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vector-button-flush-right" > <input type="checkbox" id="vector-main-menu-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-main-menu-dropdown" class="vector-dropdown-checkbox " aria-label="Pangunahing pagpipilian" > <label id="vector-main-menu-dropdown-label" for="vector-main-menu-dropdown-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-menu mw-ui-icon-wikimedia-menu"></span> <span class="vector-dropdown-label-text">Pangunahing pagpipilian</span> </label> <div class="vector-dropdown-content"> <div id="vector-main-menu-unpinned-container" class="vector-unpinned-container"> <div id="vector-main-menu" class="vector-main-menu vector-pinnable-element"> <div class="vector-pinnable-header vector-main-menu-pinnable-header vector-pinnable-header-unpinned" data-feature-name="main-menu-pinned" data-pinnable-element-id="vector-main-menu" data-pinned-container-id="vector-main-menu-pinned-container" data-unpinned-container-id="vector-main-menu-unpinned-container" > <div class="vector-pinnable-header-label">Pangunahing pagpipilian</div> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-main-menu.pin">ilipat sa gilid</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-main-menu.unpin">itago</button> </div> <div id="p-navigation" class="vector-menu mw-portlet mw-portlet-navigation" > <div class="vector-menu-heading"> Maglibot </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="n-mainpage-description" class="mw-list-item"><a href="/wiki/Unang_Pahina" title="Puntahan ang unang pahina [z]" accesskey="z"><span>Unang pahina</span></a></li><li id="n-contents" class="mw-list-item"><a href="/wiki/Wikipedia:Tingnan_ang_buod" title="Mga gabay sa pagbabasa ng laktaw-laktaw sa Wikipedia"><span>Mga nilalaman</span></a></li><li id="n-Napiling-nilalaman" class="mw-list-item"><a href="/wiki/Wikipedia:Mga_napiling_artikulo"><span>Napiling nilalaman</span></a></li><li id="n-randompage" class="mw-list-item"><a href="/wiki/Natatangi:Alin_man" title="Magpalabas ng kahit-anong artikulo [x]" accesskey="x"><span>Alinmang artikulo</span></a></li><li id="n-aboutsite" class="mw-list-item"><a href="/wiki/Wikipedia:Patungkol"><span>Patungkol sa Wikipedia</span></a></li><li id="n-currentevents" class="mw-list-item"><a href="/wiki/Wikipedia:Kasalukuyang_pangyayari" title="Hanapin ang mga impormasyon tungkol sa mga kamakailang kaganapan"><span>Mga kaganapan</span></a></li> </ul> </div> </div> <div id="p-Pakikihalubilo" class="vector-menu mw-portlet mw-portlet-Pakikihalubilo" > <div class="vector-menu-heading"> Pakikihalubilo </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="n-portal" class="mw-list-item"><a href="/wiki/Wikipedia:Puntahan_ng_pamayanan" title="Tungkol sa proyekto, ano ang maari mong gawin, at kung saan maari maghanap ng mga bagay"><span>Pamayanan</span></a></li><li id="n-Kapihan" class="mw-list-item"><a href="/wiki/Wikipedia:Kapihan"><span>Kapihan</span></a></li><li id="n-recentchanges" class="mw-list-item"><a href="/wiki/Natatangi:Mga_huling_binago" title="Tala ng mga huling pagbabago sa wiki. [r]" accesskey="r"><span>Mga huling binago</span></a></li><li id="n-contactpage" class="mw-list-item"><a href="/wiki/Wikipedia:Makipag-ugnayan_sa_amin" title="Paano makokontak ang Wikipedia"><span>Makipag-ugnayan</span></a></li><li id="n-help" class="mw-list-item"><a href="/wiki/Wikipedia:Tulong" title="Ang lugar para maghanap ng tulong sa Wikipedia."><span>Tulong</span></a></li> </ul> </div> </div> </div> </div> </div> </div> </nav> <a href="/wiki/Unang_Pahina" class="mw-logo"> <img class="mw-logo-icon" src="/static/images/icons/wikipedia.png" alt="" aria-hidden="true" height="50" width="50"> <span class="mw-logo-container skin-invert"> <img class="mw-logo-wordmark" alt="Wikipedia" src="/static/images/mobile/copyright/wikipedia-wordmark-en.svg" style="width: 7.5em; height: 1.125em;"> <img class="mw-logo-tagline" alt="Ang Malayang Ensiklopedya" src="/static/images/mobile/copyright/wikipedia-tagline-tl.svg" width="119" height="13" style="width: 7.4375em; height: 0.8125em;"> </span> </a> </div> <div class="vector-header-end"> <div id="p-search" role="search" class="vector-search-box-vue vector-search-box-collapses vector-search-box-show-thumbnail vector-search-box-auto-expand-width vector-search-box"> <a href="/wiki/Natatangi:Maghanap" class="cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only search-toggle" title="Maghanap sa Wikipedia [f]" accesskey="f"><span class="vector-icon mw-ui-icon-search mw-ui-icon-wikimedia-search"></span> <span>Hanapin</span> </a> <div class="vector-typeahead-search-container"> <div class="cdx-typeahead-search cdx-typeahead-search--show-thumbnail cdx-typeahead-search--auto-expand-width"> <form action="/w/index.php" id="searchform" class="cdx-search-input cdx-search-input--has-end-button"> <div id="simpleSearch" class="cdx-search-input__input-wrapper" data-search-loc="header-moved"> <div class="cdx-text-input cdx-text-input--has-start-icon"> <input class="cdx-text-input__input" type="search" name="search" placeholder="Maghanap sa Wikipedia" aria-label="Maghanap sa Wikipedia" autocapitalize="sentences" title="Maghanap sa Wikipedia [f]" accesskey="f" id="searchInput" > <span class="cdx-text-input__icon cdx-text-input__start-icon"></span> </div> <input type="hidden" name="title" value="Natatangi:Maghanap"> </div> <button class="cdx-button cdx-search-input__end-button">Hanapin</button> </form> </div> </div> </div> <nav class="vector-user-links vector-user-links-wide" aria-label="Mga pansariling kagamitan"> <div class="vector-user-links-main"> <div id="p-vector-user-menu-preferences" class="vector-menu mw-portlet emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> <div id="p-vector-user-menu-userpage" class="vector-menu mw-portlet emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> <nav class="vector-appearance-landmark" aria-label="Itsura"> <div id="vector-appearance-dropdown" class="vector-dropdown " title="Change the appearance of the page's font size, width, and color" > <input type="checkbox" id="vector-appearance-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-appearance-dropdown" class="vector-dropdown-checkbox " aria-label="Itsura" > <label id="vector-appearance-dropdown-label" for="vector-appearance-dropdown-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-appearance mw-ui-icon-wikimedia-appearance"></span> <span class="vector-dropdown-label-text">Itsura</span> </label> <div class="vector-dropdown-content"> <div id="vector-appearance-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <div id="p-vector-user-menu-notifications" class="vector-menu mw-portlet emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> <div id="p-vector-user-menu-overflow" class="vector-menu mw-portlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="pt-sitesupport-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="//donate.wikimedia.org/wiki/Special:FundraiserRedirector?utm_source=donate&utm_medium=sidebar&utm_campaign=C13_tl.wikipedia.org&uselang=tl" class=""><span>Donasyon</span></a> </li> <li id="pt-createaccount-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="/w/index.php?title=Natatangi:Likhain_ang_kuwenta&returnto=Patakarang+pang-salapi" title="Mas maganda kung gagawa ka ng account at magla-login; gayunpaman, hindi ka pinipilit gawin ito" class=""><span>Gumawa ng account</span></a> </li> <li id="pt-login-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="/w/index.php?title=Natatangi:Paglagda_ng_tagagamit&returnto=Patakarang+pang-salapi" title="Mas maganda kung magla-login ka; gayunpaman, hindi ka pinipilit gawin ito [o]" accesskey="o" class=""><span>Mag-login</span></a> </li> </ul> </div> </div> </div> <div