Description

This book investigates to what extent the quality of eligible collateral is able to explain inflation. Addressing this question, hypotheses derived from the Theory of Property Economics by Heinsohn & Steiger are tested. Data are collected using a questionnaire, answered by central banks. An index of the quality of eligible collateral is constructed. Regression analyses are performed based on a sample of 62 countries for the period 1990 to 2003. A negative, robust and statistically significant correlation between inflation and the quality of eligible collateral is found. Central bank independence cannot contribute to the explanation of inflation. The result supports the theory of Heinsohn & Steiger: Securitisation of central bank lending is crucial for price stability.

The Quality of Eligible Collateral, Central Bank Losses and Monetary Stability: An Empirical Analysis

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Paperback / softback by Philipp Lehmbecker

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This book investigates to what extent the quality of eligible collateral is able to explain inflation. Addressing this question, hypotheses... Read more

    Publisher: Peter Lang AG
    Publication Date: 10/04/2008
    ISBN13: 9783631580769, 978-3631580769
    ISBN10: 3631580762

    Number of Pages: 272

    Non Fiction , Business, Finance & Law

    Description

    This book investigates to what extent the quality of eligible collateral is able to explain inflation. Addressing this question, hypotheses derived from the Theory of Property Economics by Heinsohn & Steiger are tested. Data are collected using a questionnaire, answered by central banks. An index of the quality of eligible collateral is constructed. Regression analyses are performed based on a sample of 62 countries for the period 1990 to 2003. A negative, robust and statistically significant correlation between inflation and the quality of eligible collateral is found. Central bank independence cannot contribute to the explanation of inflation. The result supports the theory of Heinsohn & Steiger: Securitisation of central bank lending is crucial for price stability.

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