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The Quality of Eligible Collateral, Central Bank Losses and Monetary Stability : An Empirical Analysis. 適格な、付随する中央銀行の損失の質と金融の安定性
・ISBN 978-3-631-58076-9 paper SFR 83.45
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| 著者・編者 | Lehmbecker, Philipp, |
|---|---|
| シリーズ | European University Studies: Series 5, Economics and Management |
| 出版社 | (P. Lang, SZ) |
| 出版年月 | 2008 |
| ページ数 | 271 pp. |
| 言語 | ENG |
| ニュース番号 | ＜556-401＞ |
解説
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.