id="vector-user-links-dropdown" class="vector-dropdown vector-user-menu vector-button-flush-right vector-user-menu-logged-out" title="Marami pang pagpipilian" > <input type="checkbox" id="vector-user-links-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-user-links-dropdown" class="vector-dropdown-checkbox " aria-label="Mga pansariling kagamitan" > <label id="vector-user-links-dropdown-label" for="vector-user-links-dropdown-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-ellipsis mw-ui-icon-wikimedia-ellipsis"></span> <span class="vector-dropdown-label-text">Mga pansariling kagamitan</span> </label> <div class="vector-dropdown-content"> <div id="p-personal" class="vector-menu mw-portlet mw-portlet-personal" title="User menu" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="pt-sitesupport" class="user-links-collapsible-item mw-list-item"><a href="//donate.wikimedia.org/wiki/Special:FundraiserRedirector?utm_source=donate&utm_medium=sidebar&utm_campaign=C13_tl.wikipedia.org&uselang=tl"><span>Donasyon</span></a></li><li id="pt-contribute" class="mw-list-item"><a href="/wiki/Natatangi:Contribute"><span class="vector-icon mw-ui-icon-edit mw-ui-icon-wikimedia-edit"></span> <span>Mag-ambag</span></a></li><li id="pt-createaccount" class="user-links-collapsible-item mw-list-item"><a href="/w/index.php?title=Natatangi:Likhain_ang_kuwenta&returnto=Patakarang+pang-salapi" title="Mas maganda kung gagawa ka ng account at magla-login; gayunpaman, hindi ka pinipilit gawin ito"><span class="vector-icon mw-ui-icon-userAdd mw-ui-icon-wikimedia-userAdd"></span> <span>Gumawa ng account</span></a></li><li id="pt-login" class="user-links-collapsible-item mw-list-item"><a href="/w/index.php?title=Natatangi:Paglagda_ng_tagagamit&returnto=Patakarang+pang-salapi" title="Mas maganda kung magla-login ka; gayunpaman, hindi ka pinipilit gawin ito [o]" accesskey="o"><span class="vector-icon mw-ui-icon-logIn mw-ui-icon-wikimedia-logIn"></span> <span>Mag-login</span></a></li> </ul> </div> </div> <div id="p-user-menu-anon-editor" class="vector-menu mw-portlet mw-portlet-user-menu-anon-editor" > <div class="vector-menu-heading"> Mga pahina para sa naka-logout na mga patnugot o editor <a href="/wiki/Wikipedia:Maligayang_pagdating!" aria-label="Alamin pa ang tungkol sa pagpapatnugot"><span>alamin pa</span></a> </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="pt-anontalk" class="mw-list-item"><a href="/wiki/Natatangi:Usapan_ko" title="Usapang tungkol sa mga pagbabagong ginawa sa ip address na ito [n]" accesskey="n"><span>Usapan</span></a></li> </ul> </div> </div> </div> </div> </nav> </div> </header> </div> <div class="mw-page-container"> <div class="mw-page-container-inner"> <div class="vector-sitenotice-container"> <div id="siteNotice"></div> </div> <div class="vector-column-start"> <div class="vector-main-menu-container"> <div id="mw-navigation"> <nav id="mw-panel" class="vector-main-menu-landmark" aria-label="Sayt"> <div id="vector-main-menu-pinned-container" class="vector-pinned-container"> </div> </nav> </div> </div> <div class="vector-sticky-pinned-container"> <nav id="mw-panel-toc" aria-label="Mga nilalaman" data-event-name="ui.sidebar-toc" class="mw-table-of-contents-container vector-toc-landmark"> <div id="vector-toc-pinned-container" class="vector-pinned-container"> <div id="vector-toc" class="vector-toc vector-pinnable-element"> <div class="vector-pinnable-header vector-toc-pinnable-header vector-pinnable-header-pinned" data-feature-name="toc-pinned" data-pinnable-element-id="vector-toc" > <h2 class="vector-pinnable-header-label">Mga nilalaman</h2> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-toc.pin">ilipat sa gilid</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-toc.unpin">itago</button> </div> <ul class="vector-toc-contents" id="mw-panel-toc-list"> <li id="toc-mw-content-text" class="vector-toc-list-item vector-toc-level-1"> <a href="#" class="vector-toc-link"> <div class="vector-toc-text">Simula</div> </a> </li> <li id="toc-Konsepto" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Konsepto"> <div class="vector-toc-text"> <span class="vector-toc-numb">1</span> <span>Konsepto</span> </div> </a> <button aria-controls="toc-Konsepto-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>Ipakita/Itago ang subseksyon na Konsepto</span> </button> <ul id="toc-Konsepto-sublist" class="vector-toc-list"> <li id="toc-Teoriya" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Teoriya"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1</span> <span>Teoriya</span> </div> </a> <ul id="toc-Teoriya-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Mga_sanggunian" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Mga_sanggunian"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Mga sanggunian</span> </div> </a> <ul id="toc-Mga_sanggunian-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="Mga nilalaman" 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="Itago/Ipakita ang talaan ng mga nilalaman" > <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">Itago/Ipakita ang talaan ng mga nilalaman</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">Patakarang pang-salapi</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" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Pumunta sa isang artikulo na nakasulat sa ibang wika. Mayroon ito sa 68 (na) wika" > <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-68" 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">68 wika</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%B3%D9%8A%D8%A7%D8%B3%D8%A9_%D9%86%D9%82%D8%AF%D9%8A%D8%A9" title="سياسة نقدية – Arabic" lang="ar" hreflang="ar" data-title="سياسة نقدية" 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/Pol%C3%ADtica_monetaria" title="Política monetaria – Asturian" lang="ast" hreflang="ast" data-title="Política monetaria" 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/Pul-kredit_siyas%C9%99ti" title="Pul-kredit siyasəti – Azerbaijani" lang="az" hreflang="az" data-title="Pul-kredit siyasəti" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-be mw-list-item"><a href="https://be.wikipedia.org/wiki/%D0%9C%D0%B0%D0%BD%D0%B5%D1%82%D0%B0%D1%80%D0%BD%D0%B0%D1%8F_%D0%BF%D0%B0%D0%BB%D1%96%D1%82%D1%8B%D0%BA%D0%B0" title="Манетарная палітыка – Belarusian" lang="be" hreflang="be" data-title="Манетарная палітыка" data-language-autonym="Беларуская" data-language-local-name="Belarusian" class="interlanguage-link-target"><span>Беларуская</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%9F%D0%B0%D1%80%D0%B8%D1%87%D0%BD%D0%B0_%D0%BF%D0%BE%D0%BB%D0%B8%D1%82%D0%B8%D0%BA%D0%B0" title="Парична политика – Bulgarian" lang="bg" hreflang="bg" data-title="Парична политика" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%AE%E0%A7%81%E0%A6%A6%E0%A7%8D%E0%A6%B0%E0%A6%BE%E0%A6%A8%E0%A7%80%E0%A6%A4%E0%A6%BF" title="মুদ্রানীতি – Bangla" lang="bn" hreflang="bn" data-title="মুদ্রানীতি" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target"><span>বাংলা</span></a></li><li class="interlanguage-link interwiki-bs mw-list-item"><a href="https://bs.wikipedia.org/wiki/Monetarna_politika" title="Monetarna politika – Bosnian" lang="bs" hreflang="bs" data-title="Monetarna politika" 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/Pol%C3%ADtica_monet%C3%A0ria" title="Política monetària – Catalan" lang="ca" hreflang="ca" data-title="Política monetària" 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/M%C4%9Bnov%C3%A1_politika" title="Měnová politika – Czech" lang="cs" hreflang="cs" data-title="Měnová politika" 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/Polisi_ariannol" title="Polisi ariannol – Welsh" lang="cy" hreflang="cy" data-title="Polisi ariannol" 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/Pengepolitik" title="Pengepolitik – Danish" lang="da" hreflang="da" data-title="Pengepolitik" 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/Geldpolitik" title="Geldpolitik – German" lang="de" hreflang="de" data-title="Geldpolitik" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%9D%CE%BF%CE%BC%CE%B9%CF%83%CE%BC%CE%B1%CF%84%CE%B9%CE%BA%CE%AE_%CF%80%CE%BF%CE%BB%CE%B9%CF%84%CE%B9%CE%BA%CE%AE" title="Νομισματική πολιτική – Greek" lang="el" hreflang="el" data-title="Νομισματική πολιτική" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-en mw-list-item"><a href="https://en.wikipedia.org/wiki/Monetary_policy" title="Monetary policy – English" lang="en" hreflang="en" data-title="Monetary policy" data-language-autonym="English" data-language-local-name="English" class="interlanguage-link-target"><span>English</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Monpolitiko" title="Monpolitiko – Esperanto" lang="eo" hreflang="eo" data-title="Monpolitiko" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Pol%C3%ADtica_monetaria" title="Política monetaria – Spanish" lang="es" hreflang="es" data-title="Política monetaria" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Rahapoliitika" title="Rahapoliitika – Estonian" lang="et" hreflang="et" data-title="Rahapoliitika" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%B3%DB%8C%D8%A7%D8%B3%D8%AA_%D9%BE%D9%88%D9%84%DB%8C" title="سیاست پولی – Persian" lang="fa" hreflang="fa" data-title="سیاست پولی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Rahapolitiikka" title="Rahapolitiikka – Finnish" lang="fi" hreflang="fi" data-title="Rahapolitiikka" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-fo mw-list-item"><a href="https://fo.wikipedia.org/wiki/Pengapolitikkur" title="Pengapolitikkur – Faroese" lang="fo" hreflang="fo" data-title="Pengapolitikkur" data-language-autonym="Føroyskt" data-language-local-name="Faroese" class="interlanguage-link-target"><span>Føroyskt</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Politique_mon%C3%A9taire" title="Politique monétaire – French" lang="fr" hreflang="fr" data-title="Politique monétaire" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%9E%D7%93%D7%99%D7%A0%D7%99%D7%95%D7%AA_%D7%9E%D7%95%D7%A0%D7%99%D7%98%D7%A8%D7%99%D7%AA" title="מדיניות מוניטרית – Hebrew" lang="he" hreflang="he" data-title="מדיניות מוניטרית" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%AE%E0%A5%8C%E0%A4%A6%E0%A5%8D%E0%A4%B0%E0%A4%BF%E0%A4%95_%E0%A4%A8%E0%A5%80%E0%A4%A4%E0%A4%BF" title="मौद्रिक नीति – Hindi" lang="hi" hreflang="hi" data-title="मौद्रिक नीति" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/Monet%C3%A1ris_politika" title="Monetáris politika – Hungarian" lang="hu" hreflang="hu" data-title="Monetáris politika" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D4%B4%D6%80%D5%A1%D5%B4%D5%A1%D5%BE%D5%A1%D6%80%D5%AF%D5%A1%D5%B5%D5%AB%D5%B6_%D6%84%D5%A1%D5%B2%D5%A1%D6%84%D5%A1%D5%AF%D5%A1%D5%B6%D5%B8%D6%82%D5%A9%D5%B5%D5%B8%D6%82%D5%B6" title="Դրամավարկային քաղաքականություն – Armenian" lang="hy" hreflang="hy" data-title="Դրամավարկային քաղաքականություն" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hyw mw-list-item"><a href="https://hyw.wikipedia.org/wiki/%D4%B4%D6%80%D5%A1%D5%B4%D5%A1%D5%BE%D5%A1%D6%80%D5%AF%D5%A1%D5%B5%D5%AB%D5%B6_%D6%84%D5%A1%D5%B2%D5%A1%D6%84%D5%A1%D5%AF%D5%A1%D5%B6%D5%B8%D6%82%D5%A9%D5%AB%D6%82%D5%B6" title="Դրամավարկային քաղաքականութիւն – Western Armenian" lang="hyw" hreflang="hyw" data-title="Դրամավարկային քաղաքականութիւն" data-language-autonym="Արեւմտահայերէն" data-language-local-name="Western Armenian" class="interlanguage-link-target"><span>Արեւմտահայերէն</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Kebijakan_moneter" title="Kebijakan moneter – Indonesian" lang="id" hreflang="id" data-title="Kebijakan moneter" 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-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Politica_monetaria" title="Politica monetaria – Italian" lang="it" hreflang="it" data-title="Politica monetaria" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E9%87%91%E8%9E%8D%E6%94%BF%E7%AD%96" title="金融政策 – Japanese" lang="ja" hreflang="ja" data-title="金融政策" 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-ka mw-list-item"><a href="https://ka.wikipedia.org/wiki/%E1%83%9B%E1%83%9D%E1%83%9C%E1%83%94%E1%83%A2%E1%83%90%E1%83%A0%E1%83%A3%E1%83%9A%E1%83%98_%E1%83%9E%E1%83%9D%E1%83%9A%E1%83%98%E1%83%A2%E1%83%98%E1%83%99%E1%83%90" title="მონეტარული პოლიტიკა – Georgian" lang="ka" hreflang="ka" data-title="მონეტარული პოლიტიკა" data-language-autonym="ქართული" data-language-local-name="Georgian" class="interlanguage-link-target"><span>ქართული</span></a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/%D0%90%D2%9B%D1%88%D0%B0-%D0%BD%D0%B5%D1%81%D0%B8%D0%B5_%D1%81%D0%B0%D1%8F%D1%81%D0%B0%D1%82%D1%8B" title="Ақша-несие саясаты – Kazakh" lang="kk" hreflang="kk" data-title="Ақша-несие саясаты" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target"><span>Қазақша</span></a></li><li class="interlanguage-link interwiki-km mw-list-item"><a href="https://km.wikipedia.org/wiki/%E1%9E%82%E1%9F%84%E1%9E%9B%E1%9E%93%E1%9E%99%E1%9F%84%E1%9E%94%E1%9E%B6%E1%9E%99%E1%9E%9A%E1%9E%BC%E1%9E%94%E1%9E%B7%E1%9E%99%E1%9E%9C%E1%9E%8F%E1%9F%92%E1%9E%90%E1%9E%BB" title="គោលនយោបាយរូបិយវត្ថុ – Khmer" lang="km" hreflang="km" data-title="គោលនយោបាយរូបិយវត្ថុ" data-language-autonym="ភាសាខ្មែរ" data-language-local-name="Khmer" class="interlanguage-link-target"><span>ភាសាខ្មែរ</span></a></li><li class="interlanguage-link interwiki-kn mw-list-item"><a href="https://kn.wikipedia.org/wiki/%E0%B2%B5%E0%B2%BF%E0%B2%A4%E0%B3%8D%E0%B2%A4%E0%B3%80%E0%B2%AF_%E0%B2%A8%E0%B3%80%E0%B2%A4%E0%B2%BF" title="ವಿತ್ತೀಯ ನೀತಿ – Kannada" lang="kn" hreflang="kn" data-title="ವಿತ್ತೀಯ ನೀತಿ" data-language-autonym="ಕನ್ನಡ" data-language-local-name="Kannada" class="interlanguage-link-target"><span>ಕನ್ನಡ</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%ED%86%B5%ED%99%94_%EC%A0%95%EC%B1%85" title="통화 정책 – Korean" lang="ko" hreflang="ko" data-title="통화 정책" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-lo mw-list-item"><a href="https://lo.wikipedia.org/wiki/%E0%BA%99%E0%BA%B0%E0%BB%82%E0%BA%8D%E0%BA%9A%E0%BA%B2%E0%BA%8D%E0%BB%80%E0%BA%87%E0%BA%B4%E0%BA%99%E0%BA%95%E0%BA%B2" title="ນະໂຍບາຍເງິນຕາ – Lao" lang="lo" hreflang="lo" data-title="ນະໂຍບາຍເງິນຕາ" data-language-autonym="ລາວ" data-language-local-name="Lao" class="interlanguage-link-target"><span>ລາວ</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Pinig%C5%B3_politika" title="Pinigų politika – Lithuanian" lang="lt" hreflang="lt" data-title="Pinigų politika" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/Monet%C4%81r%C4%81_politika" title="Monetārā politika – Latvian" lang="lv" hreflang="lv" data-title="Monetārā politika" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target"><span>Latviešu</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%9C%D0%BE%D0%BD%D0%B5%D1%82%D0%B0%D1%80%D0%BD%D0%B0_%D0%BF%D0%BE%D0%BB%D0%B8%D1%82%D0%B8%D0%BA%D0%B0" title="Монетарна политика – Macedonian" lang="mk" hreflang="mk" data-title="Монетарна политика" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-ml mw-list-item"><a href="https://ml.wikipedia.org/wiki/%E0%B4%AA%E0%B4%A3%E0%B4%A8%E0%B4%AF%E0%B4%82" title="പണനയം – Malayalam" lang="ml" hreflang="ml" data-title="പണനയം" data-language-autonym="മലയാളം" data-language-local-name="Malayalam" class="interlanguage-link-target"><span>മലയാളം</span></a></li><li class="interlanguage-link interwiki-mr mw-list-item"><a href="https://mr.wikipedia.org/wiki/%E0%A4%AE%E0%A5%8C%E0%A4%A6%E0%A5%8D%E0%A4%B0%E0%A4%BF%E0%A4%95_%E0%A4%85%E0%A4%B0%E0%A5%8D%E0%A4%A5%E0%A4%B6%E0%A4%BE%E0%A4%B8%E0%A5%8D%E0%A4%A4%E0%A5%8D%E0%A4%B0" title="मौद्रिक