Editing Central bank (section)

===Colonial, extraterritorial and federal central banks===
[[File:COLLECTIE TROPENMUSEUM Kantoor van de Javasche Bank in Batavia TMnr 60047649.jpg|thumb|Head office of the Bank of Java in Batavia, early 20th century]]

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 [[Bank of Java]] (est. 1828 in [[Batavia, Dutch East Indies|Batavia]]), [[Banque de l'Algérie]] (est. 1851 in [[Algiers]]), or [[Hongkong and Shanghai Banking Corporation]] (est. 1865 in [[Hong Kong]]), operated from the colony itself. Following the generalization of the transcontinental use of the [[electrical telegraph]] using [[submarine communications cable]], however, new colonial banks were typically headquartered in the colonial metropolis; prominent examples included the Paris-based [[Banque de l'Indochine]] (est. 1875), [[Banque de l'Afrique Occidentale]] (est. 1901), and [[Banque de Madagascar]] (est. 1925). The Banque de l'Algérie's head office was relocated from Algiers to Paris in 1900.

In some cases, independent countries which did not have a strong domestic base of [[capital accumulation]] 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 [[Imperial Ottoman Bank]] established in 1863 as a French-British joint venture, and a particularly egregious one was the Paris-based [[National Bank of Haiti]] (est. 1881) which captured significant financial resources from the economically struggling albeit independent nation of [[Haiti]].<ref>{{cite web |website=The New York Times |title=The Ransom: How a French Bank Captured Haiti |author1=Matt Apuzzo |author2=Constant Méheut |author3=Selam Gebrekidan |author4=Catherine Porter |date={{date|2022/05/20}} |url=https://www.nytimes.com/2022/05/20/world/french-banks-haiti-cic.html}}</ref> Other cases include the London-based [[Imperial Bank of Persia]], established in 1885, and the Rome-based [[National Bank of Albania]], established in 1925. The [[State Bank of Morocco]] was established in 1907 with international shareholding and headquarters functions distributed between Paris and [[Tangier]], a half-decade before the country lost its independence. In other cases, there have been organized currency unions such as the [[Belgium–Luxembourg Economic Union]] established in 1921, under which Luxembourg had no central bank, but that was managed by a national central bank (in that case the [[National Bank of Belgium]]) rather than a supranational one. The present-day [[Common Monetary Area]] of Southern Africa has comparable features.

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 [[Austro-Hungarian Bank]] from 1878 to 1918, the U.S. [[Federal Reserve]] in its first two decades, the [[Bank deutscher Länder]] between 1948 and 1957, or the [[National Bank of Yugoslavia]] 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.