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La juste valeur : quels enjeux en termes de politique monétaire et de stabilité financière ?

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  • François Mouriaux

Abstract

[eng] "Fair value accounting : its implications for monetary policy and financial stability" . The current debate on the macroeconomic implications of the fair value accounting method emphasises the financial senior as an essential player in the allocation of financial resources. . This article discusses the impact of this accounting method on monetary policy and financial stability, with a special emphasis on the non-financial sector. It covers four points : the effect of the fair value accounting method on monetary policy transmission channels, as well as on the quality of credit risk analysis, management prudence, and the effectiveness of corporate governance. . JEL classifications : E4, E44, G14, G3, M4 [fre] Les discussions sur les implications macroéconomiques du modèle comptable de la juste valeur mettent l'accent sur le secteur financier, rouage essentiel de l'allocation des ressources financières. Cet article aborde les implications de ce modèle comptable sur la politique monétaire et la stabilité financière en mettant davantage l'accent sur le secteur non financier. Quatre points sont abordés : l'incidence du modèle comptable de la juste valeur sur les canaux de transmission de la politique monétaire, sur la qualité de l'analyse du risque de crédit, sur la « prudence de gestion » et sur l'efficacité de la gouvernance d'entreprise. . Classification JEL : E4, E44, G14, G3, M4

Suggested Citation

  • François Mouriaux, 2003. "La juste valeur : quels enjeux en termes de politique monétaire et de stabilité financière ?," Revue d'Économie Financière, Programme National Persée, vol. 71(2), pages 139-154.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2003_num_71_2_4851
    DOI: 10.3406/ecofi.2003.4851
    Note: DOI:10.3406/ecofi.2003.4851
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    References listed on IDEAS

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    1. Barth, ME & Clinch, G, 1998. "Revalued financial, tangible, and intangible assets: Associations with share prices and non-market-based value estimates," Journal of Accounting Research, Wiley Blackwell, vol. 36, pages 199-233.
    2. Douglas W. Diamond, 1991. "Debt Maturity Structure and Liquidity Risk," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 106(3), pages 709-737.
    3. Jappelli, Tullio & Pagano, Marco, 2002. "Information sharing, lending and defaults: Cross-country evidence," Journal of Banking & Finance, Elsevier, vol. 26(10), pages 2017-2045, October.
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    More about this item

    JEL classification:

    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G3 - Financial Economics - - Corporate Finance and Governance
    • M4 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting
    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G3 - Financial Economics - - Corporate Finance and Governance
    • M4 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting

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