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Fair value accounting is the wrong scapegoat for this crisis

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  • Nicolas Véron
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    Abstract

    The ongoing financial crisis has revived the longstanding debate about fair value accounting. This policy contribution by Nicolas Véron argues that in times of market disruption, no accounting standards could lead to consensual outcomes, and that fair value remains better than proposed alternatives. Rather than reducing its scope, policymakers should focus on capital requirements standards (Basel II), where the negative effects of Â?pro-cyclicalityâ?? are concentrated.

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    File URL: http://www.bruegel.org/download/parent/19-fair-value-accounting-is-the-wrong-scapegoat-for-this-crisis/file/374-fair-value-accounting-is-the-wrong-scapegoat-for-this-crisis-english/
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    Bibliographic Info

    Paper provided by Bruegel in its series Policy Contributions with number 19.

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    Date of creation: May 2008
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    Handle: RePEc:bre:polcon:19

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    Cited by:
    1. Andrew Ellul & Chotibhak Jotikasthira & Christian T. Lundblad & Yihui Wang, 2012. "Is Historical Cost Accounting a Panacea? Market Stress, Incentive Distortions, and Gains Trading," FMG Discussion Papers dp701, Financial Markets Group.
    2. Carmen Giorgiana Bonaci & Dumitru Matis, 2009. "An Accounting Perspective On A Crisis Perpetuated Thorugh The Capital Market," Journal of Information Systems & Operations Management, Romanian-American University, vol. 4(3), pages 61-80, September.
    3. Nicolas Veron, 2011. "Keeping the Promise of Global Accounting Standards," Policy Briefs PB11-11, Peterson Institute for International Economics.

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