अर्थशास्त्र – Marathi" lang="mr" hreflang="mr" data-title="मौद्रिक अर्थशास्त्र" data-language-autonym="मराठी" data-language-local-name="Marathi" class="interlanguage-link-target"><span>मराठी</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Dasar_monetari" title="Dasar monetari – Malay" lang="ms" hreflang="ms" data-title="Dasar monetari" 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-ne mw-list-item"><a href="https://ne.wikipedia.org/wiki/%E0%A4%AE%E0%A5%8C%E0%A4%A6%E0%A5%8D%E0%A4%B0%E0%A4%BF%E0%A4%95_%E0%A4%A8%E0%A5%80%E0%A4%A4%E0%A4%BF" title="मौद्रिक नीति – Nepali" lang="ne" hreflang="ne" data-title="मौद्रिक नीति" data-language-autonym="नेपाली" data-language-local-name="Nepali" class="interlanguage-link-target"><span>नेपाली</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Monetair_beleid" title="Monetair beleid – Dutch" lang="nl" hreflang="nl" data-title="Monetair beleid" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-nn mw-list-item"><a href="https://nn.wikipedia.org/wiki/Pengepolitikk" title="Pengepolitikk – Norwegian Nynorsk" lang="nn" hreflang="nn" data-title="Pengepolitikk" 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-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Pengepolitikk" title="Pengepolitikk – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Pengepolitikk" 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-pa mw-list-item"><a href="https://pa.wikipedia.org/wiki/%E0%A8%AE%E0%A9%81%E0%A8%A6%E0%A9%8D%E0%A8%B0%E0%A8%BE_%E0%A8%A8%E0%A9%80%E0%A8%A4%E0%A9%80" title="ਮੁਦ੍ਰਾ ਨੀਤੀ – Punjabi" lang="pa" hreflang="pa" data-title="ਮੁਦ੍ਰਾ ਨੀਤੀ" data-language-autonym="ਪੰਜਾਬੀ" data-language-local-name="Punjabi" class="interlanguage-link-target"><span>ਪੰਜਾਬੀ</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Polityka_pieni%C4%99%C5%BCna" title="Polityka pieniężna – Polish" lang="pl" hreflang="pl" data-title="Polityka pieniężna" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-ps mw-list-item"><a href="https://ps.wikipedia.org/wiki/%D9%BE%D9%88%D9%84%D9%8A_%D8%B3%DB%8C%D8%A7%D8%B3%D8%AA" title="پولي سیاست – Pashto" lang="ps" hreflang="ps" data-title="پولي سیاست" data-language-autonym="پښتو" data-language-local-name="Pashto" class="interlanguage-link-target"><span>پښتو</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Pol%C3%ADtica_monet%C3%A1ria" title="Política monetária – Portuguese" lang="pt" hreflang="pt" data-title="Política monetária" 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/Politic%C4%83_monetar%C4%83" title="Politică monetară – Romanian" lang="ro" hreflang="ro" data-title="Politică monetară" 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%94%D0%B5%D0%BD%D0%B5%D0%B6%D0%BD%D0%BE-%D0%BA%D1%80%D0%B5%D0%B4%D0%B8%D1%82%D0%BD%D0%B0%D1%8F_%D0%BF%D0%BE%D0%BB%D0%B8%D1%82%D0%B8%D0%BA%D0%B0_%D0%B3%D0%BE%D1%81%D1%83%D0%B4%D0%B0%D1%80%D1%81%D1%82%D0%B2%D0%B0" title="Денежно-кредитная политика государства – Russian" lang="ru" hreflang="ru" data-title="Денежно-кредитная политика государства" 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%A5%D0%B0%D1%80%D1%87%D1%8B_%D0%BF%D0%BE%D0%BB%D0%B8%D1%82%D0%B8%D0%BA%D0%B0%D1%82%D0%B0" title="Харчы политиката – Yakut" lang="sah" hreflang="sah" data-title="Харчы политиката" 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-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Monetary_policy" title="Monetary policy – Simple English" lang="en-simple" hreflang="en-simple" data-title="Monetary policy" 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/Monet%C3%A1rna_politika" title="Monetárna politika – Slovak" lang="sk" hreflang="sk" data-title="Monetárna politika" 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/Monetarna_politika" title="Monetarna politika – Slovenian" lang="sl" hreflang="sl" data-title="Monetarna politika" data-language-autonym="Slovenščina" data-language-local-name="Slovenian" class="interlanguage-link-target"><span>Slovenščina</span></a></li><li class="interlanguage-link interwiki-sq mw-list-item"><a href="https://sq.wikipedia.org/wiki/Politika_monetare" title="Politika monetare – Albanian" lang="sq" hreflang="sq" data-title="Politika monetare" data-language-autonym="Shqip" data-language-local-name="Albanian" class="interlanguage-link-target"><span>Shqip</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/%D0%9C%D0%BE%D0%BD%D0%B5%D1%82%D0%B0%D1%80%D0%BD%D0%B0_%D0%BF%D0%BE%D0%BB%D0%B8%D1%82%D0%B8%D0%BA%D0%B0" title="Монетарна политика – Serbian" lang="sr" hreflang="sr" data-title="Монетарна политика" 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-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Penningpolitik" title="Penningpolitik – Swedish" lang="sv" hreflang="sv" data-title="Penningpolitik" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%AA%E0%AE%A3%E0%AE%B5%E0%AE%BF%E0%AE%AF%E0%AE%B2%E0%AF%8D_%E0%AE%95%E0%AF%8A%E0%AE%B3%E0%AF%8D%E0%AE%95%E0%AF%88" title="பணவியல் கொள்கை – Tamil" lang="ta" hreflang="ta" data-title="பணவியல் கொள்கை" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target"><span>தமிழ்</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B8%99%E0%B9%82%E0%B8%A2%E0%B8%9A%E0%B8%B2%E0%B8%A2%E0%B8%81%E0%B8%B2%E0%B8%A3%E0%B9%80%E0%B8%87%E0%B8%B4%E0%B8%99" title="นโยบายการเงิน – Thai" lang="th" hreflang="th" data-title="นโยบายการเงิน" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Para_politikas%C4%B1" title="Para politikası – Turkish" lang="tr" hreflang="tr" data-title="Para politikası" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%9C%D0%BE%D0%BD%D0%B5%D1%82%D0%B0%D1%80%D0%BD%D0%B0_%D0%BF%D0%BE%D0%BB%D1%96%D1%82%D0%B8%D0%BA%D0%B0" title="Монетарна політика – Ukrainian" lang="uk" hreflang="uk" data-title="Монетарна політика" 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/%D8%B2%D8%B1%DB%8C_%D9%BE%D8%A7%D9%84%DB%8C%D8%B3%DB%8C" title="زری پالیسی – Urdu" lang="ur" hreflang="ur" data-title="زری پالیسی" data-language-autonym="اردو" data-language-local-name="Urdu" class="interlanguage-link-target"><span>اردو</span></a></li><li class="interlanguage-link interwiki-uz mw-list-item"><a href="https://uz.wikipedia.org/wiki/Pul-kredit_siyosati" title="Pul-kredit siyosati – Uzbek" lang="uz" hreflang="uz" data-title="Pul-kredit siyosati" 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-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Ch%C3%ADnh_s%C3%A1ch_ti%E1%BB%81n_t%E1%BB%87" title="Chính sách tiền tệ – Vietnamese" lang="vi" hreflang="vi" data-title="Chính sách tiền tệ" 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-wuu mw-list-item"><a href="https://wuu.wikipedia.org/wiki/%E8%B4%A7%E5%B8%81%E6%94%BF%E7%AD%96" title="货币政策 – Wu" lang="wuu" hreflang="wuu" data-title="货币政策" 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-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E8%B4%A7%E5%B8%81%E6%94%BF%E7%AD%96" title="货币政策 – Chinese" lang="zh" hreflang="zh" data-title="货币政策" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E8%B2%A8%E5%B9%A3%E6%94%BF%E7%AD%96" title="貨幣政策 – Cantonese" lang="yue" hreflang="yue" data-title="貨幣政策" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target"><span>粵語</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit 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</div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="tl" dir="ltr"><p>Ang <b>Patakarang pang-salapi</b> (Ingles: <b>Monetary policy</b>) ay isang proseso kung saan ang <a href="/w/index.php?title=Autoridad_na_pang-salapi&action=edit&redlink=1" class="new" title="Autoridad na pang-salapi (hindi pa naisusulat)">autoridad na pang-salapi</a> ng isang bansa ay kumokontrol sa <a href="/w/index.php?title=Suplay_ng_pera&action=edit&redlink=1" class="new" title="Suplay ng pera (hindi pa naisusulat)">suplay ng pera</a> na kadalasang umaasinta o pumupuntirya sa isang <a href="/wiki/Antas_ng_interes" title="Antas ng interes">antas ng interes</a> para sa layuning pagtataguyod ng paglagong <a href="/wiki/Ekonomiya" title="Ekonomiya">ekonomiko</a> at pagiging matatag.