base=aut&ccl_term=ica=ph203884&CON_LNG=ENG">Czech Republic</a></span></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="http://olduli.nli.org.il/F/?func=find-b&local_base=NLX10&find_code=UID&request=987007283005705171">Israel</a></span></li></ul></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><a rel="nofollow" class="external text" href="https://hls-dhs-dss.ch/fr/articles/013746">Historical Dictionary of Switzerland</a></span></li></ul></div></td></tr></tbody></table></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/w/index.php?title=Central_bank&oldid=1257894187">https://en.wikipedia.org/w/index.php?title=Central_bank&oldid=1257894187</a>"</div></div> <div id="catlinks" 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