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Contribution Details
| Type | Book Chapter |
| Scope | Contributions to practice |
| Title | Applying Macro-prudence in Financial Standard Setting: Systemically Sensitive Prompt Corrective Action |
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| Item Subtype | Original Work |
| Refereed | Yes |
| Status | Published in final form |
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| Booktitle | Proceedings in Finance and Risk Perspectives 12 |
| Series Name | ACRN Finance and Risk Perspectives Series |
| ISBN | 9783950351804 |
| Place of Publication | Enns, Austria |
| Publisher | ACRN Cambridge Publishing House |
| Page Range | 104 - 121 |
| Date | 2012-01 |
| Abstract Text | The systemic crisis has shown that far from being an obscure and arcane debate about measurement, accounting issues take on a huge significance for financial stability. This paper presents a macro-prudential model outline of financial standard setting, i.e. the idea that fair value accounting’s prior aim is no longer to correctly depict market values but to capture the broader impact of accounting on economic and financial systems. This approach differs from current accounting research in two ways: It addresses the possibility that fair value accounting can be, at least, a partial solution to the problem of systemic crises, rather than a mere problem contributor or crisis accelerator. Additionally, it questions the acclaimed role of accounting standard setters to provide decision useful information and thereby concentrate solely on ensuring that accounting values reflect current terms of trade between willing parties rather than cooperating with the prudential regulators in their endeavor for financial stability. The paper is thus able to offer a vision for how a new bank accounting regime for systemic stability could be designed. |
| Free access at | Official URL |
| Official URL | https://books.google.ch/books?id=OYVA6M0WtvQC&printsec=frontcover&hl=de&source=gbs_ge_summary_r&cad=0#v=onepage&q&f=false |
| Other Identification Number | merlin-id:10196 |
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