<sup id="cite_ref-fed_1-0" class="reference"><a href="#cite_note-fed-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Handbook_of_Development_Economics,_vol._5_2-0" class="reference"><a href="#cite_note-Handbook_of_Development_Economics,_vol._5-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Ang opisyal na mga layundin ay karaniwang kinabibilangan ng relatibong matatag na mga <a href="/wiki/Presyo" title="Presyo">presyo</a> at mababang <a href="/wiki/Kawalang_trabaho" title="Kawalang trabaho">kawalang trabaho</a>. Ang <a href="/w/index.php?title=Ekonomikang_pang-salapi&action=edit&redlink=1" class="new" title="Ekonomikang pang-salapi (hindi pa naisusulat)">teoriyang pang-salapi</a> ay nagbibigay ng kabatiran kung paano lumikha ng optimal na patakarang pang-salapi. Ito ay tinutukoy na isang <a href="/w/index.php?title=Patakarang_kontraksiyonaryong_pang-salapi&action=edit&redlink=1" class="new" title="Patakarang kontraksiyonaryong pang-salapi (hindi pa naisusulat)">kontraksiyonaryo</a> kung saan ang patakarang ekspansiyonaryo(nagpapalawig) ay nagpapataas ng kabuuang <a href="/w/index.php?title=Suplay_ng_salapi&action=edit&redlink=1" class="new" title="Suplay ng salapi (hindi pa naisusulat)">suplay ng salapi</a> sa <a href="/wiki/Ekonomiya" title="Ekonomiya">ekonomiya</a> ng mas mabilis kesa sa karaniwan at ang patakarang kontraksiyonaryo(nagpapaliit) ay nagpapalawig ng suplay ng salapi ng mas mabagal kesa sa karaniwan o kahit pinapaliit ito. Ang patakarang ekspansionaryo ay karaniwang ginagamit upang labanan ang <a href="/wiki/Kawalang_trabaho" title="Kawalang trabaho">kawalang trabaho</a> sa isang <a href="/wiki/Resesyon" title="Resesyon">resesyon</a> sa pamamagitan ng pagbababa ng <a href="/wiki/Rate_ng_interes" class="mw-redirect" title="Rate ng interes">rate ng interes</a> sa pag-aasang ang madaling <a href="/w/index.php?title=Kredito&action=edit&redlink=1" class="new" title="Kredito (hindi pa naisusulat)">kredito</a> ay hihikayat sa mga <a href="/wiki/Negosyo" title="Negosyo">negosyo</a> na lumawig. Ang patakarang kontraksiyonaryo ay nilalayon na pabagalin ang <a href="/wiki/Inplasyon" class="mw-redirect mw-disambig" title="Inplasyon">inplasyon</a> sa pag-aasang maiiwasan ang nagreresultang mga distorsiyon at paglala ng mga halaga ng <a href="/wiki/Asset" title="Asset">asset</a>. </p><p>Ang patakarang pang-salapi ay iba sa <a href="/w/index.php?title=Patakarang_piskal&action=edit&redlink=1" class="new" title="Patakarang piskal (hindi pa naisusulat)">patakarang piskal</a>(<i>fiscal policy</i>) na tumutukoy sa <a href="/wiki/Buwis" title="Buwis">pagbubuwis</a>, <a href="/wiki/Paggasta_ng_pamahalaan" class="mw-redirect" title="Paggasta ng pamahalaan">paggasta ng pamahalaan</a>, at <a href="/wiki/Pambansang_utang" title="Pambansang utang">pag-utang ng pamahalaan</a>. <sup id="cite_ref-ben_3-0" class="reference"><a href="#cite_note-ben-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Konsepto">Konsepto</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Patakarang_pang-salapi&veaction=edit&section=1" title="Baguhin seksiyon: Konsepto" class="mw-editsection-visualeditor"><span>baguhin</span></a><span class="mw-editsection-divider"> | </span><a href="/w/index.php?title=Patakarang_pang-salapi&action=edit&section=1" title="Edit section's source code: Konsepto"><span>baguhin ang wikitext</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Ang patakarang pang-salapi ay nakasalig sa relasyon sa pagitan ng mga <a href="/wiki/Antas_ng_interes" title="Antas ng interes">antas ng interes</a> sa isa<a href="/wiki/Utang" title="Utang">utangin</a> at ang kabuuang <a href="/w/index.php?title=Suplay_ng_salapi&action=edit&redlink=1" class="new" title="Suplay ng salapi (hindi pa naisusulat)">suplay ng salapi</a>. Ang patakarang pang-salapi ay gumagamit ng iba't ibang mga kasangkapatan upang kontrolin ang isa o pareho nito, upang impluwensiyahan ang mga kalalabasan tulad ng <a href="/w/index.php?title=Paglagong_ekonomiko&action=edit&redlink=1" class="new" title="Paglagong ekonomiko (hindi pa naisusulat)">paglagong ekonomiko</a>, <a href="/wiki/Inplasyon" class="mw-redirect mw-disambig" title="Inplasyon">inplasyon</a>, mga <a href="/wiki/Rate_ng_palitan" class="mw-redirect" title="Rate ng palitan">rate ng palitan</a> sa ibang mga <a href="/wiki/Kurensiya" class="mw-redirect" title="Kurensiya">kurensiya</a> at <a href="/wiki/Kawalang_trabaho" title="Kawalang trabaho">kawalang trabaho</a>. Kung ang kurensiya ay nasa ilalim ng isang <a href="/wiki/Monopolyo" title="Monopolyo">monopolyo</a> ng pag-iisyu, o kung mayroon isang nireregulang sistema ng pag-iisyu ng kurensiya sa pamamagitan ng mga bangko na nakatali sa isang <a href="/wiki/Bangko_sentral" title="Bangko sentral">bangko sentral</a>, ang autoridad na pang-salapi ay may kakayahang magbago ng suplay ng salapi at kaya ay umiimpluwensiya sa antas ng interes upang makamit ang mga layunin. Ang panimula ng patakarang pang-salapi bilang gayon ay nagmumula sa huli nang ika-19 siglo kung saan ito ginamit upang panatilihin ang <a href="/w/index.php?title=Pamantayang_ginto&action=edit&redlink=1" class="new" title="Pamantayang ginto (hindi pa naisusulat)">pamantayang ginto</a>. </p><p>Ang isang patakarang ay tinutukoy na <a href="/w/index.php?title=Patakarang_kontraksiyonaryong_pang-salapi&action=edit&redlink=1" class="new" title="Patakarang kontraksiyonaryong pang-salapi (hindi pa naisusulat)">kontraksiyonaryo</a>(nagpapaliit) kung ito ay nagpapaliit ng sukat ng suplay ng salapi o pinapataas ito nang mabagal o itinataas nito ang antas ng interes. Ang isang <a href="/w/index.php?title=Patakarang_ekspansiyonaryong_pang-salapi&action=edit&redlink=1" class="new" title="Patakarang ekspansiyonaryong pang-salapi (hindi pa naisusulat)">ekspansiyonaryo</a>(nagpapalawig) ay nagpapataas ng sukat ng suplay ng salapi nang mas mabilis o nagbababa ng antas ng interes. Sa karagdagan, ang mga patakarang pang-salapi ay inilalalarawan ng sumusunod: akomodatibo, kung ang rate ng inters na itinakda ng sentral na autoridad na pang-salapi ay naglalayon sa lumikha ng <a href="/w/index.php?title=Paglagong_ekonomiko&action=edit&redlink=1" class="new" title="Paglagong ekonomiko (hindi pa naisusulat)">paglagong ekonomiko</a>; neutral kung ang layunin nito ay hindi lumikha ng paglagong ekonomiko o hindi labanan ang inplasyon; o mahigpit kung ang layunin nito ay paliitin ang inplasyon. May ilang mga kasangkapang ng patakarang pang-salapi na magagamit upang makamit ang mga layuning ito: pagtataas ng antas ng interes sa <a href="/w/index.php?title=Fiat&action=edit&redlink=1" class="new" title="Fiat (hindi pa naisusulat)">fiat</a>, pagbababa ng <a href="/w/index.php?title=Basehang_pang-salapi&action=edit&redlink=1" class="new" title="Basehang pang-salapi (hindi pa naisusulat)">basehang pang-salapi</a> at pagtataas ng mga <a href="/w/index.php?title=Inaatasang_reserba&action=edit&redlink=1" class="new" title="Inaatasang reserba (hindi pa naisusulat)">inaatasang reserba</a>. Ang lahat ng mga ito ay epekto sa pagpapaliit ng <a href="/w/index.php?title=Suplay_ng_salapi&action=edit&redlink=1" class="new" title="Suplay ng salapi (hindi pa naisusulat)">suplay ng salapi</a> at kung babaliktarin ay nagpapalawig ng suplay ng salapi. Simula mga 1970, ang patakarang pang-salapi ay pangkalahatang binuo ng hiwalay mula sa <a href="/w/index.php?title=Patakarang_piskal&action=edit&redlink=1" class="new" title="Patakarang piskal (hindi pa naisusulat)">patakarang