Does a monster's level affect drop rate?

I feel the monster level increases the chance of finding equipment. It may not be a huge increase (Say 0.3% chance of getting X equipment instead of 0.1% chance), but it adds up. However, there is either a cap on how high the drop % is in general, or certain monsters get a unique % for drops (example is how it's infinitely easier to find scrolls from area boss monsters than it is to find equipment).