The Quality of Eligible Collateral, Central Bank Losses and Monetary Stability

The Quality of Eligible Collateral, Central Bank Losses and Monetary Stability

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This book investigates to what extent the quality of eligible collateral is able to explain inflation. Addressing this question, hypotheses derived from the altIgTheory of Property Economics by Heinsohn a 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 a Steiger: Securitisation of central bank lending is crucial for price stability.Merely the answer a#39;minimum sufficient cover of less than 50 percenta#39; to question 2.6 (figures 5 and 6) and answer a#39;Ba#39; to ... According to the hypotheses and due to a preference for positive correlations, a high (low) value in the index shouldanbsp;...


Title:The Quality of Eligible Collateral, Central Bank Losses and Monetary Stability
Author: Philipp Lehmbecker
Publisher:Peter Lang - 2008
ISBN-13:

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