piskal</a>. Kahit bago ang mga 1970, ang <a href="/w/index.php?title=Sistemang_Bretton_Woods&action=edit&redlink=1" class="new" title="Sistemang Bretton Woods (hindi pa naisusulat)">sistemang Bretton Woods</a> ay sumisiguro pa rin na ang karamihan ng mga bansa ay bubuo ng dalawang mga patakarang ito nang hiwalay. </p><p>Sa loob ng halos lahat ng mga modernong bansa, ang mga espesyal na institusyon (gaya ng <a href="/wiki/Sistema_ng_Reserbang_Pederal" class="mw-redirect" title="Sistema ng Reserbang Pederal">Sistema ng Reserbang Pederal</a> sa <a href="/wiki/Estados_Unidos" title="Estados Unidos">Estados Unidos</a>, <a href="/w/index.php?title=Bangko_ng_Inglatera&action=edit&redlink=1" class="new" title="Bangko ng Inglatera (hindi pa naisusulat)">Bangko ng Inglatera</a>, <a href="/w/index.php?title=Europeong_Bangko_Sentral&action=edit&redlink=1" class="new" title="Europeong Bangko Sentral (hindi pa naisusulat)">Europeong Bangko Sentral</a>, ang <a href="/w/index.php?title=Bangko_ng_Tsina_ng_mga_Tao&action=edit&redlink=1" class="new" title="Bangko ng Tsina ng mga Tao (hindi pa naisusulat)">Bangko ng Tsina ng mga Tao</a> at ang <a href="/w/index.php?title=Bangko_ng_Hapon&action=edit&redlink=1" class="new" title="Bangko ng Hapon (hindi pa naisusulat)">Bangko ng Hapon</a>) ay umiiral na may gawaing magpatupad ng mga patakarang pang-salapi at kadalasang ay indepediyente sa <a href="/wiki/Ehekutibong_sangay" title="Ehekutibong sangay">Ehekutibong sangay</a> ng pamahalaan. Sa pangkalahatan, ang mga institusyong ito ay tinatawag na mga <a href="/wiki/Bangko_sentral" title="Bangko sentral">bangko sentral</a> at kadalasan ay may iba pang mga responsibilidad gaya ng pangangasiwa ng makinis na operasyon ng sistemang pinansiyal. </p><p>Ang pangunahing kasangkapan ng patakarang pang-salapi ang mga <a href="/w/index.php?title=Operasyon_ng_bukas_na_pamilihan&action=edit&redlink=1" class="new" title="Operasyon ng bukas na pamilihan (hindi pa naisusulat)">operasyon ng bukas na pamilihan</a>. Ito ay nagdudulot ng pangangasiwa ng kantidad o bilang ng salapi na nasa sirkulasyon sa pamamagitan ng pagbili o pagbebenta ng iba't ibang mga <a href="/w/index.php?title=Instrumentong_pinansiyal&action=edit&redlink=1" class="new" title="Instrumentong pinansiyal (hindi pa naisusulat)">instrumentong pinansiyal</a> gaya ng mga <a href="/w/index.php?title=Treasury_bill&action=edit&redlink=1" class="new" title="Treasury bill (hindi pa naisusulat)">treasury bill</a>, <a href="/wiki/Bono" class="mw-disambig" title="Bono">bono</a> o dayuhang kurensiya. Ang lahat ng mga pagbiling ito o pagbebenta ay nagreresulta sa mas marami o kaunting basehang kurensiyang pumapasok o lumilisan sa sirkulasyon ng pamilihan. Karaniwan, ang maikling panahong layunin ng mga operasyon ng bukas na pamilihan ay magkamit ng isang spesipikong terminong inaasintang antas ng interes. Sa ibang mga instansiya, ang patakarang pang-salapi ay maaaring bagkus na magdulot ng pag-aasinta ng isang spesipikong rate ng palitan relatibo sa isang dayuhang kurensiya o kundi ay relatibo sa <a href="/wiki/Ginto" title="Ginto">ginto</a>. Halimbawa, sa kaso ng Estados Unidos, ang Reserbang Pedral ay umaasinta ng <a href="/w/index.php?title=Rate_ng_mga_pederal_na_pondo&action=edit&redlink=1" class="new" title="Rate ng mga pederal na pondo (hindi pa naisusulat)">rate ng mga pederal na pondo</a> na rate kung saan ang mga kasaping bangko ay nagpapahiram sa bawat isa ng biglaan. Gayunpaman, ang <a href="/w/index.php?title=Patakarang_pang-salapi_ng_Tsina&action=edit&redlink=1" class="new" title="Patakarang pang-salapi ng Tsina (hindi pa naisusulat)">patakarang pang-salapi ng Tsina</a> ay umasinta sa <a href="/wiki/Rate_ng_palitan" class="mw-redirect" title="Rate ng palitan">rate ng palitan</a> sa pagitan ng <a href="/wiki/Renminbi" title="Renminbi">renminbi</a> ng Tsina at isang basket ng mga dayuhang kurensiya. Ang iba pang mga pangunahing paraan ng pagsasagawa ng patakarang pang-salapi ay kinabibilangan ng <a href="/w/index.php?title=Bintanang_diskuwento&action=edit&redlink=1" class="new" title="Bintanang diskuwento (hindi pa naisusulat)">bintanang diskuwentong</a> pagpapahiram (<a href="/w/index.php?title=Nagpapahiram_ng_huling_dulugan&action=edit&redlink=1" class="new" title="Nagpapahiram ng huling dulugan (hindi pa naisusulat)">nagpapahiram ng huling dulugan</a>; (ii) praksiyonal na depositong pagpapahiram (mga pagbabago sa kinakailangang reserba); (iii) Moral na suasion (panghihikayat ng ilang mga manlalaro ng pamilihan upang makamit ang mga tinutukoy na kalalabasan); (iv) "Mga operasyong bukas na bibig" (nagsasalitang patakarang pang-salapi sa pamilihan). </p> <div class="mw-heading mw-heading3"><h3 id="Teoriya">Teoriya</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Patakarang_pang-salapi&veaction=edit&section=2" title="Baguhin seksiyon: Teoriya" class="mw-editsection-visualeditor"><span>baguhin</span></a><span class="mw-editsection-divider"> | </span><a href="/w/index.php?title=Patakarang_pang-salapi&action=edit&section=2" title="Edit section's source code: Teoriya"><span>baguhin ang wikitext</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Ang patakarang pang-salapi ang proseso kung saan ang pamahalaan, bangko sentral o autoridad na pang-salapi ng isang bansa ay kumokontrol ng (i) suplay ng salapi, (ii) pagiging makukuha ng salapi at (iii) <a href="/w/index.php?title=Gastos_ng_salapi&action=edit&redlink=1" class="new" title="Gastos ng salapi (hindi pa naisusulat)">gastos ng salapi</a> o antas ng interes upang makamit ang isang hanay ng mga layunin na nakapokus tungo sa paglago at pagiging matatag ng <a href="/wiki/Ekonomiya" title="Ekonomiya">ekonomiya</a>. Ang teoriyang pang-salapi ay nagbibigay ng kabatiran kung paano lumikha ng optimal na patakarang pang-salapi. Mahalaga para sa mga <a href="/wiki/Mambabatas" class="mw-redirect" title="Mambabatas">mambabatas</a> na gumawa ng mga kapapani paniwalang pahayag. Kung ang mga pribadong ahente(mga <a href="/wiki/Mamimili" title="Mamimili">mamimili</a> at mga <a href="/wiki/Negosyo" title="Negosyo">negosyo</a>) ay naniniwalang ang mga mambababatas ay magsasagawa ng pagbababa ng <a href="/wiki/Inplasyon" class="mw-redirect mw-disambig" title="Inplasyon">inplasyon</a>, kanilang aasahan ang mga pang-hinaharap na presyo na mas mababa kesa sa kund(kung paanong ang mga pag-asang ito ay nabuuo ay buong ibang bagay; ikumpara halimbawa ang mga <a href="/w/index.php?title=Makatwirang_ekspektasyon&action=edit&redlink=1" class="new" title="Makatwirang ekspektasyon (hindi pa naisusulat)">makatwirang ekspektasyon</a> sa <a href="/w/index.php?title=Adaptibong_ekspektasyon&action=edit&redlink=1" class="new" title="Adaptibong ekspektasyon (hindi pa naisusulat)">adaptibong ekspektasyon</a>). Kung ang isang empleyado ay umaasang ang mga presyo na magiging mataas sa hinaharap, ito ay huhugot ng isang kontrata ng sahod na may mataas na sahod upang tugmaan ang mga presyong ito. Kaya ang ekspektasyon ng mas mababang mga sahod ay makikita sa pag-aasal na nagtatakda ng sahod sa pagitan ng mga empleyado at amo(mas mababang sahod dahil ang mga presyo ay inaasahang mas mababa) at dahil ang mga sahod ay sa katotohanan mas mababa, walang <a href="/w/index.php?title=Inplasyong_paghilang_pangangailangan&action=edit&redlink=1" class="new" title="Inplasyong paghilang pangangailangan (hindi pa naisusulat)">inplasyong paghilang pangangailangan</a> dahil ang mga empleyado ay tumatanggap ng mas maliit na sahod at walang <a href="/w/index.php?title=Inplasyong_nagtutulak_ng_gastos&action=edit&redlink=1" class="new" title="Inplasyong nagtutulak ng gastos (hindi pa naisusulat)">inplasyong nagtutulak ng gastos</a> dahil ang mga amo ay nababayad ng kaunti sa mga sahod. Upang makamit ang