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“No One Saw This Coming”: Understanding Financial Crisis Through Accounting Models

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Author Info
Bezemer, Dirk J

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Abstract

This paper presents evidence that accounting (or flow-of-fund) macroeconomic models helped anticipate the credit crisis and economic recession. Equilibrium models ubiquitous in mainstream policy and research did not. This study identifies core differences, traces their intellectual pedigrees, and includes case studies of both types of models. It so provides constructive recommendations on revising methods of financial stability assessment. Overall, the paper is a plea for research into the link between accounting concepts and practices and macro economic outcomes.

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File URL: http://mpra.ub.uni-muenchen.de/15767/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 15767.

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Date of creation: 16 Jun 2009
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Handle: RePEc:pra:mprapa:15767

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Related research
Keywords: credit crisis; recession; prediction; macroeconomics; flow of funds; financialization; neoclassical economics; accounting research;

Find related papers by JEL classification:
C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Other Model Applications
E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation
E47 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Forecasting and Simulation

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This page was last updated on 2009-11-30.

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