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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