mababang lebel na ito ng inplasyon, ang mga mambabatas ay dapat magkaroon ng <i>kapani-kapaniwalang</i> mga pahayag, na ang ibig sabihin, ang mga pribadong ahente ay dapat maniwala na ang mga pahayag na ito ay makikita sa aktuwal na patakarang sa hinaharap. Kung ang isang pahayag tunbgkol sa mga pag-aasinta ng mababang lebel na inplasyon ay ginawa ngunit hindi pinaniwalaan ng mga pribadongahente, ang pagtatakda ng sahod na pag-aasal ay aasa sa mataas na lebel na inplasyon at kaya ang mga sahod ay mas mataas at ang inplasyon ay tataas. Ang isang mataas na sahod ay magtaas ng pangangailangan ng konsumer(<a href="/w/index.php?title=Inplasyong_paghilang_pangangailangan&action=edit&redlink=1" class="new" title="Inplasyong paghilang pangangailangan (hindi pa naisusulat)">inplasyong paghilang pangangailangan</a>) kaya ang inplasyon ay tataas. Kaya kung ang mga pahayag ng mga mambabatas ay hindi kapani paniwala ang patakaran ay hindi magkakaroon ng ninanais na epekto. Kung ang mga mambabatas ay naniniwalang ang mga pribadong ahente ay umaasa sa mababang inplasyon, ang mga ito ay may pabuya na kumuha ng isang ekspansiyonista o nagpapalawig na patakarang pang-salapi(kung saan ang <a href="/w/index.php?title=Marhinal_na_pakinabang&action=edit&redlink=1" class="new" title="Marhinal na pakinabang (hindi pa naisusulat)">marhinal na pakinabang</a>) ng tumaas na ekonomikong output ay humihigit sa <a href="/w/index.php?title=Marhinal_na_gastos&action=edit&redlink=1" class="new" title="Marhinal na gastos (hindi pa naisusulat)">marhinal na gastos</a> ng inplasyon). Gayunpaman, kung ipagpapalagay na ang mga pribadong ahente ay may mga <a href="/w/index.php?title=Makatwirang_ekpekstasyon&action=edit&redlink=1" class="new" title="Makatwirang ekpekstasyon (hindi pa naisusulat)">makatwirang ekpekstasyon</a>, alam ng mga ito na ang mga mambabatas ay may pabuyang ito. Kaya alam ng mga pribadong ahente na kung kanilang aasahan ang mababang inplasyon, ang isang patakarang ekspansiyonista o nagpapalawig ay kukunin na magsasanhi ng isang pagtaas sa inplasyon. Dahil dito(malibang kung gagawin ng mga mambabatas ang kanilang pahayag ng mababang inplasyon na <i>kapani-paniwala</i>), ang mga pribadong ahene ay aasa sa mataas na inplasyon. Ang pag-asang ito ay natutupad sa pamamagitan ng adaptibong ekspektasyon(pag-aasal na nagtatakda ng sahod), kaya may mas mataas na inplasyon(nang walang pakinabang ng tumaas na output). Kaya malibang ang mga kapani-paniwalang mga pahayag ay magawa, ang patakarang ekspansiyonaryong pang-salapi(nagpapalawig) ay mabibigo. </p><p>Ang mga pahayag ay maaaring gawing kapani paniwala sa iba't ibang mga paraan. Ang isa ay magtatag ng isang independiyenteng bangko sentral na may mga inaasintang mababang inplasyon(ngunit walang mga inaasintang output). Kaya alam ng mga pribadong ahente na ang inplasyon ay magiging mababa dahil ito ay itinakda ng isang katawang independiyente. Ang mga bangko sentral ay maaaring bigyan ng mga pabuya upang matagpo ang mga inaasinta(halimbawa, ang mas mataas na mga <a href="/w/index.php?title=Badyet&action=edit&redlink=1" class="new" title="Badyet (hindi pa naisusulat)">badyet</a>, isang bonus ng sahod para sa pagpapatupad ng layuning patakaran. Ang reputasyon ay isang mahalagang elemnto sa pagpapatupad ng patakarang pang-salapi. Ngunit ang ideya ng reputasyon ay hindi dapat ikalita sa commitment. Bagaman ang isang bangko sentral ay maaaring mayroon isang nakapapabor na reputayson sanhi ng mabuting pagganap sa pagsasagawa ng patakarang pang-salapi, ang parehong bangko sentral ay maaaring hindi pumili ng anumang partikular na commitment(gaya ng pag-aasinta ng ilang mga saklaw para sa inplasyon). Ang reputasyon ay gumagampan ng isang mahalagang papel sa pagtukoy kung gaanong ang mga pamilihan ay maniniwala sa pahayag ng isang partikular na commitment sa isang pakarang layuni ngunit ang parehong mga konsepto ay hindi dapat gawing pareho. Gayundin, dapat tandaan na sa ilalim ng mga makatwirang ekspektasyon, hindi kinakailangan para sa mambabatas na magtatag ng reputasyon nito sa pamamagitan ng mga nakaraang aksiyong patakaran. Bilang halimbawa, ang reputasyon ng pinuno ng bangko sentral ay maaaring mahango ng buo mula sa kanyang <a href="/wiki/Ideolohiya" title="Ideolohiya">ideolohiya</a>, background na propesyonal, mga pahayag sa publiko etc. </p><p>Ang katunayan, ikinatwiran<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> na mapigilan ang ilang mga <a href="/wiki/Patolohiya" title="Patolohiya">patolohiya</a> na uugnay sa <a href="/w/index.php?title=Kawalang_konsitensiya_ng_panahon&action=edit&redlink=1" class="new" title="Kawalang konsitensiya ng panahon (hindi pa naisusulat)">kawalang konsitensiya ng panahon</a> ng pagpapatupad ng patakarang pang-salapi(sa partikular ang labis na inplasyon), ang puno ng bangko sentral ay dapat may isang malaking pagkasuya para sa inplasyon kesa sa natitirang ekonomiya sa aberahe. Kaya ang reputasyon ng isang partikular na bangko sentral ay hindi kinakailangang nakatli sa nakaraang pagganap, kundi bagkus ay sa partikular na kaayusang institusyonal na magagamit ng mga pamilihan upang bumuo ng mga ekpektasyon ng inplasyon. Sa kabilang ng palaging talakayan ng kredibilidad kung paano ito nauugnay sa patakarang pang-salapi, ang eksaktong kahulugan ng kredibilidad ay bihirang inilalarawan. Ang gayong kawalan ng pagiging malinaw ay maaaring magsilbi na ilihis ang patakaran mula sa paniniwalaang pinaka mapakikinabangan. Halimbawa, ang kakayahan na magsilbi sa interes ng publiko ay isang kahulugan ng kredibilidad na karaniwang nauugnay sa mga bangko sentral. Ang pagiging maasahan kung saan ang bangko sentral ay tumutupad sa mga pangako nito ay isa ring karaniwang kahulugan. Bagaman ang bawat isa ay pinaka malamang na aayon na ang bangko sentral ay hindi dapat magsinungaling sa publiko, ang malawaka na hindi pagkakasunduan ay umiiral kung paanong ang isang bangko sentral ay pinakamahuseres ng publiko. Kaya ang kawalan ng kahulugan ay maaaring magpaniwala sa mga tao na sila ay sumusuporta sa isang partikular na patakaran ng kredibilidad kung sila ay talagang sumusuporta sa isa pa. <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> </p> <div class="mw-heading mw-heading2"><h2 id="Mga_sanggunian">Mga sanggunian</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Patakarang_pang-salapi&veaction=edit&section=3" title="Baguhin seksiyon: Mga sanggunian" class="mw-editsection-visualeditor"><span>baguhin</span></a><span class="mw-editsection-divider"> | </span><a href="/w/index.php?title=Patakarang_pang-salapi&action=edit&section=3" title="Edit section's source code: Mga sanggunian"><span>baguhin ang wikitext</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r2121818">.mw-parser-output .reflist{font-size:90%;margin-bottom:0.5em;list-style-type:decimal}.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"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-fed-1"><span class="mw-cite-backlink"><a href="#cite_ref-fed_1-0">↑</a></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r2132731">.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 a,.mw-parser-output .citation .cs1-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 a,.mw-parser-output .id-lock-registration a,.mw-parser-output .citation .cs1-lock-limited a,.mw-parser-output .citation .cs1-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 a,.mw-parser-output .citation .cs1-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}.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:#3a3;margin-left:0.3em}.mw-parser-output .cs1-format{font-size:95%}.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}</style><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.federalreserve.gov/policy.htm">"Monetary Policy"</a>. Federal Reserve Board. Enero 3, 2006.