TY  - BOOK
AU  - Philipp Lehmbecker
PY  - 2021
CY  - Berlin, Germany
PB  - Peter Lang Verlag
SN  - 0531-7339
TI  - The Quality of Eligible Collateral, Central Bank Losses and Monetary Stability
T2  - An Empirical Analysis
UR  - https://www.peterlang.com/document/1105409
N2  - 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.
KW  - Eigentumsökonomik, Notenbank, Kreditpolitik, Kreditsicherung, Inflation, Kreditsicherheiten, Zentralbanken, Geldtheorie
LA  - English
ER  -