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Monetary+Policy&rft.date=2006-01-03&rft_id=http%3A%2F%2Fwww.federalreserve.gov%2Fpolicy.htm&rfr_id=info%3Asid%2Ftl.wikipedia.org%3APatakarang+pang-salapi" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Padron:Cite_news" title="Padron:Cite news">cite news</a>}}</code>: CS1 maint: date auto-translated (<a href="/wiki/Kategorya:CS1_maint:_date_auto-translated" title="Kategorya:CS1 maint: date auto-translated">link</a>)</span></span> </li> <li id="cite_note-Handbook_of_Development_Economics,_vol._5-2"><span class="mw-cite-backlink"><a href="#cite_ref-Handbook_of_Development_Economics,_vol._5_2-0">↑</a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r2132731"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://www.sciencedirect.com/science/article/pii/B9780444529442000021">"Monetary and Exchange Rate Policies"</a>. <a href="/w/index.php?title=Handbook_of_Development_Economics&action=edit&redlink=1" class="new" title="Handbook of Development Economics (hindi pa naisusulat)">Handbook of Development Economics</a>, Elsevier. 2010.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Monetary+and+Exchange+Rate+Policies&rft.date=2010&rft_id=http%3A%2F%2Fwww.sciencedirect.com%2Fscience%2Farticle%2Fpii%2FB9780444529442000021&rfr_id=info%3Asid%2Ftl.wikipedia.org%3APatakarang+pang-salapi" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Padron:Cite_news" title="Padron:Cite news">cite news</a>}}</code>: CS1 maint: date auto-translated (<a href="/wiki/Kategorya:CS1_maint:_date_auto-translated" title="Kategorya:CS1 maint: date auto-translated">link</a>)</span></span> </li> <li id="cite_note-ben-3"><span class="mw-cite-backlink"><a href="#cite_ref-ben_3-0">↑</a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r2132731"><cite class="citation encyclopaedia cs1">"<a href="/w/index.php?title=Benjamin_M._Friedman&action=edit&redlink=1" class="new" title="Benjamin M. Friedman (hindi pa naisusulat)">B.M. Friedman</a>, <a rel="nofollow" class="external text" href="http://www.sciencedirect.com/science?_ob=ArticleURL&_udi=B7MRM-4MT09VJ-29C&_rdoc=21&_hierId=151000134&_refWorkId=21&_explode=151000131,151000134&_fmt=high&_orig=na&_docanchor=&_idxType=SC&view=c&_ct=28&_acct=C000050221&_version=1&_urlVersion=0&_userid=10&md5=7da5a6660c91a413b09f7cd3742de540">"Monetary Policy," Abstract.</a>". <i><a href="/w/index.php?title=International_Encyclopedia_of_the_Social_%26_Behavioral_Sciences&action=edit&redlink=1" class="new" title="International Encyclopedia of the Social & Behavioral Sciences (hindi pa naisusulat)">International Encyclopedia of the Social & Behavioral Sciences</a></i>. 2001. pp. 9976–9984.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=B.M.+Friedman%2C+%5Bhttp%3A%2F%2Fwww.sciencedirect.com%2Fscience%3F_ob%3DArticleURL%26_udi%3DB7MRM-4MT09VJ-29C%26_rdoc%3D21%26_hierId%3D151000134%26_refWorkId%3D21%26_explode%3D151000131%2C151000134%26_fmt%3Dhigh%26_orig%3Dna%26_docanchor%3D%26_idxType%3DSC%26view%3Dc%26_ct%3D28%26_acct%3DC000050221%26_version%3D1%26_urlVersion%3D0%26_userid%3D10%26md5%3D7da5a6660c91a413b09f7cd3742de540+%22Monetary+Policy%2C%22+Abstract.%5D&rft.btitle=International+Encyclopedia+of+the+Social+%26+Behavioral+Sciences&rft.pages=9976-9984&rft.date=2001&rfr_id=info%3Asid%2Ftl.wikipedia.org%3APatakarang+pang-salapi" class="Z3988"></span> <span class="cs1-visible-error citation-comment"><code class="cs1-code">{{<a href="/wiki/Padron:Cite_ensiklopedya" class="mw-redirect" title="Padron:Cite ensiklopedya">cite ensiklopedya</a>}}</code>: </span><span class="cs1-visible-error citation-comment">External link in <code class="cs1-code"><code class="cs1-code">|title=</code></code> (<a href="https://en.wikipedia.org/wiki/Help:CS1_errors#param_has_ext_link" class="extiw" title="en:Help:CS1 errors">tulong</a>)</span><span class="cs1-maint citation-comment">CS1 maint: date auto-translated (<a href="/wiki/Kategorya:CS1_maint:_date_auto-translated" title="Kategorya:CS1 maint: date auto-translated">link</a>)</span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><a href="#cite_ref-4">↑</a></span> <span class="reference-text"><a href="/w/index.php?title=Kenneth_Rogoff&action=edit&redlink=1" class="new" title="Kenneth Rogoff (hindi pa naisusulat)">Rogoff, Kenneth</a>, 1985. "The Optimal Commitment to an Intermediate Monetary Target", <i><a href="/w/index.php?title=Quarterly_Journal_of_Economics&action=edit&redlink=1" class="new" title="Quarterly Journal of Economics (hindi pa naisusulat)">Quarterly Journal of Economics</a></i> 100, pp. 1169–1189</span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><a href="#cite_ref-5">↑</a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r2132731"><cite id="CITEREFForder2004" class="citation web cs1">Forder, James (Disyembre 2004). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090326003506/http://www.econjournalwatch.org/pdf/ForderComment1December2004.pdf">"<span class="cs1-kern-left"></span>"Credibility" in Context: Do Central Bankers and Economists Interpret the Term Differently?"</a> <span class="cs1-format">(PDF)</span>. Econ Journals Watch. Inarkibo mula sa <a rel="nofollow" class="external text" href="http://www.econjournalwatch.org/pdf/ForderComment1December2004.pdf">orihinal</a> <span class="cs1-format">(pdf)</span> noong 2009-03-26.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=%22Credibility%22+in+Context%3A+Do+Central+Bankers+and+Economists+Interpret+the+Term+Differently%3F&rft.pub=Econ+Journals+Watch&rft.date=2004-12&rft.aulast=Forder&rft.aufirst=James&rft_id=http%3A%2F%2Fwww.econjournalwatch.org%2Fpdf%2FForderComment1December2004.pdf&rfr_id=info%3Asid%2Ftl.wikipedia.org%3APatakarang+pang-salapi" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Padron:Cite_web" title="Padron:Cite web">cite web</a>}}</code>: CS1 maint: date auto-translated (<a href="/wiki/Kategorya:CS1_maint:_date_auto-translated" title="Kategorya:CS1 maint: date auto-translated">link</a>)</span></span> </li> </ol></div></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="">Kinuha sa "<a dir="ltr" href="https://tl.wikipedia.org/w/index.php?title=Patakarang_pang-salapi&oldid=2089785">https://tl.wikipedia.org/w/index.php?title=Patakarang_pang-salapi&oldid=2089785</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="/wiki/Natatangi:Mga_kategorya" title="Natatangi:Mga kategorya">Kategorya</a>: <ul><li><a href="/wiki/Kategorya:Patakarang_pang-salapi" title="Kategorya:Patakarang pang-salapi">Patakarang pang-salapi</a></li><li><a href="/wiki/Kategorya:Pinansiyang_publiko" title="Kategorya:Pinansiyang publiko">Pinansiyang publiko</a></li><li><a href="/wiki/Kategorya:Patakarang_makroekonomiko" title="Kategorya:Patakarang makroekonomiko">Patakarang makroekonomiko</a></li></ul></div><div id="mw-hidden-catlinks" class="mw-hidden-catlinks mw-hidden-cats-hidden">Nakatagong kategorya: <ul><li><a href="/wiki/Kategorya:CS1_maint:_date_auto-translated" title="Kategorya:CS1 maint: date auto-translated">CS1 maint: date auto-translated</a></li><li><a href="/wiki/Kategorya:CS1_errors:_external_links" title="Kategorya:CS1 errors: external links">CS1 errors: external links</a></li></ul></div></div> </div> </main> </div> <div class="mw-footer-container"> <footer id="footer" class="mw-footer" > <ul id="footer-info"> <li id="footer-info-lastmod"> Huling pagbabago: 01:26, 10 Pebrero 2024.</li> <li id="footer-info-copyright">Magagamit ang teksto sa ilalim ng <a rel="nofollow" class="external text" href="//creativecommons.org/licenses/by-sa/4.0/">Lisensyang Creative Commons Attribution/Share-Alike</a>; maaaring mailapat ang karagdagang termino. 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